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Vietnam’s Retail Sales and Service Income Soar by 10.4% in the First Seven Months of 2023

Vietnam’s retail sector continues to show impressive growth as the country’s retail sales of goods and consumer services revenue surged by 10.4 percent year-on-year to exceed 3.5 trillion VND in the first seven months of 2023, according to the Vietnam National Bureau of Statistics (GSO).

The GSO report reveals that retail sales reached nearly 2.8 trillion VND, registering a significant increase of 9 percent. Among the contributing factors to this growth were sales of food and consumer goods, which witnessed a robust surge of 12.9 percent. Additionally, sales of cultural and educational goods also experienced a notable rise, reaching 10.1 percent.

Looking specifically at the figures for July, the total revenue from retail sales of consumer goods and services amounted to VND 512.2 trillion, indicating a healthy year-on-year growth rate of 7.1 percent. When considering the entire previous year, revenue from retail goods and consumer services impressively escalated by 19.8 percent to approximately VND 5,679.9 trillion.

Breaking down last year’s data further, merchandise retail sales surged to nearly VND 4,475.9 trillion, marking a significant growth of 14.4 percent. This expansion was largely driven by sales of cultural and educational goods, which soared by 22.9 percent. Additionally, clothing goods also witnessed a substantial increase, rising by 19.1 percent.

The remarkable performance of Vietnam’s retail sector in the first seven months of 2023 showcases the resilience and strength of the country’s consumer market. Despite global challenges and uncertainties, Vietnam’s economy has demonstrated its ability to maintain growth and stability. The sustained expansion of retail sales and consumer services indicates the increasing purchasing power and confidence of Vietnamese consumers.

The government’s efforts to promote economic development, attract investment, and improve business conditions have played a crucial role in supporting the retail industry’s positive momentum. Furthermore, the ongoing digital transformation in the retail sector has enabled businesses to adapt to changing consumer preferences and behaviors, contributing to the overall growth of the industry.

As Vietnam continues on its path of economic development and modernization, the retail sector is expected to play a pivotal role in driving domestic consumption and fostering a robust consumer-driven economy. With consistent efforts to enhance the business environment and foster innovation, Vietnam is poised to sustain its retail growth and become an attractive destination for investors and businesses seeking new opportunities in the region.

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