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Vietnam retail sales continued to recover before Covid-19 second wave hit

Vietnam’s retail industry continued to recover after the March lockdown to fight Covid-19, with a 4.3-per-cent increase year on year in July’s retail sales.

However after being virus-free for more than three months, Vietnam is now facing the second wave of Covid-19 which originated in the coastal city of Danang. With a full lock down in Da Nang and partial lock down in Ho Chi Minh City and Hanoi, retail sales are expected to be impacted this month.

According to the General Statistics Office (SGO), retail sales dropped just 0.4 per cent year on year over the first seven months of this year, reaching about US$121.7 billion.

The office said Vietnam’s retail sales have shown positive signs of economic recovery due to domestic consumption and tourism push in July. Last month, Vietnam retail sales rose 3.3 per cent from June’s figures.

Sales of consumer goods reached $96.4 billion, increasing by 3.6 per cent year on year. Growth sectors include home appliances and fresh-food products with 7.6 per cent and 7.5 per cent increases respectively. Meanwhile, F&B revenues fell 16.6 per cent, generating $12.2 billion.

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