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Retail sales up 26% in first eight months
Retail sales reached an estimated VND1 trillion (US$51.3 million) during the first eight months of the year, an increase of more than 26 per cent compared to the same period last year, according to the General Statistics Office (GSO).
A GSO report showed that tourism services saw the highest increase during the first eight months, climbing 35.4 per cent to VND90.4 billion ($4.6 million), while sales in goods and services rose 27.3 per cent to VND797.8 billion ($40.9 million).
Increasing foreign tourists arrivals during the period contributed strongly to these growth figures, said officials at the GSO's trade department.
The Viet Nam Retail Analysis for the 2008-12 period, carried out by global market research and information analysis company RNCOS, said the country was fast emerging as a preferred tourism destination, with an estimated compound annual growth rate of about 8 per cent during the 2008-12 period.
And tourist arrivals would help keep the country's retail sector busy, the report said.
In the first eight months, foreign retailers achieved a turnover of VND29.7 billion by selling goods and services in domestic markets, representing a year-on-year increase of 49.2 per cent.
The State-run sector, meanwhile, posted a revenue of VND103.9 billion ($5.3 million) from retail sales in the same period, while the private sector gained a turnover of VND345.9 billion ($17.7 million).
Analysts from the US-based Research and Market Company said the rapid growth in Viet Nam's retail market meant it remained an attractive destination for retail investment due to its strong GDP growth, changes in the country's regulatory structure favouring foreign investors, and increasing consumer demand for modern retail concepts.
"We expect that despite the 2008 financial turmoil, the retail industry turnover in Viet Nam will continue growing. Government support and favourable consumer confidence will result in positive outlook for retailers in Viet Nam," said the firm.
"Traditional retail channels will continue to dominate the market, but a Government decision to allow 100 per cent entry to foreign retailers under WTO commitments will mean that continued high growth is unrealistic," they said, forecasting that the country's retail industry would surpass $85 billion in revenues by 2012.
"We also expect a short wave of consolidation during the next four years as foreign retailers will try to consolidate their position and deepen their market penetration."
The GSO officials added that the upcoming holidays and growing consumption power would continue to fuel stronger retail sales towards the end of the year.
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