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Vietnam retail sales recover despite absence of tourists

Ho Chi Minh City

Vietnam retail sales and consumer-services revenues have increased slightly during the first 10 months of this year, despite one nationwide lockdown and a second regional one, according to the General Statistics Office (GSO). 

Sales from January to October are up 1.27 per cent year on year, reaching US$179.3 billion in value despite the on-going Covid-19 pandemic.

Vietnam retail sales figures includes services for industries such as travel and accommodation so the core retail component of the data would be much stronger than the top line 1.27 per cent growth rate.

The slight increase in revenue reflects the strong recovery of Vietnam’s retail industry with sales down 0.4 per cent in the first seven months of this year.

Sales of consumer goods reached about US$141.9 billion, surging 5.4 per cent. Growth sectors include food and home appliances with 9.4 per cent and 6.3 per cent increase respectively. 

Meanwhile F&B revenues generated US$17.9 billion, dropping 14.7 per cent, largely reflecting the lack of international tourists and business travellers since the border was effectively closed in March. 

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