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Total retail sales of consumer goods, services in eight months rise 13.9 percent

by SGG06 September 2022 Last updated at 09:39 AM

The total retail sales of consumer goods and services in the first eight months of 2022 have a larger scale and higher growth rate than the same period in recent years and are much higher than the period before the pandemic.

According to the Ministry of Industry and Trade (MoIT), generally, the total retail sales of consumer goods and services in the first eight months of 2022 have a larger scale and higher growth rate than the same period in recent years and are much higher than the period before the pandemic.

The report on the situation for the eight months of 2022, released by the MoIT on the morning of September 5, said that in August, the domestic commodity market was vibrant due to the preparation for the new school year and the Mid-Autumn Festival.

The supply of goods, especially essential goods, was always ensured, and prices did not change much. Prices of some agricultural products and food products tended to decrease slightly but remained at a high level, such as poultry eggs and chicken meat.

Pork prices alone, after decreasing at the beginning of the month, tended to rebound at the end of the month.

Prices of fuel and energy commodities moved in tandem with world prices. Meanwhile, other commodity groups were relatively stable.

Total retail sales of consumer goods and services in August 2022 were estimated at VND481.2 trillion, although it only inched up by 0.6 percent compared to the previous month, but surged by 50.2 percent over the same period last year, achieving a larger scale and higher growth rate than the same period in the years before the Covid-19 pandemic.

According to the MoIT, generally, the total retail sales of consumer goods and services in the first eight months of 2022 have a larger scale and higher growth rate than the same period in recent years and are much higher than the period before the pandemic.

Specifically, the total retail sales of consumer goods and services in the first eight months of 2022 rose by 13.9 percent compared to the first eight months of 2019 - the year before the Covid-19 pandemic.

“Petrol prices continuously declined in the last two months, partly positively affecting commodity prices in general, stimulating consumption. In addition, increased employment and income, the reopening of the tourism market, and recovered consumption of non-essential goods have contributed to the increase in total retail sales of goods and services,” the report states.

However, besides the advantages, the MoIT said that there are still potential factors in the domestic context that adversely affect growth in production and trade.

Specifically, a rising dollar will adversely influence imports because Vietnam now imports many raw materials for production to serve export. The supply chain remains at risk of disruption, especially the supply of raw materials.

Although prices of many goods and services are reduced, they are still at a high level. Exporting enterprises face many difficulties, and some industries have been facing the risk of decreasing orders due to cumbersome administrative procedures. Slow value-added tax refund affects capital turnover. Labor competition among industries tends to increase.

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