AsemconnectVietnam - The total retail sales of goods and consumer service revenue in the first three months of the year were estimated at 1.9 quadrillion VND (72.2 billion USD), a 10.9% increase compared to the same period last year. Excluding the price factor, growth remained steady at 7%.

 The socio-economic report for the first quarter of 2026, recently released by the National Statistics Office under the Ministry of Finance, reveals highly optimistic signals for the retail market and consumer services. Specifically, the total retail sales of goods and consumer service revenue in the first three months of the year were estimated at 1.9 quadrillion VND (72.2 billion USD), a 10.9% increase compared to the same period last year. Excluding the price factor, growth remained steady at 7%. In March alone, revenue hit 638.6 trillion VND, up 12.1% compared to the same period last year.

Retail sales dominated the market, accounting for 76.3% of the total at 1.45 quadrillion VND. Within this segment, garments led the growth trend at 9.9%, followed by food and foodstuffs (9.8%), and household appliances and equipment (8.2%). Notable growth in retail sales was recorded in Quang Ninh (12.8%) and Bac Ninh (11.4%).

Accommodation and catering services also posted strong results, earning 234.7 trillion VND (up 13.3%). Da Nang and Can Tho emerged as top performers in this segment with growth rates of 18.1% and 15.1%, respectively. Other services reached 192.8 trillion VND, an 8% increase year-on-year.

The tourism industry continued to prove its spearhead status, with estimated revenue of 22.9 trillion VND in Q1, up 12.5% over the same period last year. The primary driver for this breakthrough was the sharp increase in both domestic and international tourists during New Year and holidays. Most notably, Vietnam welcomed 6.76 million international arrivals in the first quarter of 2026, a 12.4% increase year-on-year - the highest Q1 figure in history.

Transport and telecommunications also trended upward, with passenger transport rising 18.3% and telecommunications revenue reaching 102.8 trillion VND, up 6.3%.

Experts suggest that the statistics from the first quarter of 2026 indicate a bright economic scenario, creating a solid foundation for the remaining quarters of the year.

Assessing future trends, Nguyen Thu Oanh, Head of NSO’s Service and Price Statistics Department, noted that as a highly open economy, Vietnam’s consumption trends depend on various factors such as supply-demand, income, and public spending.

To achieve double-digit growth targets, she recommended implementation of several solutions. These include launching concentrated promotional programmes on digital platforms to maintain the momentum of the garment and household goods, while applying flexible tax mechanisms for household businesses and enterprises to support domestic production.

Furthermore, she emphasised the need to closely monitor the prices of petroleum and essential goods to maintain stable purchasing power and ensure macroeconomic stability. Enhancing the presence of Vietnamese goods in the domestic retail system and encouraging the "Vietnamese people prioritise Vietnamese goods" campaign will be crucial for developing the internal market.

With 10.9% growth in Q1, combined with the spillover effects of public investment and increased labour income, the domestic market of over 103 million people will be a key driver for economic growth throughout 2026, Oanh said./.

Source: VNA