Retail sales growth at six-year low

Vietnam’s total retail sales of goods and services in the first two months of 2020 rose by 8.3% year-on-year to VND863.9 trillion, the lowest growth rate in six years, according to the General Statistics Office.

Retail sales growth at six-year low

Customers examine dairy products at a supermarket in HCMC. Vietnam’s total retail sales of goods and services in the first two months of 2020 rose by 8.3% year-on-year to VND863.9 trillion, the lowest growth rate in six years

If the price factor is excluded, the total retail sales inched up by 5.5% compared with 9.3% in the same period last year, reported the Vietnam News Agency.

The first two months of the year saw retail sales of goods amount to an estimated VND674 trillion, up 9.8% year-on-year. This growth rate was much lower than that recorded in the same period in 2019 as coronavirus fears have discouraged customers from shopping in crowded areas.

Haiphong City and Quang Ninh and Thanh Hoa provinces saw the retail sales of goods expand by 13.6%, 13.8% and 11.9%, respectively.

Revenues from accommodation and catering services were estimated at VND95 trillion in the first two months of 2020, up a mere 1.7% year-on-year, while the growth rate in the same period of 2019 was 10.8%.

The slowed growth was attributable to the fallout from the coronavirus, which has caused the issuance of visas to Chinese tourists to be suspended.

Khanh Hoa, Lam Dong and Hanoi witnessed a sharp drop in revenues from accommodation and catering services over the two-month period.

 

The country reported a slight rise of 1.1% in tourism revenues at VND7.4 trillion in the first two months of the year.

Revenues from other services amounted to an estimated VND87.5 trillion, making up 10.1% of the total figure and edging up 5.2% year-on-year. Sales of other services in Quang Ninh Province picked up by 8.7% from the year-ago period, while the respective rises in Quang Ngai, Thua Thien-Hue and Danang were 6.1%, 5.4% and 4.7%.

The General Statistics Office noted that February, the month after the Tet holiday, was severely affected by the coronavirus outbreak. As such, trading and service activities this month were not as hectic as in previous months.

February’s retail revenues from goods and services reached an estimated VND414.1 trillion, down 7.9% from the month earlier but up 6% year-on-year.

Last month, retail sales of goods accounted for over VND325 trillion, down 6.7% compared with January and up 8.2% year-on-year. Revenues from accommodation and catering services were VND44.2 trillion, down 3.9% over the previous year, while tourism revenues amounted to VND3.3 trillion, dipping by 21% from a month earlier. SGT

Local retail property market over saturation point

Local retail property market over saturation point

The local retail property market has reached the saturation point years ago and now empty storefronts and shopping centres are putting a dent in forecasts.

Foreign retailers hurry to cash in on Vietnamese market

Foreign retailers hurry to cash in on Vietnamese market

Vietnam, with its young demographic, growing incomes and large population, is considered a hugely promising market for retailers.

 
 

Other News

.
Moving from former adversaries to trusting and valued partners
Moving from former adversaries to trusting and valued partners
BUSINESSicon  07/07/2020 

Through candid dialogue, mutual respect, and a strong commitment to succeed by the leadership of both countries, Vietnam and the United States created a comprehensive partnership that identifies areas for both countries to work together.

EVFTA expected to give a lift to real estate sector
EVFTA expected to give a lift to real estate sector
BUSINESSicon  06/07/2020 

Many segments of the real estate market are soon expected to benefit from the EU-Vietnam Free Trade Agreement, which takes effect in August.

Whether Apple to build nest in Vietnam?
Whether Apple to build nest in Vietnam?
BUSINESSicon  07/07/2020 

Foxconn’s rush expansion in Vietnam raise nosy that whether Apple will choose the country as the place to build nest.

American groups make progress across Vietnam
American groups make progress across Vietnam
BUSINESSicon  06/07/2020 

Vietnam, as one of the fastest-growing economies in the ASEAN bloc, is becoming more appealing to American investors.

A dynamic and powerful ASEAN from the German perspective
A dynamic and powerful ASEAN from the German perspective
BUSINESSicon  06/07/2020 

Possessing key features that represent a snapshot of one of the most diverse, fastest-growing, and competitive regions, the ASEAN is an attractive economic region for not only German enterprises but also other European ones to invest in. 

Delving into specifics of amended business laws
Delving into specifics of amended business laws
BUSINESSicon  06/07/2020 

Businesses and investors are expected to access new positive changes when the amended Law on Investment and the amended Law on Enterprises take effect from January 1 next year.

Rays of sunshine in aviation clouds
Rays of sunshine in aviation clouds
BUSINESSicon  06/07/2020 

Amid serious impacts of COVID-19, there are hopeful points for the aviation sector on the back of the EU-Vietnam Free Trade Agreement.

Trade kickstart with distinctive solutions
Trade kickstart with distinctive solutions
BUSINESSicon  06/07/2020 

Vietnam is boosting its diplomatic activities in hope of attracting more investment and expanding its trade in the global market, with many of the country’s major partners about to open their doors to the world again.

EuroCham proposes Gov’t to cut 50 per cent of registration fee for imported cars
EuroCham proposes Gov’t to cut 50 per cent of registration fee for imported cars
BUSINESSicon  06/07/2020 

The European Chamber of Commerce in Vietnam (EuroCham) proposed the Government to apply the 50 percent registration fee reduction to all automotive assembly firms, importers and dealers of new vehicles.

Shares to correct amid lack of positive news
Shares to correct amid lack of positive news
BUSINESSicon  06/07/2020 

The benchmark VN-Index on the Ho Ch Minh Stock Exchange (HoSE) gained 0.62 per cent to close Friday at 847.61 points.

P2P firms in Vietnam waiting for a sandbox
P2P firms in Vietnam waiting for a sandbox
BUSINESSicon  06/07/2020 

Peer-to-peer (P2P) lending companies expect that the sandbox for fintech would eliminate unscrupulous businesses and help the market grow significantly.

Business outlook gloomy for firms based in Old Quarter of Hanoi
Business outlook gloomy for firms based in Old Quarter of Hanoi
BUSINESSicon  06/07/2020 

Many business owners in Hanoi’s famous Old Quarter are becoming increasingly concerned about the decline in customers, causing their revenue to sharply decrease, and resulting in many stores closing their doors following COVID-19 epidemic.

Auto dealers deemed main beneficiaries of registration fee cut
Auto dealers deemed main beneficiaries of registration fee cut
BUSINESSicon  05/07/2020 

Auto dealers have proved to be the biggest beneficiaries of the Government's move to introduce a 50% cut in car registration fees, and not car buyers, as expected, 

Nine more expressway contractors suspected of construction violations
Nine more expressway contractors suspected of construction violations
BUSINESSicon  05/07/2020 

Nine more former contractors have been accused of irregularities in the construction of a 139-kilometer-long expressway whose severe deteriotion was reported shortly after its opening in central Vietnam.

VASEP decries taxes on semi-processed and processed seafood
VASEP decries taxes on semi-processed and processed seafood
BUSINESSicon  05/07/2020 

Tax agencies have slapped many firms with a corporate income tax on semi-processed seafood products at 20%, while their products for exports or domestic consumption that are mainly processed, 

Domestic property market faces uncertainty
Domestic property market faces uncertainty
BUSINESSicon  05/07/2020 

The domestic real estate market is hoped to have growth in the fourth quarter of this year and before the Lunar New Year 2021 if, by this year-end, the domestic economy is restored to levels from before the COVID-19 pandemic.

Hanoi moves towards approving construction of third Aeon Mall
Hanoi moves towards approving construction of third Aeon Mall
BUSINESSicon  05/07/2020 

The proposed construction of a parking lot and the Aeon Mall Hoang Mai Trade centre will soon be decided upon by the Hanoi People's Committee as Prime Minister Nguyen Xuan Phuc has approved the adjustment of the city's construction planning.

Pork and oil prices key to keeping inflation in VN under control: experts
Pork and oil prices key to keeping inflation in VN under control: experts
BUSINESSicon  05/07/2020 

With huge inflation pressure on the way in the remaining months of this year, a close watch must be kept on the prices of key products like oil and pork to hit the goal of keeping inflation below 4 per cent, experts have said.

Market stagnant, real estate firms struggle
Market stagnant, real estate firms struggle
BUSINESSicon  07/07/2020 

Real estate firms have had to struggle to survive during the COVID-19 pandemic, which has caused the loss of trillions of dong and job losses to 75-80 percent of workers in the field.

Vietnam’s outward investment rebounds
Vietnam’s outward investment rebounds
BUSINESSicon  07/07/2020 

Outward investments, which fell for a short time because of Covid-19, resumed again after the social distancing policy ended.

 
 
 
Leave your comment on an article

OR QUICK LOGIN