|A number of industries, such as cultural and educational products (up by 33.2 per cent) and transport means (up by 27.9 per cent), saw a high rise in retail sales value this year. — VNA/VNS Photo Quang Quyet
HA NOI (VNS) — Viet Nam's total value of retail sales for goods and services in 2014 increased approximately by 10.6 per cent when compared to last year, according to the General Statistics Office (GSO).
Currently, this value is VND2,945.2 trillion (US$138.372 billion). If the inflation is excluded, then the value rose by 6.3 per cent, higher than the 5.5 per cent rate recorded last year.
The GSO said that the low consumer price index this year indicated cheaper prices for several essential products and intensified retail promotional programmes of the supermarkets. These factors encouraged consumption.
In addition, the rising shopping demand during the year-end months and approaching the Tet (Lunar New Year) holiday also led to an increase in people's purchasing power.
The office also revealed that the value reached VND273.3 trillion ($12.83 billion), which is up by 2.6 per cent month-on-month and up 8.6 per cent year-on-year increase in December alone.
Tourism accounted for VND381.8 trillion ($17.924 billion), which is up by eight per cent against 2013 data, in this year's total retail sales value.
A number of industries, such as cultural and educational products (up by 33.2 per cent) and transport means (up by 27.9 per cent), saw a high rise in retail sales value this year.
The GSO also reported that the retail sales value of the goods and services of foreign invested firms in the year surged by 16.9 per cent and reached VND97.8 trillion ($4.591 billion). Private firms saw a rise of 10.5 per cent with VND2,547.7 trillion ($119.61 billion), while the state-owned firms experienced a 9.6 per cent increase with VND299.7 trillion ($14.07 billion).
However, experts revealed that this year's increase in purchasing power remains below expectations as the rate only reached half the value attained in 2010.
They explained that the supply exceeded the demand, but incomes have not improved much. In addition, businesses still faced numerous difficulties. —VNS