Total retail sales reached VND877.5 trillion (US$45 billion) in the first seven months of this year, a rise of 26.4 percent against the same period in 2009, according to the General Statistics Office.

 

The GSO's seven-month retail report showed that foreign investment contributed VND25.2 trillion (US$1.3 billion) to the economy, 2.9 percent of total retail sales, an increase of 43.4 percent over the corresponding period in 2009.

 

State-run businesses saw an increase of 41.5 percent in retail sales, while non-State firms' growth was 42.2 percent.

 

Truong Quang Hoai Nam, head of the Domestic Market Department at the Ministry of Industry and Trade, said foreign investors consider Vietnam a promising investment destination.

 

Meanwhile, global ratings agency AT Kearney predicted that Vietnam’s retail industry would grow over the next few years and that consumer spending would rise above its current level of 70 percent of a household's income.

 

Nguyen Thi Hoang Thuy, director of Mutrap III Programme, said the retail and distribution industry has made up 14 percent of the country's gross domestic product since Vietnam became a member of WTO.

(CPV/VOVNEWS)