HCM City retail sales hit highest level since January 2019

HCM CITY — HCM City’s retail sales of goods topped VNĐ57.75 trillion (US$2.49 billion) in May, up 3.08 per cent against the previous month and 13.8 per cent from a year earlier, a report released last week by the city Department of Industry and Trade has said.

The figure was the highest since January 2019.

The recovery was due to the city’s socio-economic recovery and development programme, preferential loan policies, improved investment environment, and the speeding up of digital transformation this year.

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

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

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

Retail sales in the first five months of the year were worth VNĐ275.96 trillion ($11.92 billion), up 8.1 per cent year-on-year.

Sales of food and foodstuffs increased by 14.2 per cent over the year, and those of cultural and educational products by 14.9 per cent, and wood products and construction materials by 8.5 per cent. 

Promotion programme

The city Department of Industry and Trade will organise the 2022 Shopping Season in summer as usual, starting on June 15, to bolster demand and foster economic recovery.

It would feature discounts of more than 50 per cent.

Along with large distribution systems and e-commerce businesses, nearly 200 traditional markets will participate this year.

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