Growth in retail sale of goods and services
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The estimated total retail sales for the first seven months of 2022 are 3,2 quadrillion VND, a 16 percent increase from the same period in 2021. The revenue from commodity retail sales in the period is estimated to be 2.55 quadrillion VND, up 13.7 percent year on year.
Meanwhile, revenue from accommodation and catering services is 324.9 trillion VND, up 37.5 percent year on year, due to increased travel demand following a two-year hiatus due to the COVID-19 pandemic. Notably, July revenue increased by 134.7 percent year-over-year.
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Additionally, travel and tourism activities generated an estimated 11.9 trillion VND in revenue, a 2.7-fold increase compared to the same period last year. The estimated sales of other services from January to July increased by 13.9% year-over-year to 312.6 trillion VND.
To encourage consumption in the future, the GSO recommends that the Ministry of Industry and Trade closely monitor the fluctuations of the global and domestic economies, proactively consult appropriate response solutions, and coordinate with ministries and sectors to guide enterprises to make greater use of signed free trade agreements (FTAs), particularly the Regional Comprehensive Economic Partnership (RCEP).
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