Vietnam retail sales rises 6.5% in first 4 months

Fitch Solutions noted the country already steered clear of the low base effects.

Vietnam’s retail sales increased 6.5% in the first four months of the year, compared to the same period last year. 

The General Statistics Office attributed this to its reopening to tourists as well as its preparations for the 31st Southeast Asian Games. 

Total retail sales of consumer goods and services in April climbed by 3.1% month-on-month over the previous month and by 12.1% over the same period in 2021.

Of the total retail sales, accommodation, catering, and travel services recovered strongly with revenue increasing by 14.8% and 49.4%, respectively.

In a report, Fitch Solutions noted the retail sales recorded between January and April 2022 showed that Vietnam’s retail sales growth remains clear of the low-base effects, which implies it is posting real growth.

“We believe as Vietnam continues its roadmap towards fully reopening international tourism and the momentum of economic activity picks ups, this trend will continue, supporting the wider recovery in household spending,” the report read in part.