Retail boosts Vietnam’s economic outlook: Hong Kong-based news site: GSO
Retail activities in Vietnam saw an impressive 8.5% increase in February, marking a significant boost in the country's economic outlook for the early months of 2024, reported an article published on the Hong Kong-based news site bnnbreaking.com on March 6.
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| Vietnam saw an impressive 8.5% increase in February, marking a significant boost in the country's economic outlook for the early months of 2024. (Source: VNA) |
Citing data from the General Statistics Office of Vietnam (GSO), it said with total retail sales of goods and consumer service reaching 509.7 trillion VND (20.63 billion USD), the figure contributed to an 8.1% year-on-year rise in total retail sales of goods and revenue from consumer services in the first two months, reaching 1.03 quadrillion VND.
Furthermore, the tourism sector played a crucial role in this economic upswing, said the article. The number of foreign visitors to Vietnam in February exceeded 1.5 million, marking a 64.1% increase over the same period last year, driven by favourable visa policies and tourism stimulus programmes. This influx of tourists contributed to a 35.8% surge in revenue from travel services, with total revenue from tourism services in the first two months reaching 9 trillion VND.
According to the author, the remarkable performance of the retail and tourism sectors has significant implications for businesses and policymakers. Economists suggest that the shopping season during the Lunar New Year festival was instrumental in boosting domestic demand and increasing revenue. Additionally, the strong start to the year highlights the effectiveness of the government's efforts to stimulate economic activity, suggesting a positive outlook for Vietnam's economy in 2024.
In conclusion, the article wrote: “The early success in 2024 not only showcases the resilience and dynamism of Vietnam's market but also sets a positive precedent for the rest of the year. With ongoing efforts to enhance tourism infrastructure and promote consumer spending, Vietnam is poised to sustain and possibly exceed this growth trajectory, reinforcing its position as a burgeoning economic force in the region.”
(Source: VNA)
