Ha Noi retail sales rise 27.8%

The capital city’s total retail sales of goods and services in the first six months of the year was estimated to have surged 27.8 per cent over the same period last year to nearly VND407 trillion (US$21.4 billion), according to the city’s Statistics Office.

The city’s retail sales in June alone saw a 2.2 per cent increase over the previous month, and a year-on-year rise of 38.1 per cent, the office estimated.

The non-State sector has contributed the most to the growth in sales with 29 per cent, followed by the foreign-invested sector, up 27.2 per cent, and the State sector, up 22.3 per cent.

Thanks to high demand, Ha Noi and HCM City, which are the country’s largest trading hubs, have seen an increase in the number of newly-established businesses in the service and trade sectors.

High consumer demand in urban areas has also contributed to attracting a large number of foreign retail giants to the country in recent years.

Due to the attractive nature of the domestic retail market, the country last year attracted globally renowned trademarks including Naf Naf, Morgan de Toi, Mexx, Aldo, Hard Rock Cafe and Debenhams despite the global economic downturn.

Director of CB Richard Ellis Viet Nam, Richard Leech, forecast that the number of foreign retailers would continue to enter the market this year, adding that Vietnamese consumers often spend 70 per cent of their incomes on shopping.

The Ministry of Industry and Trade expected to raise the country’s retail sales and services revenue by 22 per cent to roughly $78.9 billion this year. — VNS

Tags: Vietnam retail market, Vietnam Retail Sales