HCM City’s total retail sales of goods and service revenue fell 11.2 percent year-on-year to 387.5 trillion VND (16.5 billion USD) in the first four months of this year, primarily due to travel restrictions and changes in consumption.
Retail sales and service revenue in April totalled 68.4 trillion VND (2.9 billion USD), down 22.8 percent month-on-month and 34.2 percent year-on-year, the city’s Department of Industry and Trade reported.
Despite the major holidays of the Hung Kings’ death anniversary and the 45th anniversary of National Reunification taking place during the month, revenue from trade and services declined as people refrained from travel and only purchased essential goods amid the COVID-19 pandemic.
It also noted one encouraging highlight last month, when social distancing was being practiced - growth in online transactions and cashless payments. Many shopping centres, supermarkets, and caterers launched promotions to stimulate purchasing via telephone, websites, or mobile apps. They also offered support in delivery.
Changes in sales methods introduced since the beginning of the year helped retailers earn revenue despite the lower purchasing power resulting from COVID-19. The difficult period was also an opportunity for enterprises to restructure their corporate governance, distribution networks, and marketing strategies, according to the department.
Retailers in HCM City forecast that if the situation surrounding COVID-19 improves shortly then the consumption market will recover and goods supply and prices will become more stable.VNA