Vietnam Trade, Service Sectors Need Revision

The development of wholesale and retail infrastructure in Vietnam has faced its fair share of rocky moments, but the industry’s growing role in consumption has put it at the forefront of the economy. Nguyen Van Hoi, deputy director of the domestic market department under the ministry of industry and trade, made the statement on Friday at a conference on the role of management agencies and businesses in developing trade and services, held in Hanoi, VNA reported. Hoi said the average growth of retail and consumption services revenue was 10% a year from 2011-17. This meant that the revenue increased from VND3.5 trillion ($153.5 million) in 2016 to VND4.2 trillion in 2017. In the first four months of this year, it was estimated at VND1.4 trillion, up 9.8% from the same period last year. The average growth rate of combined retail and services revenue is always higher than GDP growth. “However, the trade infrastructure system has been distributed unevenly, and is focused mainly in the cities. The number of markets and supermarkets in rural and mountainous areas remains low in comparison,” he said.