HCM City retail sales hit highest level since January 2019

VIETNAM, June 11 –

People buy goods at a supermarket in HCM City. VNS Photo Thu Hằng

HCM CITY – Retail sales of goods in HCM City topped VNĐ57.75 trillion ($2.49 billion) in May, up 3.08% from the previous month and 13.8% from from a year earlier, according to a report released last week by the city’s Department of Industry. and trade said.

This figure was the highest since January 2019.

The recovery is due to the city’s socio-economic recovery and development program, preferential lending policies, improving the investment environment and accelerating digital transformation this year.

Most sectors recorded growth, but the strong rebound in retail sales in May highlighted the recovery of production and trade in the city, said Bùi Tá Hoàng Vũ, director of the department.

Demand remains weak compared to the pre-COVID-19 period, with most spending on essential goods, forcing businesses to cut costs to reduce or maintain prices, he said during a a press conference held on Thursday.

“The city will continue to help businesses access capital to stabilize production.”

Retail sales in the first five months of the year stood at VNĐ275.96 trillion ($11.92 billion), up 8.1% year-on-year.

Sales of food and food products increased by 14.2% over the year, those of cultural and educational products by 14.9% and those of wood products and building materials by 8.5%.

Promotional program

The city’s Ministry of Industry and Commerce will hold the 2022 shopping season in the summer as usual from June 15 to support demand and promote economic recovery.

It would include discounts of more than 50%.

In addition to large distribution networks and e-commerce companies, nearly 200 traditional markets will participate this year.

The second promotional month will take place from mid-November to mid-December during the year-end shopping season. —VNS

Sallie R. Loera