Vietnam’s retail sector experienced significant growth in the first quarter, with sales figures revealing a year-on-year increase of 10.9%. This rise is largely attributed to increased consumer spending over the holiday period, in addition to a significant upsurge in international tourism numbers. These figures were provided by the National Statistics Office of Vietnam.
During the quarter, total retail sales of consumer goods and services reached an impressive US$72.2 billion, marking a 7% increase. The product categories contributing to this growth include apparel, food, and household goods.
As well as retail, the country’s accommodation and food services sectors also saw an increase in revenue, generating $8.9 billion – a 13.3% increase.
To further boost the country’s finances, tourism revenue also showed signs of growth, increasing to $870 million. This growth can be largely attributed to an increase in visitors during the Lunar New Year period.
According to the National Statistics Office, the retail sector remains the largest contributor to Vietnam’s revenue. Accounting for a significant 76.3% of turnover, the retail sector generated $55.1 billion.
What was the increase in Vietnam’s retail sales figures in the first quarter?
Vietnam’s retail sales experienced a year-on-year increase of 10.9% in the first quarter.
Which sectors contributed to this growth?
The growth in retail sales can be attributed to increased consumer spending in the apparel, food, and household goods sectors, as well as a surge in international tourism.
What percentage of Vietnam’s revenue is contributed by the retail sector?
The retail sector accounts for a significant 76.3% of Vietnam’s revenue.
