Retail sales in Vietnam have reached VND4.94 quadrillion (US$214.8 billion) as of last year, a rise of 11.8 per cent over the previous year.

The figures were released by the General Statistics Office (GSO) and is the country’s most rapid rate of growth within the past four year period. The office revealed that rising incomes and better-than-expected growth has increased purchasing power in the Southeast Asian nation. The national average monthly income has risen from VND3.9 million ($167) to VND4.2 million ($182).

The figures have also been attributed to a diversification of distribution channels, quality products and attractive promotions, resulting in an increase of demand.

The area of greatest increase of purchasing power within Vietnam is Nam Dinh, with 18 per cent growth registered during the period.