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Retail sector posts 12% profit rise
The country's total retail sales and service revenue in the first 11 months of this year reached VND2,386 trillion (US$113 billion), the General Statistics Office (GSO) reported.
The figure represented a 12.6 per cent year-on-year rise, the highest level so far this year, the GSO said, adding that the increase would have only been 5.5 per cent if price hikes were excluded.
Le Thi Minh Thuy, head of the GSO's Trade Department, said the consumer price index in November grew 0.34 per cent, the lowest level in the past five years, sparking an increase in retail sales and service revenue.
Thuy said that purchasing power had risen, contributing to revenue growth.
She added that the increase was only one-third of the level recorded during the same period in 2010 due to low incomes and tightened spending.
People were only buying essential goods, and spending was limited on hotel and restaurant services.
The trade sector, which accounted for 76.8 per cent of the total, rose 12.2 per cent over the same period last year, while hotel and restaurant services were up 15.3 per cent.
The service sector posted a 13.4 per cent year-on-year increase, followed by the tourism industry with a 1.8 per cent jump.
The individual economic sector accounted for half of the total retail sales and services, reaching VND1,201 trillion ($57 billion).
It was followed by the private sector with VND824.6 trillion ($39 billion), accounting for 35.3 per cent.
Several items posted sharp decreases, including gold, motorbikes and electrical products.