The hotel and restaurant sector boasted an annual growth of 13 percent to US$2.38 billion, accounting for 11.6 percent of the country’s total figure.
The services sector grew by 14.5 percent to US$2.03 billion, making up 9.9 per cent.
Notably, tourism revenue fell by 4.4 percent from a year earlier to US$170.7 million, due to its modest growth of 0.8 percent.
According to GSO, the value of retail sales rose 16 percent in 2012 to US$110.7 billion.
While the pace of growth was well below the average level of 20 percent in recent years, it was still viewed as acceptable in light of the current economic difficulties, which have shrunk purchasing power and caused consumers to tighten their belts, the GSO said.
Inventories in manufacturing and processing industries fell from 30 per cent in the early months of 2012 to an average of 23 per cent for the entire year, a pattern expected to repeat in the coming months.
Post-Tet Purchases of essential goods and construction materials in HCM City were below par compared to the same period last year.
Nguyen Thanh Nhan, director of the Co.op mart supermarket chain, said “Consumers are still holding tight to their budgets, and only shopping for necessary items”.
Nhan forecast that sales in the first six months of the year would not increase.
“Consumers will focus on food and daily items. Sales of clothing, footwear, household utesils and cosmetics will not increase. Furthermore, consumers will be more selective,” he said.
Promotion campaigns launched by supermarkets and shopping centres around the city have not paid off well.
