Nation's retail sales jump 9.5% this year
Vietnam's retail sales of goods and services rose 9.5% this year, the largest increase since 2011, as low inflation and strong economic growth bolstered consumer confidence, data from the General Statistics Office (GSO) revealed.
Sales were estimated at VND3,242 trillion (US$148 billion), GSO said. Vu Manh Ha, domestic trade economist of the GSO, attributed the significant rise in 2015 to the country's 0.63% CPI year-on-year rise, the lowest increase in the past 14 years.
Ha said the low CPI increase meant stable prices for several essential products, adding that manufacturers and suppliers could sell their products without raising prices, which encouraged consumption.
Retail sales growth was also triggered by the increasing number of newly-opened supermarkets and convenience stores throughout the countries, enhancing competition among product suppliers, Ha said.
The government said on December 26 that Vietnam's gross domestic product grew 7% in the forth quarter and 6.7% in 2015, the biggest expansion in five years.
According to GSO, retail sales of goods, which account for 76% of the total sales, reached VND2,470 trillion (US$112 billion), up 11% from last year.
Revenue in some sectors saw a handsome increase. Food and foodstuffs saw an increase of 15%, household appliances rose 15%, garments and textiles up 13% and transport services are estimated to increase 10%.
Retail sales of accommodation, restaurant and catering services reached VND372.2 trillion (US$17 billion), accounting for 12% of the total revenue, posting a 5.2% year-on-year increase.