The rise – it was 9.8 percent growth in 2015 – reflects an improvement in both domestic consumption capacity and the lives of people, said Nguyen Bich Lam, head of GSO.

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(Photo for illustration) 
According to GSO, the retail sales of goods, which account for 76 percent of total sales, reached USD 118.9 billion, up 10.2 percent from last year. 

The revenue in some sectors saw a handsome increase. Food and foodstuff products, for instance, surged 13 percent year-on-year, household appliances rose 12 percent, garments and textiles went up 11 percent and transport services increased by 6 percent. However, the sales of educational and cultural products barely grew at 2 percent. 

The retail sales of accommodation, restaurant and catering services reached approximately USD 18.4 billion, which accounts for 12 percent of the total revenue, posting an 11 percent year-on-year rise. This is mainly thanks to effective tourism policies that led to a significant increase in the number of tourists in later months of 2016. 

Localities that posted high accommodation, restaurant and catering retail sales include the southern provinces of Binh Duong and Binh Thuan at 18 percent and 17 percent, respectively; the northern city of Hai Phong (16 percent), the capital (14 percent) and Ho Chi Minh City (9 percent). 

Last year, revenue from tourism services also saw a rise of 12 percent to USD 1.51 billion, with some regions recording strong growth, such as the northern Quang Ninh province (14 percent), the southern province of Ba Ria-Vung Tau (14 percent) and Hanoi and Ho Chi Minh City at 11 percent each. 

The sales of other services in 2016 reached an estimated USD 18 billion, making up 11.4 percent of total revenue and surging 9.3 percent compared to a year ago. 

The Association of Vietnam Retailers has forecast that Vietnam’s retail turnover would likely rise to USD 179 billion by 2020.

Source: VNA