Retail

Vietnam's retail sales up 10.4% in 2023, but growth slows: GSO

01 Aug '23

1 min read

Pic: Shutterstock/Captain Yuki

Insights

In the first seven months of 2023, Vietnam's total retail sales of consumer goods and services surged 10.4 per cent YoY to VND 3.53 quadrillion.
This was a slowdown from 2022's 15.7 per cent increase.
Goods retail sales accounted for 78.7 per cent of the total, with a 9 per cent increase.
July saw a 1.1 per cent MoM and 7.1 per cent YoY increase in sales.

Vietnam’s total retail sales of consumer goods and services in the first seven months of 2023 surged 10.4 per cent year-on-year (YoY) to almost VND 3.53 quadrillion (around $149 billion), as per the General Statistics Office (GSO). Though an impressive rise, it represents a slowdown compared to the 15.7 per cent increase during the same period in 2022.

Excluding the price factor, the seven-month sales increased by 9.6 per cent, a modest reduction from the growth of 11.7 per cent during the same period last year.

Goods retail sales, which account for 78.7 per cent of the total, were estimated at nearly VND 2.78 quadrillion, a 9 per cent increase from the previous year. Breakdown reveals a rise in sales across various sectors including apparel at 8.8 per cent, GSO said.

July showed robust retailing and services, with retail sales and consumer service revenue reaching VND 512.2 trillion, up 1.1 per cent month-on-month (MoM) and 7.1 per cent YoY.

Fibre2Fashion News Desk (NB)

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