Retail sales of consumer goods, services up 8.5% in eight months

Vietnam’s retail sales of consumer goods and services saw a modest 0.4% increase in August compared to July and a substantial 7.9% year-on-year growth, according to the General Statistics Office of Vietnam.

For the first eight months of 2024, total retail sales rose 8.5% compared to the same period in 2023. Notably, accommodation and catering services increased by 14.3%; while travel and tourism services surged by 26.2%.

At current prices, total retail sales reached an estimated VND4.148 quadrillion (nearly $180 billion) in the first eight months of 2024, representing an 8.5% year-over-year increase. The inflation-adjusted growth rate stood at 5.3%, however.

According to the General Statistics Office, international arrivals to Vietnam continued to climb, reaching 1.43 million in August, a 17.7% year-over-year increase. From January to August, the country welcomed over 11.4 million international visitors, a 45.8% rise compared to 2023 and a 1% increase compared to pre-pandemic levels in 2019.

This surge in tourism led to revenue from travel and tourism services reaching VND40.9 trillion ($1.6 billion) in the first eight months of 2024, a 26.2% year-over-year increase.