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What can be seen from retail, tourism, and service revenue increasing even higher than the pre-pandemic level?


Experts said that, in addition to the post-pandemic recovery factor, the significant increase in the selling price of goods due to high fuel prices was also a factor that caused revenue from retail and services to increase to a record high.

According to the socio-economic report in July and the first 7 months of the year from the General Statistics Office, the total retail sales of consumer goods and services achieved a higher growth rate and scale than the same period last year. years before the COVID-19 outbreak.

Specifically, the total retail sales of consumer goods and services were estimated at 486,000 billion VND, up 2.4% over the previous month and 42.6% over the same period last year. In which accommodation and food services are 2.3 times higher than the same period last year and travel services are 35.5 times higher.


Source: Ha An compiled from data from the General Statistics Office.

According to the General Statistics Office, commercial and service activities in July were vibrant and recovered quickly in all industries, especially accommodation, catering, and travel services. In the first 7 months of 2022, the total retail sales of consumer goods and services both in scale and growth rate were higher than the same period in recent years.

In the first seven months of 2022, the total retail sales of consumer goods and services are estimated at VND 3,205.8 trillion, up 16% over the same period last year (decreased by 0.3 percent in the same period in 2021). If excluding the price factor, the increase will be 11.9% (in the same period in 2021, it will decrease by 1.8%).

The increase in retail and service revenue also comes from the inflation factor

The significant increase in total retail sales of consumer goods and services is a bright spot in the economic picture in the first 7 months of 2022. However, according to experts, the increase in revenue is also due to factors from inflation.

Dr. Nguyen Bich Lam, former Director of the General Statistics Office, recalled that in the first 6 months of 2022, the high world price of petrol made the domestic price of this commodity increase by 51.83% over the same period last year. caused the consumer price index (CPI) to increase by 1.87 percentage points.

Mr. Lam said that in the Vietnamese economy, petroleum has a deep and wide impact on industries and fields, especially the transportation and fishing industries. It is forecasted that in 2022, gasoline prices will increase and stand at a high level, leading to an increase in the prices of other goods, which will increase the total retail sales of consumer goods and services.

“The increase in gasoline prices and staying at high levels for too long will cause inflationary pressure and create a new higher price level of the economy,” Lam said.

Total retail sales of consumer goods and services reached a higher scale than in the same period in previous years (Source: General Statistics Office).

In the same opinion, many experts also believe that the significant increase in total retail sales of consumer goods and services is not only due to the economic recovery after the pandemic but also due to inflationary factors. broadcast.

The sharp increase in gasoline prices in the first half of the year has caused the price of consumer goods to rise sharply, this factor also has a significant impact on tourism and services when the price of air tickets, food and accommodation services, etc. travel increases with the price of petrol.

In fact, despite the increase in revenue, many businesses still fall into losses, typically airlines lose VND 100 billion per month in the first months of 2022, according to information from the Civil Aviation Administration of Vietnam. or the recovery of travel businesses facing many difficulties from the high prices of food and accommodation services.

Therefore, according to the assessment of Assoc. Dr. Ngo Tri Long, former director of the Institute for Price Market Research – Ministry of Finance, the sharp increase in revenue from retail, tourism, and services not only means that the economy really recovers after the pandemic and It also signals that inflation is spreading far and wide to all sectors of the economy.

Strictly control those items that have a slow discount compared to gas prices

Entering July, gasoline prices have continuously dropped sharply to the same level as at the beginning of the year. However, the prices of goods and services have not tended to decrease, which makes life difficult for people and businesses.

At a discussion with the Prime Minister on July 30, economic experts also said that it is necessary to strictly control the prices of commodities related to petrol and oil prices, especially those with a slow decline in price compared to other products. gasoline prices. The reason is that inflation in Vietnam is mainly due to cost pushing, which is mainly caused by gasoline prices from impacts on the world.

Immediately after that, the Prime Minister signed a document requesting the Finance Minister to coordinate with the Minister of Planning and Investment and the Governor of the State Bank of Vietnam to continue updating the detailed and timely price management scenario for the future. remaining months of the year.

The Prime Minister requested the Minister of Transport to coordinate with the Chairman of the People’s Committees of the provinces and centrally-run cities to strengthen the organization of reviewing the price declarations of enterprises to assess the price adjustment following the fluctuations of the market. input factors, especially the cost of gasoline in price-forming factors. In case it is possible to reduce the price, request the unit to declare the discount promptly.

According to data from the GSO, retail sales of goods in the first seven months of 2022 were estimated at VND 2,556.4 trillion, up 13.7% over the same period last year (excluding the price factor, increasing by 9.5%). was weak due to low revenue in the same period last year and the increase in selling price of goods when fuel prices increased.

Which, the group of petroleum products increased by 24.7%; cultural and educational products increased by 21.4%; food, food increased by 13.8%; means of transport (except for cars) increased by 9.7%; garments increased by 9.6%; Household appliances, tools, and equipment increased by 3.7%.

Revenue from accommodation and food services in the first 7 months of 2022 is estimated at 324.9 trillion VND, up 37.5% over the same period last year due to the high demand for entertainment and tourism among the people in the following summer. After 2 years of restricting travel and eating out of the family, revenue in July alone increased by 134.7% over the same period last year.

Travel revenue in the first 7 months of 2022 is estimated at 11.9 trillion VND, 2.7 times higher than the same period last year due to the strong recovery of tourism activities, especially domestic tourism. Revenue in the first 7 months of 2022 of some localities over the same period is as follows: Khanh Hoa increased by 858.4%; Can Tho increased by 328.3%; Da Nang increased by 284.8%; Hanoi increased by 216.8%; Ho Chi Minh City increased by 111.4%.

Another service revenue in the first seven months of 2022 is estimated at 312.6 trillion VND, up 13.9% over the same period last year, in July alone, 2.1 times higher than in July 2021. Specifically, the increase in 7 months compared to the same period last year of some localities is as follows: Da Nang increased by 42.1%; Can Tho increased by 28.4%; Quang Ninh increased by 19.7%; Hai Phong increased by 14.4%; Hanoi increased by 13.5%; Binh Duong increased 12.7%; Ho Chi Minh City increased by 5.0%.

Source: VietnamBiz

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