HA NOI (VNS)— Total retail sales of goods and services in the first 11 months of the year jumped 16.4 per cent on last year to reach VND2,118 trillion (US$100.8 billion), according to the General Statistics Office (GSO).
However, with price increases excluded, the rise was in fact only 6.4 per cent, representing the lowest gains since May.
The 16.4 per cent rise is also indicative of sluggish growth, as the total retail sales in previous years would routinely see rises of 20-22 per cent.
GSO expert Vu Manh Ha attributed the slowdown to decreasing demand in the wake of the global financial crisis. Many local consumers have tightened their belts to deal with the lower incomes brought about by reductions both in domestic production and exports.
The Ministry of Industry and Trade predicts the market will see complicated developments in the final months, with shrinking consumption a likely symptom. Therefore, the total retail sales growth for 2012 is estimated to close at 18-19 per cent.
In 2011, the total retail sales of goods and services reached VND2,004 trillion ($95.43 billion), up 24.2 per cent against 2010, or 4.7 per cent exclusive of price hikes. Meanwhile, in 2010, the total retail sales rose 24.5 per cent over the previous year, or 14 per cent with price increases excluded. — VNS