The country, which continues to reel from the impact of Covid-19, saw retail sales drop 33.7 percent year-on-year in August, InsideRetail reports.
Official data reveals that Vietnam’s August retail sales declined 10.5 percent compared to July. On August 20, the government said it would impose a strict lockdown in Ho Chi Minh City amid an outbreak of the delta variant. The city’s retail revenue is forecast to hit $1.5 billion, a 15.9 percent drop from July. Despite expectations that online sales would surge over lockdown, restrictions allowing only for the operation of essential business activities has resulted in negative growth figures for the e-commerce sector.
On the back of a deal with the EU, luxury goods will become more affordable in Vietnam. Are brands investing heavily enough in what is one of the fastest-growing economies in the world?