Hanoi (VNS/VNA) - Vietnam’s total revenues for retail trade andservices reached an estimated 3.21 quadrillion VND (137.4 billion USD) in thefirst eight months of 2019, up 11.5 percent year on year, the GeneralStatistics Office (GSO) has announced.

This positive growth proved the rising demand of local people, GSOstatisticians have said, adding that if the price factor was excluded,purchasing power in the first seven months increased by 9.03 percent, higherthan the 8.9 percent recorded in the same period of last year.

Retail sales of goods during the period were estimated at 2.44 quadrillion VND (104.9billion USD), surging 12.5 percent year on year or accounting for 76 percent ofthe total revenue.

Among all sectors, purchases of educational and cultural products grew by 14 percentyear on year, followed by food and foodstuff (13.6 percent), home appliances(11 percent) and textiles and apparel (10.5 percent) and transportation (8.5 percent).

The localities with the highest purchasing power growth rates included QuangNinh (20 percent); Binh Duong (18 percent); Thanh Hoa (15 percent); Hai Phong(14.7 percent) beside to Nghe An and Binh Dinh (14 percent) and Da Nang (13.5 percent).Meanwhile, two economic hubs of Ho Chi Minh City and Hanoi lagged behind withrespective growths of 13.3 percent and 13 percent.

According to GSO, revenue from accommodation and catering services rose 10 percentyear-on-year to nearly 386 trillion VND (16.56 billion USD), making up 12 percentof the total revenue.

During the same period, travel service revenues totalled 29.7 trillion VND (morethan 1.27 billion USD), with Binh Dinh province witnessing the largest increaseat 19 percent, followed by Thanh Hoa and Khanh Hoa at 15 percent and 14.5 percentrespectively and HCM City at 13 percent.

Revenues of other services were estimated at 355 trillion VND (15.27 billionUSD), 7 percent higher than the same period last year.

According to the Vietnam Institute for Trade Research, the goods retail marketis seeing an increase at mini marts and convenience stores.

The institute forecast that convenience stores would see double-digit growth inthe next three years and reach 37.4 percent growth in 2021.

Under the domestic trade development strategy, total sales of goods andservices would grow by 13 percent each year through 2020 and by 14 percent peryear in the 2021-25 period.

The Foreign Investment Agency’s statistics showed the wholesale and retailsector ranked third in attracting foreign direct investment in January-Augustperiod with total registered capital of 1.2 billion USD, accounting for 5.2 percentof the country’s total FDI. - VNS/VNA