Monday, November 19 2018

VietNamNews

Purchasing power rises quickly

Update: November, 01/2018 - 18:00
The second consumption season of the year started in the third quarter with high demand on essential goods and services for weddings and the new school year and garments for the changing weather. — Photo daiphatvienthong.vn
Viet Nam News

HÀ NỘI — The people’s purchasing power soared 9.31 per cent in the first 10 months of this year according to the General Statistics Office (GSO).

Once inflation is excluded, this increase still represents the highest rate of purchasing power growth seen in the first 10 months of any year.

GSO expert Vũ Mạnh Hà said the second consumption season of the year started in the third quarter with high demand on essential goods and services for weddings and the new school year and garments for the changing weather.

In addition, the market had higher demand for upgrading houses and apartments to prepare for the New Year and lunar New Year.

The high purchasing power contributed to the petrol price rising by 3.45 per cent, pushing up prices of goods and transport related to petrol products, Hà said.

Việt Nam’s total revenue from retail sales and services grew as consumers paid more, reaching VNĐ3.6 quadrillion (US$154.51 billion), a year-on-year increase of 11.4 per cent, according to the GSO.

The increase accounting for inflation was 9.31 per cent, higher than the 8.79 per cent growth seen in the first 10 months of 2017.

October revenue was estimated at VNĐ378.6 trillion, up 1.3 per cent over September and up 12.4 per cent from last October. This number includes VNĐ286.9 trillion from retail sales.

Revenue from retail sales reached VNĐ2.72 quadrillion for the first 10 months of the year, accounting for 75.3 per cent of the total and rising 12.2 per cent over the same period last year.

Purchasing power for food rose the most at 13.3 per cent followed by garments (up 12.6 per cent), home appliances (12 per cent), cultural and educational products (11.6 per cent) and vehicles (11.6 per cent).

Revenue from accommodation and catering services reached VNĐ440.1 trillion, up 8.3 per cent from last year. Tourism revenue was up 15.6 per cent to VNĐ33.5 trillion, and other services hit VNĐ420 trillion, up 9.3 per cent.

So far this year, cities and provinces including HCM City, Hải Phòng, Thanh Hóa and Đà Nẵng have seen their purchasing power rise 12 per cent. — VNS

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