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Retail sales surge 9.5% in 11 months PDF Print
Tuesday, 06 December 2016 12:31

VIETRADE - Total revenue from retail trade and services in November totalled more than VND302.9 trillion (US$13.5 billion), up 2% over the previous month and 10.4% over November 2015, according to the General Statistics Office (GSO).

 

Retail sales of goods accounted for more than 76% of the total value, GSO noted.

 

An analyst from GSO Vu Manh Ha attributed the strong purchasing power in November to the fact that the shopping season for Tet (Lunar New year) holiday would fall in late January 2017, earlier than usual in late February.

 

Totally, the retail value in the 11 months saw a year-on-year rise of 9.5% to reach VND3.2 quadrillion. If inflation was excluded, the growth would be 7.6%, lower than the 8.3% recorded in the same period of 2015, due to the higher consumer price index (CPI).

 

During the reviewed period, purchasing power was strong in major cities such as Hanoi, HCM City and Vung Tau, with increasing rates of over 10%.

 

Earlier, GOS’s separate statistics revealed that CPI grew at 4.5% from January to November compared with only 0.58% in the last year’s corresponding period.

 

Time to grow up

According to experts, it was a right time for Vietnamese retail firms to grow up and adopt modern retail practices.

 

They should promote local production through distribution and compete with foreign rivals during the current merger and acquisition (M&A) boom, they have recommended.

 

Viet Nam News newspaper reported that the recent penetration of foreign retailers from Thailand, Japan and France, fuelled by Vietnam’s participation in a series of new-generation free trade deals, hastened the race for capturing market share in the Vietnamese retail sector, which was recognized as a lucrative potential with strong purchasing power from a 90 million population.

 

Meanwhile, Tiền Phong newspaper cited Director of the Ministry of Industry and Trade’s Department of Domestic Market Vo Van Quyen as saying that the opening of stores by foreign retailers was not alarming.

 

This would not only open up opportunity for local retailers to sharpen their competitiveness but also create the chance for consumers to buy high-quality products, Quyen said.

 

Additionally, Đinh Thi My Loan, chairwoman of the Việt Nam Association of Retailers, called on Vietnamese retailers to modernize their operation models and foster their co-operation so that they might begin operating by using modern retail techniques and trends, such as developing convenience stores and minimarts.

 

Loan also emphasized the importance for local retailers to join hands with producers in building supply chains for Vietnamese quality products, in an attempt to gain the trust of consumers and build their brand names, Loan said./.



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