Vietnam's retail revenue likely up 3-4% by year end compared to 2020

Trading has resumed and travelling and circulation of goods have become easier.

The demand for winter apparel has increased after the social distancing period, pushing up the October retail of goods and service revenues by 18.5 per cent month on month.

On the structure of retail of goods and service revenues so far in 2021, retail sales accounted for the largest share with 82.8 per cent, accommodation and catering services had 8.3 per cent; tourism just 0.1 per cent and other services accounted for 8.8 per cent, according to a report in a Vietnamese newspaper.

To further boost domestic consumption in the remaining months of this year, MoIT would concentrate on addressing concerns in business and production activities, especially those of major enterprises in industrial parks or economic zones.

“The aim is to ensure a speedy resumption of economic activities and keeping value chains intact, especially at a time when demands for goods and products would rise during the year-end period,” the ministry said.

Meanwhile, the MoIT will closely monitor the demand-supply balance and market prices of goods to intervene if necessary, along with effective distribution of goods across localities, including the pandemic epicentres, to ensure the smooth movements of goods.

In line with these efforts, the ministry will supervise the market during the year-end period to address trade fraud activities and ensure a healthy development environment for Vietnamese products.

The ministry also plans to reopen in phases wholesale markets, supermarkets, convenience stores on the condition of complying with anti-pandemic measures to boost production and consumption, while trade promotion activities are expected to shift to online platforms to boost sales in late 2021 and early 2022.

Fibre2Fashion News Desk (DS)