The Ultimate Guide to Retail: Unlocking the Secrets to $2.58 Trillion in Sales

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## Vietnam’s Retail Sales and Service Revenue Show Strong Growth in May 2024

Specifically, the total retail sales of goods and service revenue for consumption at current prices in May 2024 is estimated to reach 519.8 trillion VND, a 9.5% increase compared to the same period last year. This includes a 9.9% rise in food and foodstuffs, a 9.0% increase in household appliances and equipment, a 9.3% rise in garments, a 17.0% surge in accommodation and catering services, and a significant 34.3% jump in tourism travel services.

Total retail sales of goods and service revenue for consumption at current prices from January to May in 2020-2024

Accumulated in the first five months of 2024, the total retail sales of goods and service revenue for consumption at current prices is estimated at 2,580.2 trillion VND, an 8.7% increase compared to the same period last year (the same period in 2023 saw a 12.3% increase). Excluding the price factor, the growth rate is 5.2% (9.3% in the same period of 2023).

Retail goods revenue in the first five months of 2024 is estimated at 1,998.2 trillion VND, accounting for 77.5% of the total and a 7.4% increase compared to the same period last year (a 4.5% increase excluding the price factor). Notably, food and foodstuffs increased by 10.5%, household appliances and equipment by 13.4%, garments by 10.3%, means of transport (excluding automobiles) by 1.3%, and cultural and educational items by 15.5%. Several localities witnessed considerable growth in retail goods revenue compared to the same period last year: Quang Ninh by 10.1%, Hai Phong by 9.5%, Can Tho by 8.4%, Da Nang by 8.2%, Ho Chi Minh City by 6.8%, and Hanoi by 6.7%.

Revenue from accommodation and catering services in the first five months of 2024 is estimated at 296.3 trillion VND, accounting for 11.5% of the total and a 15.1% increase compared to the same period last year. Some localities saw significant growth in this sector: Khanh Hoa by 26.4%, Quang Ninh by 23.5%, Da Nang by 22.2%, Hai Phong by 14.9%, Hanoi by 12.4%, Can Tho by 11.5%, and Ho Chi Minh City by 8.0%.

Tourism travel service revenue in the first five months of 2024 is estimated at 24.2 trillion VND, accounting for 0.9% of the total and a remarkable 45.1% increase compared to the same period last year. Several localities witnessed high growth rates in tourism travel service revenue compared to the same period last year: Da Nang by 52.0%, Ho Chi Minh City by 46.0%, Hanoi by 44.6%, and Quang Ninh by 18.0%.

Revenue from other services in the first five months of 2024 is estimated at 261.5 trillion VND, accounting for 10.1% of the total and an 8.8% increase compared to the same period last year. Some localities with notable growth in this sector include Thua Thien-Hue (23.5%), Binh Dinh (17.5%), Ho Chi Minh City (8.6%), Can Tho (8.4%), Hanoi (7.8%), while Da Nang (-19.1%), Quang Ninh (-12.7%), and Lang Son (-6.6%) saw decreases.

Nhat Quang

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