July’s retail sale of goods, services surges

In the first seven months of 2022, the total retail sale is estimated at VND3.2 quadrillion, up 16 percent compared to the same period last year.

The revenue from retail sale of commodities in the period is estimated at VND2.55 quadrillion, up 13.7 percent year-on-year.

Meanwhile, the revenue from accommodation and catering services is VND324.9 trillion, up 37.5 percent year-on-year, thanks to an increasing demand for travel after a two-year hiatus due to the Covid-19 pandemic. Notably, the revenue in July enjoyed a year-on-year surge of 134.7 percent.

Travel and tourism activities also produced an estimated revenue of VND11.9 trillion, a 2.7-fold rise against the same period last year.

The sale of other services during Jan-Jul is estimated at VND312.6 trillion, up 13.9 percent year-on-year.

To promote consumption in the coming time, the GSO proposes the Ministry of Industry and Trade closely monitor the fluctuations of the world and domestic economies, proactively consult appropriate response solutions, and coordinate with ministries and sectors to guide enterprises to make more use of signed free trade agreements (FTAs), especially the Regional Comprehensive Economic Partnership (RCEP).