At the press briefing on the industry and trade situation in Ho Chi Minh City for the second quarter of 2024, held by the Ho Chi Minh City Department of Industry and Trade on May 3, 2024, representatives from the Department announced that the total retail sales of goods and services in the city for the first four months of 2024 reached VND 366,947 billion, a 12% increase compared to the same period last year.
Retail goods revenue increased by 10.5% year-on-year to VND 177,087 billion. Notable growth was observed in several commodity groups, including foodstuffs and foodstuffs up by 8.6%, household appliances and equipment up by 20.5%, wood and construction materials up by 29.9%, and garments up by 3.4%.
Mr. Nguyen Nguyen Phuong, Deputy Director of the Ho Chi Minh City Department of Industry and Trade, shared that to further boost consumption demand and sustain the growth momentum of total retail sales of goods and service revenue, the Department will implement a diverse range of trade promotion programs for the retail sale of goods and consumer services in the second quarter of 2024 and beyond.
Specifically, the Ho Chi Minh City Department of Industry and Trade will focus on implementing the program to connect supply and demand between Ho Chi Minh City and other provinces, the International Fair for Gifts and Handicrafts 2024 (Gift Show 2024), a pilot project for a commodity exchange (focusing on pork), the “Vietnamese Priority to Use Vietnamese Goods” campaign for the period of 2024-2025, and the organization of a forum and fair for typical Vietnamese export products.
Mr. Nguyen Khac Hoang, Director of the Ho Chi Minh City Statistics Office, noted that the city’s economy maintained its recovery trend in April 2024 compared to the first quarter, but lacked a strong boost to achieve a breakthrough in growth for the entire second quarter.
Mr. Hoang analyzed that the industry production index (IIP) in April increased by 2.6% compared to the previous month and by 5.4% over the same period last year. However, since the pandemic, the annual growth rate has only been slightly over 2%, while the national average has reached 6%.
Regarding the business landscape, Mr. Hoang stated that although businesses have started receiving orders again, high input costs have compressed profit margins, hindering the motivation for production. Businesses are opting to accept reduced profits to maintain employment. In this context of subdued foreign demand, stimulating domestic consumption is a critical factor for the business community’s survival, he emphasized.
Nationwide, according to the General Statistics Office, in the first four months of the year, total retail sales of goods and service revenue were estimated at VND 2,062.3 trillion, an increase of 8.5% over the same period last year.
Retail goods revenue is estimated at VND 1,594.5 trillion, up 7.1% over the same period. Several commodity groups witnessed double-digit growth, including foodstuffs and foodstuffs up by 11%, household appliances and equipment up by 14.9%, garments up by 10.3%, and cultural and educational commodities up by 17.8% compared to the previous year.
Notable increases in retail goods revenue were observed in several localities, including Quang Ninh, Hai Phong, Can Tho, Binh Duong, Dong Nai, Da Nang, Ho Chi Minh City, and Hanoi.
During this period, revenue from accommodation and catering services was estimated at VND 237.3 trillion, a significant increase of 15.3% compared to the same period last year. Notable increases were seen in Da Nang, Quang Ninh, Hai Phong, and Ho Chi Minh City.
