Will the total rate of retail sales achieve over 4,200 trillion VND?

The retail market is considered to have many advantages in 2018. Photo: Nguyễn Thị Hiền

According to the Ministry of Industry and Trade, there are many advantages for the domestic retail industry in 2018. Typically, the average per capita income has increase continuously each year. The people's living standard is improved, spending on personal consumption and especially on tourism, convalescence and shopping are increasing.

In 2017, the revenue from catering and tourist services increased by 10-12% over the previous year and is expected to maintain good growth in 2018, contributing to maintain the growth level of total rate of retail sales in 2018.

In addition, the reduction of call rate by State Bank of Vietnam could cause an increase on domestic demand for credit; exchange rates and interest rates are relatively stable; the increase in the number of newly registered businesses in the wholesale and retail sectors will contribute to the overall growth of total retail sales in 2018.

"With the large market size of a population of over 93 million people, it can be seen that the largest consumer spending group is between the age of 22 and 55, accounting for more than 70% of the population. It is a positive sign of the potential for growth for retail market in 2018," a representative of the Ministry of Industry and Trade asserted.

In addition, the market movements in 2018 are expected to be less volatile. The supply factors are being maintained (prices are rising due to world prices, exchange rates, fuel costs ... but will be controlled by the State). The demand factors (income, consumer confidence) are also good. With favorable factors as analyzed above, the Industry and Trade sector strives to achieve the total rate of retail sales in 2018 of 4,269 - 4,288 trillion VND, an increase of 10 - 10.5% over 2017.

In order to further develop the domestic market in 2018, according to Minister of Industry and Trade, Tran Tuan Anh: The ministry will continue to coordinate with other ministries and localities to monitor the market of essential goods, timely handle problems arising when the market fluctuates abnormally.

To continue implementing the programs for supporting the consumption of high seasonal local farm products; Support domestic production through direct connection supply and demand activities for enterprises within production areas.

"In addition, the Ministry of Industry and Trade will also ensure the supply of essential commodities such as petrol, fertilizer, food and foodstuffs ... so that the market develops healthily, and to closely control the quality of goods for food safety and hygiene of goods circulating in the market ...," said Minister Tran Tuan Anh.