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VietNamNews

Purchasing power shows recovery

Update: June, 02/2012 - 08:42

 

Customers shop at Nguyen Dinh Chieu Supermarket in HCM City. Purchasing power saw an increase of $45.34 billion in the first five months of this year. — VNA/VNS Photo Thanh Vu
HA NOI — Residents' purchasing power tends to rise slightly and is reflected in a month-on-month increase of 0.6 per cent of the total retail sales value of goods and services, according to the General Statistics Office (GSO).

In the first five months of this year, the total value reached VND952.16 trillion (US$45.34 billion), up 20.8 per cent from the same period last year.

Of which, the increase mainly stemmed from the higher turnover of industrial goods, a VND732.66 trillion ($34.88 billion), a year-on-year rise of 19.5 per cent, as it accounted for 77 per cent out of the total retail sales value of goods and services.

Next, the revenue from hotels and restaurants rose 18.6 per cent to VND108.12 trillion ($5.14 billion). Value from other services hit VND101.91 trillion ($4.85 billion), representing a high growth at 34.2 per cent.

Vu Manh Ha, an economist from the GSO, attributed the increase of the total retail sales value of goods and services to the fact that the consumer price index (CPI) had been curbed to maintain a slow growth at 0.05 per cent in April and 0.18 per cent in May.

This helped raise the goods consumption by 3.5 per cent in May. Of which, sugarcane consumption increased strongly by 44 per cent; processing vegetables and fruits up 36.1 per cent; milk and butter up 23.6 per cent; bricks up 20.8 per cent; motor vehicles up 34.6 per cent.

Thus, this has assisted in maintaining a decreased rate at 29.4 per cent of the manufacturing goods inventories in May in comparison with the strong reduction at 32.1 per cent in April and 34 per cent in March.

"The rising rate of the total retail sales value of goods and services is still low, only equal to a half of the increasing of past time and thus we hope that the State will issue policies and methods to ignite consumption," he said. — VNS

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