The domestic market is a

[9/6/2023]
Total retail sales of consumer goods and services in the first 5 months of 2023 reached the highest increase compared to the same period in years from 2015 and up 28.3% compared to the first 5 months of 2019 - the previous year. During the Covid-19 pandemic…
Total retail sales of consumer goods and services in the first 5 months of the year 2019-2023 - Source: General Statistics Office

According to a report of the General Statistics Office, the total import and export turnover of goods in May 2023 was estimated at 55.86 billion USD, up 5.3% compared to the previous month.

 

However, if compared to the same period last year, this figure still decreased by 12.3%. Even, in 5 months, the decrease was down to -14.7%, only estimated at 262.54 billion USD. The main reason is still due to the difficult global economy and weak international market demand.

 

Generally, in the first 5 months of 2023, export turnover of goods was estimated at 136.17 billion USD, down 11.6% over the same period last year. In which, the domestic economic sector reached 35.19 billion USD, down 13.2%, accounting for 25.8% of total export turnover; the foreign-invested sector (including crude oil) reached 100.98 billion USD, down 11.1%, accounting for 74.2%.

 

In the context that the export market is facing difficulties, returning to exploit the domestic market is a solution to help Vietnamese businesses consume goods without depending on exports.

 

In fact, the potential of the domestic market is very large with a population of nearly 100 million people, the average income is constantly improving, leading to a rapid increase in consumption power.

 

Total retail sales of consumer goods and services in May 2023 was estimated at VND 519 trillion, up 1.5% over the previous month and up 11.5% over the same period last year. According to the General Statistics Office, the growth rate of this industry is partly due to a series of public holidays in early May, so people's demand for consumption, dining and entertainment increased higher than last month.

 

“Total retail sales of consumer goods and services in the first five months of 2023 achieved the highest growth rate over the same period of years from 2015 onwards and increased by 28.3% compared to the first five months of 2019 - the same period last year. before the outbreak of COVID-19,” said the General Statistics Office.

Growth rate of total retail sales of consumer goods and services at current and comparative prices in the first 5 months of the year - Source: General Statistics Office

 

In the first 5 months of 2023, the total retail sales of consumer goods and services is estimated at 2,527 trillion VND, up 12.6% over the same period last year (up 9.3% in the same period in 2022). , if excluding the price factor, it increased by 8.3% (in the same period in 2022, it increased by 6%).

 

Specifically, the retail sales of goods in 5 months was estimated at VND 1,993 trillion, up 10.7% over the same period last year (excluding the price factor, increasing by 6.9%). In which, food and food products increased by 14.6%; garment increased by 11.1%; household appliances, tools and equipment increased by 4.8%; means of transport (except for cars) increased by 4.2%; Cultural and educational products increased by 1.9%.

 

Retail sales of goods in some localities had a high increase compared to the same period last year such as: Bac Ninh increased by 19.6%; Binh Dinh increased by 14.8%; Binh Duong increased by 13.8%; Thanh Hoa increased 12.1%; Hai Phong increased by 10.6%; Quang Ninh increased by 9.9%; Can Tho increased by 9.8%; Dong Nai increased by 8.7%; Hanoi increased by 7.9%; Da Nang increased by 6.2%;...

 

Besides, tourism revenue in the first 5 months of the year was estimated at 11.6 trillion VND, up 89.4% over the same period last year, some localities had good growth compared to the same period last year. such as: Da Nang 3.5 times higher; Hai Phong is 3.2 times higher; Hanoi is 3 times higher; Binh Thuan increased by 75.2%; Khanh Hoa increased by 71.5%; ...

 

Accordingly, revenue of accommodation and food services in 5 months was estimated at 268.3 trillion VND, up 22.1% over the same period last year. Revenue of some localities had high growth such as: Da Nang increased by 40.3%; Can Tho increased by 27.2%; Dong Nai increased by 23.6%; HCMC increased by 23.4%; Quang Ninh increased by 21.8%; Hai Phong increased by 14.4%; Hanoi increased by 11.9% over the same period last year.

 

Explaining the growth rate of the retail sales of consumer goods and services, the General Statistics Office said that the total retail sales of consumer goods and services at current prices in the first five months of the year compared to The same period last year reached 12.6%, which is a good increase, but because the deflation index increased by 3.9%, the growth rate at constant prices was only 8.3%, equal to the growth rate of 2018.

 

Although this is an increase equivalent to the average increase of the 5 years before the epidemic (2015-2019), but on the low growth background of the 3 years (2020-2022) affected by the Covid 19 epidemic.

 

Besides, consumers tend to spend on essential goods and limit on other groups of goods and services. In the first 5 months of the year, revenue from consumer services (including accommodation, food, travel and other services) in 2019 accounted for 23.7%, and by 2023 only accounts for 21.1% (decreased by 2.3%). 6 percentage points).

 

In which, accommodation and catering services have decreased by 1.5 percentage points, from 12.1% in 2019 to 10.6% in 2023; other services decreased by 0.8 percentage points, from 10.8% to 10.0%. The proportion of total retail sales of consumer goods and services reflects the tendency of people to increase spending on essential goods and reduce spending on social services, the General Statistics Office added. .

 

In addition, according to the General Statistics Office, the number of international visitors to Vietnam in the first 5 months of 2023 is 12.6 times higher than the same period last year; the number of domestic tourists also increased by 3.9% over the same period in 2022. This is a positive contributor to the 12.6% increase in total retail sales of consumer goods and services.

 

 

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