Vietnam's Q1 2023 retail sales soar 14% YoY to over $64 bn

Compared to Q1 2019, before the COVID-19 pandemic, the retail sales revenue in the first three months of this year increased by 26.7 per cent. Retail sales revenue in the first quarter of this year increased by 10.3 per cent, excluding the price factor. In comparison, the sales revenue in the same period last year rose by only 2 per cent, according to data from Vietnam’s General Statistics Office (GSO).

Among the provinces and cities that witnessed an increase in retail sales in Q1 were Da Nang at 17.6 per cent, Hai Phong at 14 per cent, Quang Ninh at 12.5 per cent, Ha Noi at 12 per cent, Binh Duong at 11 per cent, Long An, and HCM City at 9 per cent.

The ministry of industry and trade (MoIT) has taken measures to effectively exploit the domestic market with a population of nearly 100 million to achieve a target of an 8-9 per cent rise in retail sales of goods, the ministry said as per local media reports.

The MoIT has enhanced connectivity and ensured a balance between the supply and demand of essential goods, contributing to keeping inflation under 4.5 per cent. The ministry plans to speed up the amendment and completion of many legal documents on domestic market development. It will also hasten the application of a strategy for developing domestic trade until 2030, with a vision for 2045, and also related programmes including a project on developing the domestic market related to the ‘Vietnamese people prioritise Vietnamese goods’ campaign during 2021-25.

The MoIT will integrate domestic trade promotion activities with consumer stimulus programmes, with priority given to developing modern commercial and digital platforms. Non-cash payment methods and e-commerce will be endorsed by the ministry with an emphasis on using digital technology to trace goods’ origin in commercial infrastructure systems, as well as formulating new retail methods to meet consumers’ requirements.

Fibre2Fashion News Desk (NB)