Retail and Service Consumption on the Rise: Vietnam’s Thriving Economy
According to the Statistics Bureau (Ministry of Finance), trade and tourism activities maintained positive growth, with total retail sales of goods and service consumption in July estimated to increase by 9.2% compared to the previous year.
Accumulated over the first seven months of 2025, total retail sales of goods and service consumption increased by 9.3% compared to the same period last year. Notably, revenue from accommodation and catering services increased by 15.0%, while tourism travel revenue surged by 20.0%.
The total retail sales of goods and service consumption in July, in current prices, were estimated at VND 576.4 trillion, up 1.1% from the previous month and 9.2% from the previous year.
Revenue from food and foodstuffs increased by 9.9% year-on-year, while clothing and footwear sales rose by 7.9%. Sales of household appliances, tools, and equipment witnessed a 7.1% jump. Accommodation and catering services experienced a boost of 16.3%, and tourism travel revenue climbed by 12.6%.
From January to July 2025, the total retail sales of goods and service consumption, in current prices, were estimated at VND 3,993.4 trillion, up 9.3% from the previous year (during the same period in 2024, it increased by 8.9%). Excluding price factors, the increase was 7.1% (compared to 6.2% in the same period in 2024).
Retail goods revenue for the first seven months of 2025 was estimated at VND 3,049.6 trillion, accounting for 76.4% of the total and representing a 7.8% increase compared to the previous year. Notably, revenue from food, foodstuffs, and cultural and educational commodities all increased by 9.4%, while clothing and footwear sales rose by 6.4%, and sales of household appliances, tools, and equipment increased by 5.5%.
Several localities witnessed significant increases in retail goods revenue in the first seven months of 2025 compared to the previous year, including Da Nang (9.1%), Hai Phong (8.4%), Ho Chi Minh City (8.2%), Hanoi (8.0%), and Can Tho (7.8%).
According to the Statistics Bureau, favorable visa policies, enhanced tourism promotion and marketing programs, and celebrations of national holidays have collectively attracted more international visitors to Vietnam.
In July, international arrivals reached 1.56 million, marking a 6.8% increase from the previous month and a significant 35.7% surge from the previous year. For the January-July period of 2025, international arrivals to Vietnam totaled 12.23 million, a substantial increase of 22.5% compared to the previous year.
Consequently, tourism travel revenue for the first seven months of 2025 was estimated at VND 52.8 trillion, accounting for 1.3% of the total and representing a 20.0% increase from the previous year. Some localities with notable revenue increases during this period include Dong Nai (31.5%), Lao Cai (28.4%), Ho Chi Minh City (23.4%), Hue (22.6%), and Hanoi (18.8%).
Revenue from accommodation and catering services for the first seven months of 2025 was estimated at VND 481.9 trillion, accounting for 12.1% of the total and reflecting a 15.0% increase from the previous year. Several localities witnessed significant increases during this period, including Ho Chi Minh City (19.7%), Da Nang (18.6%), Can Tho (14.8%), Hanoi (12.0%), and Hai Phong (11.0%).
Revenue from other services for the first seven months of 2025 was estimated at VND 409.1 trillion, accounting for 10.2% of the total and representing a 12.4% increase from the previous year. Some localities with notable revenue increases include Binh Dinh (18.8%), Ho Chi Minh City (13.4%), Bac Ninh (13.0%), Can Tho (12.8%), Lam Dong (11.4%), Kien Giang (10.3%), and Hanoi (8.5%).
Experts attribute the 9.3% growth in total retail sales of goods and service consumption in the first seven months compared to the previous year to the resilience of Vietnam’s economy, especially given the challenges faced by the global economy.
However, this also indicates a shift in consumer behavior towards more cautious spending on goods. Additionally, there is a noticeable trend towards prioritizing quality over quantity, particularly after intensified efforts to combat smuggling, commercial fraud, and the production and sale of counterfeit goods.
While consumers may be more restrained in their goods purchases, they are increasingly spending on services, especially during holidays and festive seasons, when travel and tourism become attractive options.
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“The commercial and tourism sectors continued their positive growth trajectory, with an estimated 9.2% year-on-year increase in the total retail sales of goods and consumer services in July. For the first seven months of 2025, the total retail sales of goods and consumer services rose by 9.3% compared to the same period last year. This growth was driven by a 15.0% increase in revenue from accommodation and food services, along with a significant 20.0% surge in tourism travel revenue.”
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