The first eight months of 2023 saw a 10% increase in retail sales of goods and services.

DNHN - In the first eight months of 2023, the total retail sales of consumer goods and services increased by 10% compared to the same period the previous year, reaching an estimated VND 4,043.9 trillion.

In particular, the retail revenue of goods is projected to reach 3,175.5 trillion VND in the first eight months of 2023, accounting for 78.5% of the total and increasing 8.7% over the same period last year (excluding the price increase factor of 7.4%). In the first eight months of 2023, travel tourism revenue is projected to reach 22.4 trillion VND, representing 0.6% of the total and increasing by 47% over the same period last year due to increased tourism demand during the peak season and popular tourist destinations. After a long period of being afflicted by the COVID-19 epidemic, the region has also implemented several tourism-boosting initiatives. In the first eight months of 2023, revenue from accommodation and food services is projected to reach 436.3 trillion VND, representing 10.8% of the total and an increase of 15.6% over the same period in the previous year. Some localities' revenue in the first eight months of 2023 compared to the same period the previous year is as follows: Da Nang grew by 40.3%; Can Tho grew by 27.2%; Dong Nai grew by 23.6%; Ho Chi Minh City grew by 23.4%; Quang Ninh grew by 21.8%; Hai Phong grew by 14.4%; and Hanoi grew by 11.9%.

Some localities' revenue in the first eight months of 2023 compared to the same period the previous year is as follows: Da Nang grew by 97.5%, Khanh Hoa by 93.4%, Ho Chi Minh City and Quang Ninh both by 57.6%, Hai Phong by 57%, Hanoi by 45.9%, Binh Thuan by 40.2%, Can Tho by 15.6%, and Lam Dong by 11.5%.

Other service revenue is projected to reach 409.7 trillion VND in the first eight months of 2023, representing 10.1% of total revenue and an increase of 12.6% over the same period last year. Specifically, the increase and decrease in the first eight months of 2023 compared to the same period the previous year are as follows: Da Nang grew by 19.8%; Bac Giang grew by 17.5%; Ba Ria - Vung Tau grew by 11.8%; Can Tho grew by 9.4%; Hanoi grew by 8.7%; Hai Phong grew by 6.2%; HCMC declined by 2.7%; Quang Binh fell by 0.6%.

As directed by the Government and Prime Minister, the domestic market has now organized networks to supply 100 million Vietnamese people with goods. In addition, the period from the beginning of the year to the present has included the Lunar New Year, but inflation has been well-controlled and goods for the Vietnamese people's needs have been fully prepared.

This growth rate is expected to be maintained until the end of the year to meet the National Assembly and Government-assigned growth target of 9%/year for total retail sales of goods and consumer service revenues in 2023—commerce and industry sector.

Another bright spot is that travel revenue in the past eight months is estimated at 22,400 billion VND, representing 0.6% of the total and an increase of 47% over the same period last year due to increased tourism demand during peak season and other tourist attractions. After a lengthy period of being affected by the COVID-19 epidemic, the region has also implemented several tourism-boosting initiatives.

Da Nang increased by 97.5%; Khanh Hoa increased by 93.4%; Ho Chi Minh City and Quang Ninh both increased by 57.6%; Hai Phong increased by 57%; Hanoi increased by 45.9%; Binh Thuan increased by 40.2%; Can Tho increased by 15.9%; and Lam Dong increased by 11.5% over the same period last year.

Other service revenue is estimated to have reached 409,700 billion VND over the past eight months, representing 10.1% of total retail sales and an increase of 12.6% over the same period last year. Comparing the first eight months of 2023 to the same period the previous year, Da Nang increased by 19.8%; Bac Giang increased by 17.5%; Ba Ria-Vung Tau increased by 11.8%; Can Tho increased by 9.4%; Hanoi increased by 8.7%; Hai Phong increased by 6.2%; Ho Chi Minh City decreased by 2.7%; and Quang Binh decreased by 0.6%.

In recent years, the domestic market has continued to become a platform for the production and distribution of essential goods to the public and has been well received by the people, according to the Ministry of Industry and Trade. Consequently, the domestic market can continue to expand by double digits.

Recognizing the domestic market as one of the critical factors driving national GDP growth, the Ministry of Industry and Trade will prioritize the effective implementation of the Programmes to develop the domestic market shortly. To increase domestic consumption, promote trade on the domestic market and goods distribution via digital platforms and e-commerce.

In addition to supporting businesses in trade promotion activities, building and protecting brands for domestic wholesale and retail distribution chains, and promoting Vietnamese regional specialties and products.

Ngoc Phi (TH)