This increase showed that consumer demand remains stable, said the National Statistics Office.

The total retail sales of goods and consumer service revenue were estimated at VND5.7 quadrillion for the first 10 months of the year, up 9.3% compared to the same period last year, higher than the 8.8% growth last year.

Excluding price factors, the growth was 7%, indicating that people’s real purchasing power continues to improve.

Of this, retail sales of goods reached VND4.4 quadrillion, accounting for 76.2% of the total and rising by 8% compared to the same period last year.

Key product groups all experienced stable growth, including food and beverages up 10%, clothing up 8.6%, household goods and equipment up 7.1%, and cultural and educational items up 6.9%.

Regionally, retail activities continued to thrive in major economic centres.

Da Nang grew by 9.4%, Can Tho by 8.7%, while Ho Chi Minh City and Hai Phong both increased by 8.3% and Hanoi by 8%.

This even growth reflects the effectiveness of demand stimulation programmes, promotions, and efforts to boost domestic consumption during the year-end period.

With the current recovery momentum, the trade and services sector is expected to continue being a bright spot in Q4, driving GDP growth and ensuring a balance between domestic consumption and exports amid ongoing global economic fluctuations.

Retail sales of goods, services record positive growth

Trade and tourism activities continued to show positive growth in July, with total retail sales of goods and consumer service revenue estimated at VND576.4 trillion (US$21.98 billion), up 1.1% month-on-month and 9.2% year-on-year, according to the National Statistics Office under the Ministry of Finance.