04/10/2017 | 17:10:21

Retail sales post significant increase in 9 months

The total retail sale value of goods and services from January to September posted the highest year-on-year increase in 2017 (Photo: VNA)

The total retail sale value of goods and services from January to  September posted the highest year-on-year increase in 2017, according to the General Statistics Office (GSO).

The latest updates revealed that the total retail sale jumped by 10.5 percent over the same period last year, and 9.2 percent if inflation was excluded, with a value touching more than 2.9 quadrillion VND (129.6 billion USD).

In comparison, the increases were 8.9 percent in the eight-month and 8.7 percent in the seven-month periods, and 8.4 percent in the first half of this year.

The increase in the retail sale of the service sector contributed significantly to the country’s gross domestic product (GDP) growth in the first nine months of this year, even higher than the contribution of the finance-banking and insurance sector and real estate business, according to GSO.

In the service sector, accommodation and catering services increased by 12 percent to touch 362.5 trillion VND, largely thanks to the improving tourism revenue.

The retail sales of the goods totalled 2.18 quadrillion VND, up by 10.5 percent, in which, food and foodstuff was up by 9.8 percent, household appliances sales went up 11.3 percent, garment sales went up 14.9 percent, and the transport means went up 24.9 percent.

According to Nguyen Bich Lam, GSO’s General Director, the considerable increase in the retail sale of the service sector demonstrated the transition of Vietnam’s economic structure.

The country’s GDP grew 6.41 percent from January to September.-VNA

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