This marks the highest increase so far this year.

According to the General Statistics Office (GSO), retail sales of goods and services in November alone was estimated to reach VND385 trillion ($16.47 billion), a 1.1 per cent increase against October and representing a 12.2 per cent year-on-year rise.

Retail sales of services reached VND288.6 trillion in November, increasing 0.8 per cent from the previous month. Revenue from restaurant, accommodation and catering services was also up 2.3 per cent to VND47 trillion last month.

Restaurant and accommodation services, which accounted for 12.2 per cent of the total, posted an 8.6 per cent year-on-year rise.

Retail sales of goods in the first 11 months of the year were estimated at more than VND117 billion, accounting for 75.2 per cent of the total. Of which, the sales of food and foodstuff rose by 12.7 per cent, garments and textiles 12.3 per cent, and home appliances 12.1 per cent.

Localities with high purchasing power included Thanh Hoa at 13.5 per cent, HCM City at 13.2 per cent and Binh Dinh at 12.8 per cent.

The GSO said purchasing power had grown due to the peak shopping season that started in September with increasing consumption demand for the new school year, wedding season and higher construction demand.