India, get ready for some economic inspiration from our eastern neighbour. The most recent data from Vietnam paints a bright picture of robust growth in the retail and consumer service sectors.
The General Statistics Office of Vietnam announced on Thursday (Aug 3) that the nation’s total retail sales of goods and consumer service revenues have surged by a significant 10.4 per cent on a year-on-year basis in the first seven months of this year. The figures have skyrocketed to a staggering 3.5 quadrillion Vietnamese dong (US$148.3 billion), reflecting the country’s robust economic momentum.
Let’s delve into some specifics. The retail sales of goods in Vietnam touched nearly 2.8 quadrillion Vietnamese dong ($116.7 billion), marking a 9 per cent uptick. But what’s driving this growth? It appears food and foodstuff sales have had a significant contribution, having grown by a whopping 12.9 per cent. The culture and education sector, too, has not been left behind, registering a 10.1 per cent rise.
Shifting our focus to July alone, the revenue of retail sales of consumer goods and service totalled a significant 512.2 trillion Vietnamese dong ($21.5 billion), an impressive 7.1 per cent increase year-on-year.
Looking back at the previous year, Vietnam’s total goods retail sales and consumer service revenues showed an impressive growth of 19.8 per cent year-on-year to approximately 5,679.9 trillion Vietnamese dong ($239.7 billion). The goods retail sales stood at nearly 4,475.9 trillion Vietnamese dong$188.9 billion), rising by 14.4 per cent. The sectors shining the most were the sales of cultural and educational products, increasing by 22.9 per cent, and clothing sector, growing by 19.1 per cent.
In conclusion, the remarkable surge in Vietnam’s retail and consumer service revenues demonstrates the nation’s resilience and adaptability in an ever-evolving global economic landscape. Stay tuned for more exciting updates from the world of finance.
This news is based on an article originally published on thestar.com.my.