Total retail sales and consumer service revenue in 2024 increased by 9%

According to the latest report released by the General Statistics Office on the morning of January 6, 2025, total retail sales of goods and consumer service revenue in 2024 increased by 9%, achieving the set target.

Total retail sales of goods and consumer service revenue maintain growth momentum

The General Statistics Office's report clearly shows that solutions to promote domestic market development and stimulate consumption in the last months of the year have actively contributed to promoting the growth of the service industry in 2024. Total retail sales of goods and consumer service revenue in the fourth quarter of 2024 increased by 9.3% over the same period last year. In general, in 2024, total retail sales of goods and consumer service revenue increased by 9.0% over the previous year, achieving the target set in Resolution No. 01/NQ-CP of the Government.

Total retail sales of goods and consumer services revenue at current prices in December 2024 are estimated at VND 570.7 trillion, up 1.9% over the previous month and up 9.3% over the same period last year.

In 2024, the total retail sales of goods and consumer service revenue at current prices is estimated at VND 6,391.0 trillion, up 9.0% over the previous year (in 2023, it increased by 9.4%), excluding price factors, it increased by 5.9% (in 2023, it increased by 6.8%). Compared to 2019 - the year before the Covid-19 pandemic, the total retail sales of goods and consumer service revenue in 2024 increased by 29.4%, of which retail sales of goods increased by 31.5% and tourism revenue increased by 39.8%.

Regarding specific indicators, retail sales of goods in 2024 are estimated at VND 4,921.7 trillion, accounting for 77.0% of the total and increasing by 8.3% over the previous year.

Revenue from accommodation and catering services in 2024 is estimated at VND 733.9 trillion, accounting for 11.5% of the total and increasing by 12.9% over the previous year.

Tourism revenue in 2024 is estimated at VND 62.5 trillion, accounting for 1.0% of the total and increasing by 16.0% over the previous year because localities have actively promoted tourism since the beginning of the year, attracting more domestic and international visitors.

In 2024, spending will focus heavily on essential goods (Photo: Kim Ngan)

Thus, the total level retail goods and consumer service revenue in 2024 still meets the set target. However, compared to the 9.6% growth rate in 2023, this figure is decreasing. Explaining this, Dr. Le Quoc Phuong - former Deputy Director of the Center for Industrial and Trade Information, Ministry of Industry and Trade said that this year, the factors that have the strongest impact on total retail sales of goods and consumer service revenue are revenue from accommodation, food and beverage services and tourism revenue. However, these two indexes only account for about 12% of total retail sales of goods and consumer service revenue.

Meanwhile, retail sales of goods accounted for 77.1% of total retail sales of goods and consumer services revenue increased by only 8.3%. This is an important indicator because it is related to the output of goods of manufacturing enterprises. At the same time, as a measure of income and consumption of people, the increase was quite modest. This shows that people still have the mentality of tightening spending in an economic year that is assessed to have many difficulties.

Prepare goods for Lunar New Year

There are now just over 3 weeks left until Lunar New Year – the occasion when people will spend a large amount of money on shopping for goods for Tet. Revenue from Tet will also contribute positively to total retail sales of goods and consumer services revenue in 2025. Therefore, the Ministry of Industry and Trade and localities have been implementing many solutions to ensure consumer goods during this time.

Businesses prepare goods for Tet (Photo: Kim Ngan)

Specifically, the Ministry of Industry and Trade has issued Plan No. 10694/BCT-TTTN on ensuring goods for the Lunar New Year 2025. Accordingly, from January 8 to January 17, 2025, the working group of the Ministry of Industry and Trade will work with the Department of Industry and Trade of Hanoi, Ho Chi Minh City and Da Nang City to assess and implement solutions to ensure supply-demand balance, stabilize the market at the end of 2024 and the Lunar New Year 2025.

This is an annual activity of the Ministry of Industry and Trade to grasp the situation of supply of Tet goods in major localities. According to the plan, the working content of the Ministry of Industry and Trade with localities includes: Assessing the market situation of supply - demand, prices of some essential food and foodstuffs during Tet. Grasping the preparation of goods for Tet in the locality (reservation, preparation of goods, sales for Tet, bringing goods to rural areas, industrial parks - export processing zones...). Checking and controlling the market, prices of essential goods and goods for Tet in the city and neighboring areas...

On the local side, according to the Department of Industry and Trade of Ho Chi Minh City, to prepare goods to serve the Lunar New Year market at At Ty 2025, key enterprises participating in the market stabilization program have prepared capital of more than 22,000 billion VND; of which, essential food and foodstuffs account for more than 8,000 billion VND. The total output of essential goods prepared by enterprises accounts for 25% to 43% of the market share. It is expected that on average each month (months before and after Tet), enterprises will supply about 8,300 tons of rice, 5,000 tons of livestock meat, 5,500 tons of poultry meat, 23 million poultry eggs, 1,400 tons of sugar, 1,100 tons of cooking oil, 800 tons of processed foods, 10,000 tons of vegetables, tubers, fruits, 200 tons of aquatic and seafood products, etc.

In addition, manufacturing and distribution enterprises always have plans to increase production in case of necessity and organize mobile sales to handle unusual fluctuations and local shortages... Regarding prices, market stabilization products always maintain prices at least 5% lower than the average market price of products of the same specifications, types, and quality; at the same time, the market stabilization program also does not adjust prices up in the month before and after Tet.

In Hanoi, Mr. Nguyen The Hiep - Deputy Director of Hanoi Department of Industry and Trade said that Hanoi Department of Industry and Trade and enterprises have stockpiled goods including 298,350 tons of rice, 59,670 tons of pork, 19,890 tons of poultry meat, 16,500 tons of beef, 396 million poultry eggs, 331,500 tons of vegetables, 16,560 tons of seafood, 16,560 tons of processed foods, 238,500 tons of fruit and 1,575 tons of cakes, jams and candies...

Along with ensuring the supply of goods, to facilitate the people of the capital to shop at the end of the year and during the Lunar New Year, Tet goods will be served at 30 shopping centers, 131 supermarkets, 455 traditional markets, 2,000 convenience stores, 110 OCOP product introduction and sales points and tens of thousands of grocery stores in the area...

In particular, the Department of Industry and Trade also coordinates with units to organize many events, fairs, product introduction weeks; organize spring flower markets... to serve the shopping needs of people in districts, towns, industrial parks, and export processing zones.

For businesses, according to a representative of Winmart supermarket, to prepare for the peak season of the Lunar New Year and meet the increasingly diverse shopping needs of customers, the retail chain WinMart/WinMart+/WiN has continuously and proactively recruited more staff in positions such as cashiers and sales staff to ensure meeting customer service needs, especially during the holidays. In terms of operations, to ensure that goods are always ready to serve consumers.

This system has also applied AI to the goods/transportation management system to optimize the import-export-inventory process, minimize waste, ensure continuous supply and transport goods to supermarkets and stores. In addition, the entire WinMart/WinMart+/WiN system has deployed cashless payment methods, including QR code scanning integrated with banks, helping customers shop more conveniently and easily.

Regarding the operating hours to serve customers during Tet, the entire system will operate until 12 noon on the 29th of Tet and reopen from the 4th day of Tet. The WinMart/WinMart+/WiN system also adjusts flexible opening hours to suit the shopping needs of each area and each store model. In order to meet the needs of in-store and online shopping, we have implemented a shopping form via the website https://winmart.vn/ to bring customers a convenient experience, as well as implementing many attractive promotional programs with discount codes exclusively for online shopping customers to stimulate consumption.

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