Vietnam’s Retail and service turnover on the up

HA NOI (VNS)— The country's total retail sales and service revenues were estimated to reach VND1,706 trillion (US$80.47 billion) in the first eight months of 2013.

The figure represents a 12.3 per cent year-on-year rise, the General Statistics Office (GSO) said, adding that the rise would be 5.1 per cent if price hikes were excluded.

In August alone, Viet Nam's total retail sales and service turnover was estimated at VND216.4 trillion ($10.21 billion), up 0.69 per cent on last month.

The trade sector contributed 77 per cent of the total turnover with VND1.3 trillion, increasing 11.6 per cent over the corresponding period last year.

And it was the trade sector which posted the highest growth in August registering a 0.81 per cent increase from July.

The hotel and restaurant sector followed with VND205.7 trillion, accounting for 12 per cent of the country's total retail sales and services revenue, posting the highest growth in the eight-month period with a year-on-year rise of 15 per cent.

The service sector came next, accounting for 10.2 per cent of the total, rising 14.92 per cent over the same period last year, while the tourism sector jumped 6.7 per cent.

Individual economic sectors contributed the highest portion to the total retail and services revenue with VND860.3 trillion or 50.43 per cent in the period, increasing 16.5 per cent over last year, followed by private economic, state-owned economic and foreign-invested sectors.

However, the foreign-invested sector posted the highest growth level with 9.58 per cent in August and 37.54 per cent over the first eight months, the GSO added. — VNS