Vietnam retail sales in January recorded significant growth ahead of the country’s biggest holiday of the year.
According to the General Statistic Office (GSO), the retail sales surged 6.4 per cent year on year, generating about US$20.77 billion during the month. The figure is also 3.7 per cent higher than December’s.
Sales from consumer goods accounted for 79 per cent of the retail revenue, increasing 8.7 per cent year on year. Accommodation and food service sector generated more than US$2 billion, rising 2.7 per cent compared to December but dropped 4.1 per cent year on year.
Sales from other services were up 1.1 per cent month-on-month and 7.3 per cent year-on-year.
The Vietnam retail sales landscape is expected to become more vibrant this month as the Lunar New Year occurs. Supermarkets, shopping centres and retailers have recorded high traffic and sales as people shop ahead of the biggest holiday event of the year.
Numerous promotional programs are offered to stimulate consumption, according to the office, while international chains like H&M were exceptionally busy last weekend.