Vietnam retail market stays steady despite wage increase
Society – Economy - Ngày đăng : 12:32, 05/07/2024
Deputy Minister of Industry and Trade Phan Thi Thang informed that during the bustling summer season, the total retail sales of goods and revenues from consumer services at current prices in June is estimated to reach VND522.5 trillion (US$20.55 billion), up 9.1 percent over the same period last year due to an increase in revenues from the groups of food, accommodation, and catering services.
Since the beginning of this July, some consumers have reported price rises in certain processed food items due to the newly adjusted base salary up 30 percent (from July 1) and pension 15 percent. However, this price rise only happens locally in traditional markets, small grocery stores and food shops.
In supermarkets, shopping malls, convenience stores, and large food stores, the prices of goods are basically unchanged. Many retail chain businesses such as WinMart, Co.opmart, Aeon Mall are still implementing strong summer promotions and discounts.
For instance, in this July WinMart supermarket and WinMart+ convenience stores are running a promotional campaign from July 4-31 offering more than 600 commodities with attractive discounts of up to 53 percent, especially those serving summer vacations and food. Win members can enjoy a 20 percent discount for WinEco and MEATDeli products.
To celebrate the International Cooperative Day, the Co.opmart retail system of Saigon Co.op is also launching a promotion program starting from July 4-17. OCOP products are sold at a discounted price of up to 25 percent. Particularly, the system will hold the event ‘Accompanying OCOP Products – Honoring Vietnamese Produce’ on July 6 in Hanoi Highway Co.opmart (sited in Thu Duc City of HCMC).
The Ministry of Industry and Trade shared that since the second quarter, the supply of essential goods in Hanoi, HCMC and localities has always been guaranteed. There are no price shocks this year because they are relatively stable.
Only pork prices experienced certain unsteady times owing to diseases among pig herds. Yet thanks to alternative choices of meat, they did not see surges like the previous year.
In general, in the first 6 months of 2024, the total retail sales of goods and revenues from consumer services at current prices is estimated to reach VND3,098,700 billion ($121.9 billion), a rise of 8.6 percent over the same period last year. Localities with high retail revenue growth include Quang Ninh Province (an increase of 9.5 percent); Hai Phong City (9 percent); Da Nang City (7.8 percent); Can Tho City (7.6 percent); Hanoi (6.6 percent); and HCMC (6.3 percent).