HANOI, Aug 21 —The Vietnamese retail sector is expected to maintain growth of between eight and nine per cent in 2023 despite difficulties, Xinhua reported quoting local newspaper Vietnam News’ report on Monday.
The main goal set for this year is to promote the strong development of the domestic market, the newspaper cited Tran Duy Dong, head of the Domestic Market Department under the Ministry of Industry and Trade.
The retail market competition in Vietnam has become more intense with the participation of new retailers and operation expansion of existing local and international retailers.
Meanwhile, consumers are more cautious in their spending habits, the newspaper reported, citing a survey by the auditing firm PwC Vietnam.
Prices of some goods items have increased in the past few months, especially essential ones such as sugar, cooking oil, instant noodles, and eggs. It is triggered by the increase in prices of electricity, water, and textbooks, as well as tuition fees, airline fares, and the cost of seasonal tourism, the newspaper reported.
Vu Vinh Phu, a retail expert warned that the price rise would inhibit the increase in domestic purchasing power.
In that context, the retailers in Vietnam have cut costs in the supply chain, thereby reducing the prices of the goods as part of the efforts to stimulate consumption.
Vietnam's total goods retail sales and consumer service revenues increased by 10.4 per cent year-on-year in the first seven months of this year to more than 3.5 quadrillion Vietnamese dong (US$148.3 billion), the General Statistics Office noted.
Specifically, Vietnam's goods retail sales stood at nearly 2.8 quadrillion Vietnamese dong (US$116.7 billion), up nine per cent, with the sales of food and foodstuff growing by 12.9 per cent and those of culture and education rising by 10.1 per cent, according to the office.
— Bernama-Xinhua
