High inflation 30% rise in Vietnam

Vietnamese have this year each been spending an average of 886,000 VND a month, doubling last year’s monthly average, the General Statistics Office (GSO) said.

In the past seven months, retail sale and service turnover reached close to 530 trillion VND, a 30 percent rise compared to the same period last year.

While attributing the surge in spending to high inflation, the GSO also pointed to a growing demand for consumer goods and services.

In the past seven months, retail sale and service turnover reached close to 530 trillion VND, a 30 percent rise compared to the same period last year.

Trading activities contributed 434 trillion VND to the turnover, representing a 30 percent increase. Services also increased by 30 percent, earning 26 trillion VND, the GSO reported.

Meanwhile, hotels and restaurants contributed nearly 60 trillion VND, a 25 percent rise.

The Ministry of Industry and Trade’s Market Regulating Team has said the 30 percent hike in petroleum price will directly and indirectly affect many sectors, particularly the transport sector.

Market regulators therefore predict the consumer price index will increase by 1.8-2 percent in August and will continue affecting household budgets.

The consumer price index rose 1.13 percent in July over June, the lowest growth so far this year, but a 27 percent rise from one year ago.