Increased domestic consumption during the Lunar New Year (Tet) holiday, along with a strong recovery in tourism, contributed positively to the growth of the trade and service sector in January.

Data released by the General Statistics Office shows that total retail sales of goods and consumer service revenue in the month was estimated to increase by 9.5% compared to the same period last year.

Total retail sales of goods and consumer service revenue at current prices  reached VND573.3 trillion (over $22.7 billion) in January, up 2.7% compared to the previous month and up 9.5% compared to the same period last year. When excluding the price factor, this represents a 6.6% increase from the same period in 2024, which saw a 5.6% increase.

The significant rise in total retail sales of goods and consumer service revenue at current prices in January 2025 compared to the same period last year is attributed to the positive contributions of the accommodation, food service, and travel agency sectors.

Retail sales of goods in the month were estimated to reach VND441.4 trillion (nearly $17.5 billion), reflecting an 8.6% increase compared to the same period last year. Revenue from accommodation and food services in the period is estimated to reach VND67.3 trillion (over $2.66 billion), marking a 14.8% increase year-on-year.

Revenue from travel agencies in January  was projected to reach VND5.1 trillion (around $202 million), representing a 17.3% increase compared to the same period last year. This growth is driven by increased travel demand from both domestic and international tourists during the January holidays.