Vietnam’s retail sales jump to $74bln in first 7 months
Vietnam’s retail sales rose 10 percent to around $74 billion in the first seven months of this year, latest data from the General Statistics Office (GSO) showed, of which sales of foods and foodstuffs witnessed the strongest growth, followed by clothing and footwear, and household appliances.
Like other emerging markets, essential goods are top of most Vietnamese consumers' shopping lists, accounting for more than half of their monthly budgets, according to a report released last month by BMI Research, a part of Fitch Group.
In 2016, retail sales registered robust growth at near double-digit rates, and this growth momentum is forecast to be maintained over 2017, according to the BMI report.
Vietnam’s retail sales growth will continue to experience strong and stable growth, underpinned by robust household spending, which is expected to grow by 11.8 percent over 2017
A combination of rapidly growing per capita income in Vietnam and the relaxing of regulations have helped bolster the sector.
The country is emerging as an important market for retail expansion, the report added.
Some global heavyweights are expected to also enter the scene in the near future, and Japanese giant 7-Eleven has already made its debut here recently.
Vietnam’s trade ministry has projected the market's value will hit $179 billion by 2020, a jump of 52 percent from last year.
The sector has a lot of room to grow in Vietnam, where more than half of a population of nearly 92 million are young and the annual average income is expected to increase rapidly, the ministry said.
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