Total retail and service sector revenues in Vietnam increased 9.4% year-on-year to VND5,105 trillion ($207.86 billion) in January-October, while its consumer price index (CPI) went up 3.2%.
According to the latest General Statistics Office (GSO) report, the 9.4% growth in retail and service revenue was significantly lower than the 20.8% recorded in the same period of 2022, but higher than the negative 0.2% in 2020 and negative 5.1% in 2021, when the Covid-19 pandemic was at its peak. In pre-pandemic 2019, the growth was 12.3%.
Retail sales was the biggest revenue earner at VND3,989 trillion ($162.43 billion), up 8.3% year-on-year. The sectors with the highest revenue increases were culture-education with 13.6%, food-foodstuff with 11.2%, fashion with 7.7% and home appliances with 5.5%.
The northern province of Quang Ninh topped the growth chart for localities nationwide with 12%, followed by the southern province of Binh Duong with 10.2%, and the central province of Khanh Hoa with 9.9%. The figures for Hanoi and Ho Chi Minh City were 5.4% and 5.9%, respectively.
Accommodation and restaurant services posted Jan-Oct revenues of VND555.6 trillion ($22.62 billion), up 15% year-on-year; while tourism earned VND30.2 trillion ($1.23 billion), up 47.6%, indicating a robust recovery. Other activities recorded total revenues of VND530.7 trillion ($21.61 billion), up 10.4%.
Inflation indicator
Vietnam’s consumer price index (CPI), an indicator of inflation, increased 3.59% year-on-year in October, 3.2% versus December 2022, and 0.08% from a month ago. As a result, the Jan-Oct CPI grew 3.2% year-on-year, while core inflation was 4.38%.
The GSO noted that in the 10-month period, the CPI in the education sector went up 7.26%, housing and construction materials 6.74%; food and restaurants 3.54%; apparel-textile and footwear 2.27%; home appliances 2.22%; beverage and tobacco 3.42%; medicine and healthcare services 0.6%; culture, tourism, and entertainment 2.81%; and other goods and services 4.37%.
The only sector that saw prices decrease was telecommunication-postal services with 0.69% and transportation with 3.38%.
The GSO report said major factors affecting inflation were education establishments (preschools, schools, universities) raising their tuition fees, rising stationery prices and higher medicine costs due to hikes in seasonal diseases and lower fuel prices.