The 9.3% rise matched the growth rate from the same month in 2025. Adjusted for prices, real growth came in at 6.3%. This is a very positive sign, especially since January 2026 didn’t align with the Lunar New Year, unlike last year, when the same period saw a surge in Tet-related spending.

The NSO noted that the favourable start in January has created a solid foundation for achieving growth targets in the trade and services sectors throughout the year.

Retail sales of goods in January was estimated at 487.4 trillion VND, accounting for the largest share and increasing 9.3% year-on-year. Growth was driven by many categories, including household appliances and equipment, which rose 9.4% thanks to early-year shopping demand and promotional programmes by retailers. Transport vehicles (excluding automobiles) increased 9.3%. Food and foodstuffs grew 7.7%, garments 7.6%, and cultural and educational goods 5.5%.

Several localities recorded strong retail growth, notably Can Tho and Quang Ninh (both up 10.7%), Hai Phong (10.5%), and Hue (10.1%).

Benefiting from a surge in international arrivals and stable domestic tourism demand, the services sector posted a robust performance. Revenue from accommodation and catering services was estimated at 75.4 trillion VND, up 9.4%. Lam Dong led the country with a sharp rise of 21.3%, followed by Quang Ninh (19.8%) and Thanh Hoa (19.6%).

Travel and tourism services recorded the fastest growth, reaching 7.5 trillion VND, up 14% year on year. Quang Ninh continued to stand out with a 25.2% increase, while Da Nang rose 18.3% and Ho Chi Minh City 17.9%. Other services generated an estimated 62.1 trillion VND in revenue, up 8.9%, with Ho Chi Minh City posting an 11.4% rise.

According to the office, these results reflect strong and decisive direction by the Government and the tourism sector in restructuring source markets, diversifying tourism products, renewing promotion and marketing efforts, and especially implementing increasingly open visa policies, which have helped attract both domestic and international visitors./.