HCM City (VNS/VNA) – The retail market of the southern largest economic hub of Ho ChiMinh City grew by 11.9 percent to 759.7 trillion VND (32.84 billion USD).

Considering theimpacts of the pandemic, the growth was surprising, said Huynh Van Hung, headof the municipal Statistics Office.

Data from a number oflarge retailers showed that the market began to bustle again in the second halfof 2020 after an initial slump.

It was partly due totrade promotion activities undertaken toward the end of the year and a recoveryin consumer demand due to the Government’s efficient containment of thedisease.

Mobile World JSC, forinstance, reported double-digit growth in both revenues and profits in thefirst 11 months.

Phu Nhuan JewelryJoint Stock Company reported 21.7 percent growth in sales.

The food and beveragessector reported a 15.9 percent rise in earnings before interest and tax.

The pandemic caused aboom in e-commerce as shopping behaviours changed.

According to severalmarket research companies, retail chains have to restructure sincebrick-and-mortar stores face shrinking profit margins because of fewercustomers and soaring costs.

This year the marketgrew by 6.8 percent last year to 172.8 billion USD despite the debilitatingeconomic effect of the COVID-19 outbreak, according to the General StatisticsOffice. Until 2019, Vietnam's retail market always grew in double digits./.