Purchasing power sees slight decline

People shop for clothes at a recent trade fair in Ha Noi. Total retail sales value nationwide reached VND1.7 trillion (US$81.6 billion) in the first nine months of the year, up 17.3 per cent from the same period last year. — VNA/VNS Photo Tran Viet

HA NOI (VNS)— The purchasing power of Vietnamese residents has slightly reduced according to the General Statistics Office (GSO), following a month-on-month decrease of 0.1 per cent of the total retail sales value of goods and services.

In the first nine months of this year, the total sales value reached VND1.7 trillion (US$81.6 billion), up 17.3 per cent over the same period last year.

The turnover of industrial goods in 2012 was VND1.3 trillion ($63 billion), accounting for 77 per cent of the total. This is a year-on year rise of 16.5 per cent.

The revenue from hotels and restaurants rose 19 per cent from last year, making up 12 per cent of this year's figure.

Sales from other services totalled 10 per cent of the value, representing a high growth rate of 40 per cent.

Vu Manh Ha, an economist from the GSO said that a 2.2 per cent surge of the consumer price index (CPI) this month - the highest it has been so far this year - was a factor behind the decrease in purchasing power.

Notably, prices of healthcare services rose by 23 per cent while education and training climbed 17 per cent, Ha said.

He added that purchasing power is expected to increase again in the last months of the year providing there are no financial and monetary fluctuations affecting the CPI.

He said CPI was expected to remain stable in single digits for the whole year. — VNS