HCMC’s retail market enjoys growth in January

Ho Chi Minh City (HCMC) recorded a year-on-year rise of 5.7 percent in total retail sales of goods and consumer service revenue in January, according to its Department of Industry and Trade.
HCMC’s retail market enjoys growth in January ảnh 1

Consumers shop at a supermarket. (Photo: SGGP)

Retail sales approximated VND56.89 trillion (US$2.4 billion), accounting for 62.8 percent of the total and increasing 4.6 percent month on month.

The three groups of commodities posting the highest year-on-year revenue growth comprised grain food 12.3 percent, foodstuff 12.4 percent, and automobiles and other vehicles 12.9 percent, data showed.

Consumption demand surged as January saw the year-end shopping season and the Lunar New Year (Tet) holiday, the department said.

It added trading and service activities in the country's largest metropolis have guaranteed supply and demand around the longest annual holiday.

Nguyen Nguyen Phuong, Deputy Director of the Industry and Trade Department, cited estimations by local distributors and retailers that the consumption demand on the Tet occasion grew by some 5 percent from a year earlier. In particular, the purchasing power via modern distribution channels rose about 10 - 15 percent.

Most distribution networks actively increased supplies to meet consumption demand during Tet, he went on, noting that the market is forecast to stay stable in the coming time, and retailers, producers, and trading establishments are continuing to stimulate shopping demand.