Sign up | Log in



Home  >>   Daily News  >>   Vietnam News  >>Commodities  >> Consumption of goods, services up
NEW UPDATES Asean Affairs 30 July 2014  

Consumption of goods, services up

The General Statistics Office (GSO) yesterday reported that the total retail sale of goods and services in the first seven months achieved a year-on-year increase of 11.4 per cent to US$78.8 billion.

Excluding inflation, the growth was 6.15 per cent since early this year against the growth rate at 5.1 per cent in the first quarter, 5.5 per cent in the first four months and 6 per cent in the first five months. It was 5.7 per cent in the first half of the year.

During the first seven months of this year, the total retail sale of goods accounted for 75 per cent of the total to reach $59.15 billion, 10.1 per cent higher than the same period last year.

Sales of accommodation and restaurant services had a year-on-year increase of 12.8 per cent to $9.62 billion and other services gained $9.22 billion, 18.3 per cent higher than same period last year.

GSO economic expert Vu Manh Ha said, however, that the real purchasing power still grew slowly, as the consumer price index increased only 1.62 per cent during the first seven months – the lowest level since 2006.

The growth rate of retail sales of goods and services each month showed a downward trend during the first seven months, the office said. The rate increased 2.3 per cent in February against January, 2 per cent in March against February and 1.4 per cent in April against May. It rose 0.7 per cent in July against June.

However, the domestic retail market shows great potential in the future, according to property consulting and service provider CBRE Viet Nam.

Looking ahead, the retail market could expect more activities and new entrants in Viet Nam in general and Ha Noi in particular.

According to a recent report by CBRE, Viet Nam ranked second among ten top markets for Asian retailers in 2014. Another survey conducted by CBRE also showed that Ha Noi and HCM City are among top 10 cities in Asia Pacific where retailers intend to open stores in 2014.

On the legal side, Viet Nam will completely open the market to foreign retailers by January 2015 under WTO obligations. In addition, under the ASEAN Trade in Goods Agreement, Viet Nam has reduced import duties from ASEAN to zero on 10,000 tariff lines.

While this support is expected to serve as a good foundation for more international retailers and goods to enter Viet Nam, local retailers may struggle with competition from foreign retailers with modern, tried and tested international concepts.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                            July 30, 2014 Subsribe Now !
• Military top leader orders evacuation of Thai nationals in Libya Subcribe: Asean Affairs Global Magazine
• No talk on the future Indonesia cabinet at Megawati's open house
• China, Laos pledge to boost bilateral ties
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Consumption of goods, services up
• Myanmar to reduce red tape for business, says presidential advisor
Asean Analysis                    July 30, 2014

• Asean Analysis July 30, 2014
Laos: Investment Potential and Economic Challenges
Advertise Your Brand

Asean Stock Watch    July 29, 2014
• Asean Stock Watch-July 29, 2014
The Biweekly Update
• The Biweekly Update  July 25, 2014

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand