Hanoi (VNA) – The national retail value of goods and services in the first two months of this year experienced🎐 the same growth rate asꦇ last year.
However, the strong surge experienced in several previous years was absent, the General Statistics Office (GSO) said.
The office said the total retail value of goods and services in the first two months gained a year-on-year surge of 9.7 percent to reach 587 trillion VND (26.6 billion USD). That is not a high growth rate as usual because of the high demand during the Tet festival in February.
Vu Manh Ha, a GSO expert, said the retail value of goods and services in the first two months of every year saw strong growth year-on-year because of a high demand for goods and services during Tet. The growth rate was about 27 percent in 2010, 23 percent in 2011, 22 percent in 2012, and 12.6 percent in 2013, as well as 11 percent in 2014.
This year, the low growth of purchasing power for goods and services in the local market in the first two months was due to high supply and diversification of goods, Ha said. Therefore, the prices of goods and services rose slightly before and after the Tet festival, leading the national consumer price index (CPI) in the first two months to rise by 0.42 percent year-on-year.
That was a positive result of the State's policies on the operation and management of markets for stabilising prices and the market, Ha said.
Some goods achieved strong growth in terms of purchasing power, with food and rice rising by 12.5 percent, garment by 10.6 percent and home appliances by 10.4 percent.
Some provinces and cities saw a great increase in purchasing power with regard to goods and services, with Hanoi's rising by 12.5 percent, Binh Duong's by 26.9 percent, Thanh Hoa's by 22.2 percent and Hai Phong's by 15.7 percent.-VNA
The Vietnamese retail market has seen some mergers and acquisitions (M&A) between foreign and Vietnamese enterprises, thanks to the huge development potential of the retail sector.
Domestic enterprises in the retail industry should strengthen their connections to take better advantages of resources and increase their competitiveness over foreign investors.
State and local rice firms should pay attention to developing domestic rice markets, as they have a great potential in the overall selling of rice, said experts.
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Consumers shop at a supermarket (Photo: VNA)
