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Retail value rises in first half of year
Retail sales nationwide totalled VND547 billion (US$30.7 million) in the first half of the year, up 20 per cent from the corresponding period of last year, according to the Ministry of Industry and Trade.
The growth was remarkable during a period in which industrial production, exports and overall economic growth declined, according to the ministry.
The economic downturn chilled consumer spending during the first two months of the year, but retail sales began to rise in March as the Government stimulus package kicked in. Retail value has also been boosted by a number of sales promotions, according to the ministry.
Experts from the ministry’s Department of Domestic Market Control predicted that consumer spending would continue to rise between now and the end of the year, but that inflation would also begin to heat up.
A rise in the prices of goods would be driven in part by a rise in crude oil prices, expected to reach $85 a barrel by December.
The department’s experts also noted that milk prices were continuing to rise without explanation, and they predicted an increase of 6-8 per cent by the end of the third quarter.
vietnamnews
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