Retail gives boost to Vietnam’s economic outlook: Hong Kong-based news site
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.
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. (Photo: VNA)
Hanoi (VNA) - Retail activities in Vietnam saw an impressive 8.5%increase in February, marking a significant boost in the country's economicoutlook for the early months of 2024, reported an article published on the Hong Kong-based newssite bnnbreaking.com on March 6.
Citingdata from the General Statistics Office of Vietnam (GSO), it said with totalretail sales of goods and consumer service reaching 509.7 trillion VND (20.63billion USD), the figure contributed to an 8.1% year-on-year rise in totalretail sales of goods and revenue from consumer services in the first twomonths, reaching 1.03 quadrillion VND.
Furthermore,the tourism sector played a crucial role in this economic upswing, said thearticle. The number of foreign visitors to Vietnam in February exceeded 1.5million, marking a 64.1% increase over the same period last year, driven byfavourable visa policies and tourism stimulus programmes. This influx oftourists contributed to a 35.8% surge in revenue from travel services, withtotal revenue from tourism services in the first two months reaching 9 trillionVND.
Accordingto the author, the remarkable performance of the retail and tourism sectors hassignificant implications for businesses and policymakers. Economists suggestthat the shopping season during the Lunar New Year festival was instrumental inboosting domestic demand and increasing revenue. Additionally, the strong startto the year highlights the effectiveness of the government's efforts tostimulate economic activity, suggesting a positive outlook for Vietnam'seconomy in 2024.
Inconclusion, the article wrote: “The early success in 2024 not only showcasesthe resilience and dynamism of Vietnam's market but also sets a positiveprecedent for the rest of the year. With ongoing efforts to enhance tourisminfrastructure and promote consumer spending, Vietnam is poised to sustain andpossibly exceed this growth trajectory, reinforcing its position as aburgeoning economic force in the region.”/.
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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. (Photo: VNA) 
