Retail sales of goods, services up 8.1% in January

Hanoi: Total retail sales of goods and revenue from consumer services in January were estimated at 524.1 trillion VND (21.47 billion USD), up 8.1% year-on-year, as consumers have been on the mood to shop for the upcoming Tet (Lunar New Year) Festival, according to the General Statistics Office (GSO).

Without taking inflation into account, the retail sales rose 5.8%, the GSO reported.

Consumers splurged on cultural and educational items, household appliances, catering services and travel the most in the runup to Tet holiday.

Retail sales of goods totalled 407.5 trillion VND, increasing 7.3% from the same time last year. Meanwhile, revenue from accommodation and catering services rose by 10.2% to 58.9 trillion VND.

Thanks to the sound tourism promotion policy that helps popularise Vietnam as a safe destination, the country welcomed more than 1.5 million foreign tourists in January, going up 10.3% from the previous month, and 73.6% year-on-year. Tourism earnings went up 18.5% year-on-year to 4.4 trillion VND

Revenue from other services was estimated at 53.2 trillion VND, up 11.2% year-on-year.

Economists said the Tet shopping season is the golden time for enterprises and retailers to promote domestic consumption stimulus and increase sales right from the outset of the year.

They also advised enterprises to outline rational market and business strategies, making them fit the new consumption trend in the domestic and foreign markets./.

Source: Vietnam News Agency

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