Vietnam's Jan-Feb Retail Sales Up 31.8 per cent on Strong Purchases During Tet
Vietnam’s total retail goods and services revenues in the first two months of 2008 are estimated to surge 31.8 per cent on year thanks to high purchasing power during the Lunar New Year festival.
General Statistics Office (GSO) reported February 28 that total sales reached VND152.8 trillion (US$9.6 billion) in January-February.
The private economic sector saw the fastest sales growth at 39 per cent to VND45.5 trillion, followed by the individual sector at 37.9 per cent to VND84.3.5 trillion.
The foreign-invested sector sold total VND3.6 trillion, an increase of 29.4 per cent on year, while the collective made retail revenues of VND1.8 trillion, up 19.4 per cent.
However, the state-owned sector’s sales fell 1.1 per cent on year to VND17.7 trillion.
The trade sector is the biggest seller with revenues of VND126.1 trillion, accounting for 82.5 per cent of total, followed by the hotel and restaurant sector with VND17.3 trillion, the service sector with VND7.6 trillion, and the tourism sector with VND1.9 trillion.
These sectors recorded sales growth of between 30.2 per cent and 34.3 per cent.
Vietnam reported total retail sales of VND580.7 trillion (US$36.3 billion) in 2007 and VND475.38 trillion (US$30.1 billion) in 2006.
Vietnam’s retail market is now the fourth most attractive in the world, behind India, Russia and China, according to AT Kearney. International retail sale giants are flocking into Vietnam, such as Metro Cash & Carry, Parkson, Dairy Farm and Planet Sports. (GSO Feb 2008(
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