Solid growth in Vietnam retail sales

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(Source: Inside Retail Asia | June 2, 2015)

Vietnam retail sales – combined with services revenue – grew an estimated 9.1 per cent in the first five months of 2015.

Official figures from the government’s General Statistics Office, report a total spend of VND1,305 trillion, which equates to US$60.4 billion, from January to May.

The office said excluding inflationary effects, the increase was 8.2 per cent – which is higher than the six per cent estimated over the same period in 2014.

Analysts say this reflects “a remarkable recovery in local demand and consumption”.

Retail sales comprised 76.4 per cent of the total revenue, up 10.2 per cent year on year, led by automobiles (+20 per cent), food and foodstuffs (17.9 per cent), woodwork and construction materials (+16.3 per cent), garments and textiles (+14.3 per cent), and home appliances (+13.2 per cent).

The hospitality and restaurant sector contributed VND145.7 trillion, but growth was just two per cent. Services comprised VND151.2 trillion, up 10.9 per cent.

For the month of May, total retail sales and services revenue increased 9.3 per cent year on year and by 0.8 per cent over April this year.