Figures from the General Statistics Office on October 6 showed strong purchasing power of Vietnamese consumers in the first 9 months of 2024.

Specifically, total retail sales of goods and consumer services revenue reached a record VND4.7 trillion, up 8.8% over the same period last year, reflecting the impressive recovery of the economy and consumer confidence.

According to the General Statistics Office, the total retail sales of goods and consumer services revenue in the first 9 months is a positive signal, showing a strong recovery in domestic consumption demand. This figure far exceeds the growth rate of the same period in 2023 (10.1%), but if excluding the price factor, the actual growth rate still reached 5.8%, showing that the growth momentum comes from real consumption demand.

The strong recovery of the tourism industry has contributed significantly to this growth. Revenue from accommodation and catering services in the first 9 months of the year reached VND543,000 billion, up 13.6% over the same period last year. Revenue from tourism reached VND45,600 billion, up 16.7%, showing the strong return of tourism activities and the large spending power of tourists.

The growth in total retail sales was reflected in many groups of goods and services. Retail sales of goods reached VND3.6 million billion, up 7.9% (excluding price factors, up 5.4%). Groups such as food (up 10.6%), household appliances (up 9.3%), clothing (up 9.1%) and means of transport (excluding cars, up 5.4%) all recorded positive growth. This growth shows that Vietnamese consumers are spending heavily on essential goods as well as goods that improve the quality of life.

Besides, this spending level shows optimism and is a positive signal for the economy, specifically the resilience and potential of the domestic consumer market.