HCM City: Sustained growth, confidence boost retail sales

Consumers shop at a Saigon Co.op supermarket in HCM City (Photo: VNA)

Of the total, nearly 400 trillion VND came from retail sales, up 13.8 percent, according to the municipal Department of Industry and Trade.

Local officials attributed the growth to the sustained and fast economic expansion and consumer confidence of both HCM City and Vietnam, which in turn have stimulated domestic production, especially the manufacturing of essential consumer goods.

Notably, several electronics supermarket chains in the city posted revenue surge during the six months, including Dien may xanh over 100 percent or Nguyen Kim 78.5 percent compared to the same period last year.

The Industry and Trade Department said the local retail market outlook for the rest of this year stays positive, adding that supply will remain abundant and prices be relatively stable. 

It predicted the growth rate of retail sales and consumer service revenue at 13 – 14 percent this year, meeting the set target.

At present, HCM City is home to 239 markets, 205 supermarkets, 46 shopping malls and 2,360 convenience stores. Vietnamese-invested supermarkets and convenience stores are dominating as they account for 73.6 percent and 67 percent of the total outlets of their types, respectively.

VNA