Retail Sales and Consumer Service Revenue See Significant Growth, Boosted by Tourism

In July 2024, the total retail sales of goods and consumer service revenue experienced notable growth, marking an 8.7% increase compared to the previous year. This rise is largely attributed to the positive contribution of the tourism sector.

Retail Sales and Consumer Service Revenue

According to the General Statistics Office, the total retail sales of goods and consumer service revenue for July 2024, at current prices, is estimated to reach 528.3 trillion VND. This figure represents a 9.4% increase from the same period last year.

The breakdown of this growth includes:

• Food and Beverages: Increased by 12.1%

• Household Goods, Tools, and Equipment: Increased by 5.3%

• Apparel: Increased by 6.9%

• Accommodation and Dining Services: Increased by 13.9%

• Travel and Tourism: Increased by 6.8%

Year-to-Date Performance

For the first seven months of 2024, the total retail sales of goods and consumer service revenue is estimated to be 3,625.7 trillion VND, representing an 8.7% increase compared to the same period last year (compared to a 10.6% increase in the previous year). Excluding the price factor, this reflects a 5.2% increase (compared to a 9.8% increase in the previous year).

The retail sales of goods alone for the first seven months of 2024 are estimated at 2,801.1 trillion VND, accounting for 77.3% of the total and showing a 7.4% increase compared to the previous year (excluding the price factor, this increase is 4.3%).

The growth by category is as follows:

• Food and Beverages: Increased by 10.7%

• Household Goods, Tools, and Equipment: Increased by 11.1%

• Apparel: Increased by 9.1%

• Transportation (excluding automobiles): Increased by 3.4%

• Cultural and Educational Items: Increased by 11.2%

Regional Performance

Retail sales in the first seven months of 2024 varied across regions:

• Quang Ninh: Increased by 10.2%

• Da Nang: Increased by 7.8%

• Can Tho: Increased by 7.6%

• Hanoi: Increased by 6.6%

• Ho Chi Minh City: Increased by 6.3%

Accommodation and Dining Services

Revenue from accommodation and dining services for the first seven months of 2024 is estimated at 419.2 trillion VND, accounting for 11.6% of the total and showing a 15.2% increase compared to the previous year. Regional revenue changes in this sector are:

• Quang Ninh: Increased by 25.2%

• Da Nang: Increased by 23.4%

• Can Tho: Increased by 12.0%

• Hanoi: Increased by 11.3%

• Ho Chi Minh City: Increased by 7.9%

Travel and Tourism

Revenue from travel and tourism for the first seven months of 2024 is estimated at 35.2 trillion VND, making up 1.0% of the total and showing a 31.8% increase compared to the previous year. Regional performance in tourism revenue includes:

• Ho Chi Minh City: Increased by 42.2%

• Da Nang: Increased by 38.6%

• Can Tho: Increased by 33.7%

• Hanoi: Increased by 29.7%

• Quang Ninh: Increased by 21.0%

• Binh Duong: Increased by 18.5%

International Visitors

In July 2024, Vietnam saw 1.15 million international visitors, a 10.9% increase compared to the previous year. For the first seven months of 2024, nearly 10 million international visitors came to Vietnam, representing a 51.0% increase compared to the previous year and a 1.9% increase compared to the same period in 2019, before the COVID-19 pandemic.

Other Services

Revenue from other services for the first seven months of 2024 is estimated at 370.2 trillion VND, accounting for 10.1% of the total and showing a 9.4% increase compared to the previous year. Regional variations in this sector are:

• Ba Ria - Vung Tau: Increased by 12.3%

• Hanoi: Increased by 8.2%

• Ho Chi Minh City: Increased by 7.0%

• Hai Phong: Increased by 4.3%
  

• Da Nang: Decreased by 7.2%

Conclusion

Overall, the retail sales and consumer service revenue have demonstrated robust growth in July 2024, bolstered by a significant increase in tourism. This positive trend underscores the recovery and expansion of various economic sectors in Vietnam.