HCM City (VNS/VNA) – Ho Chi Minh CityRetail sales of goods topped VND57.75 trillion (US$2.49 billion) in May, up 3.08 percent month-on-month and 13.8 percent year-on-year, according to a report released last week published by the city’s Department of Industry and Commerce.
The value was the highest since January 2019.
The city has the city to thank for the recovery socioeconomic recovery and development program, preferential credit policy, improved investment environment and the acceleration of digital transformation this year.
Most sectors posted growth but the strong rebound in May retail saleshighlighted the recovery of manufacturing and trade in the city, said Bui Ta Hoang Vu, director of the department.
Demand remains weak compared to pre-COVID-19 levels, with most spending being on essential goods, putting pressure on businesses to cut costs to lower or maintain prices, he said at a news conference on March 9. June.
“The city will continue to help companies access capital to stabilize production.”
Retail sales for the first five months of the year were VND275.96 trillion (US$11.92 billion), up 8.1 percent year-on-year.
Sales of food increased by 14.2 percent over the year, cultural and educational products by 14.9 percent and wood products and building materials by 8.5 percent.
The town Department of Industry and Commerce will organize the 2022 shopping season as usual in the summer from June 15 to boost demand and promote economic recovery.
There would be discounts of more than 50 percent.
In addition to large distribution systems and e-commerce companies, almost 200 traditional markets will participate this year.
The second month of the promotion runs from mid-November to mid-December during the end-of-year shopping season.