HCMC – Total retail sales of goods and services in the first five months of the year posted the highest growth in eight years, according to the General Statistics Office.

A GSO report said that in May, total retail sales of goods and services amounted to VND519 trillion, up 1.5% from the previous month and 11.5% over the year-ago period. In the first five months of the year, the figure totaled VND2.53 quadrillion, up 12.6% year-on-year.

Specifically, January-May retail sales of consumer goods reached nearly VND2 quadrillion, a 10.7% year-on-year increase. Higher growth rates were seen in sectors such as food and foodstuff at 14.6%, and garments at 11.1%, while household equipment and tools grew at a slower pace, at 4.8%, means of transport (except for automobiles) at 4.2% and cultural and educational products at 1.9%.

Some provinces posted double-digit growth in consumer goods retail sales, including Bac Ninh at 19.6%, Binh Dinh at 14.8%, Binh Duong at 13.8%, Thanh Hoa at 12.1% and Hai Phong at 10.6% compared to the same period of last year.

Revenues from accommodation and catering services were estimated at VND268.3 trillion, up 22.1% year-on-year. Danang, Can Tho, Dong Nai, HCMC, Quang Ninh, Hai Phong and Hanoi are localities with high revenue growth.

According to the Vietnam News Agency, Vietnam’s retail industry now has a market size of US$142 billion and is forecast to grow to US$350 billion by 2025.