Total retail sales of goods and services reached nearly 4.4 quadrillion VND (191 billion USD) in 2018. (Photo: VNA)
Hanoi (VNS/VNA)- Total retail sales of goods and services in Vietnam reached nearly 4.4quadrillion VND (191 billion USD) in 2018, representing a rise of 11.7 percentagainst the previous year, according to the General Statistics Office (GSO).
According to the GSO, the increase reflected strong purchasing power in thedomestic market, which contributed significantly to overall economic growthreaching an 11-year high of 7.08 percent.
The retail value of goods totalled 3.3 quadrillion VND, accounting for 75.2 percentof retail sales and representing an increase of 12.4 percent over 2017.
With double-digit growth in recent years and strong domestic purchasing powerof the population of more than 90 million people, the goods retail market of Vietnamwas attractive to investors.
The goods retail market was developing rapidly with the penetration of foreignretailers and the expansion of domestic players, according to Do Thu Hang fromproperty consulting services firms Savills Hanoi.
According to the Vietnam Institute for Trade Research, the market is seeing arising trend of investments in minimarts and convenience stores.
The institute forecast that convenience stores would see double-digit growth inthe next three years and reach 37.4 percent growth in 2021.
Under the domestic trade development strategy, total sales of goods andservices would grow by 13 percent each year through 2020 and by 14 percent peryear in the 2021-25 period.
The Ministry of Planning and Investment’s statistics showed the wholesale andretail sector ranked third in attracting foreign direct investment in 2018 withtotal registered capital of 3.37 billion USD, accounting for 10.3 percent ofthe country’s FDI.-VNS/VNA
VNA
