Vietnam’s e-commerce market is expected to amount to US$14.7 billion in 2024, with mid-range products making up a majority of sales. By 2029, the market is projected to expand to US$23.77 billion, driven by a compound annual growth rate (CAGR) of 10.9% from 2024 to 2029. Given this growth, the entry of new platforms like Temu is hardly surprising. Vietnam’s e-commerce sector is marked by both high appeal and intense competition among platforms. A recent report on the Q3 2024 online retail performance and Q4 2024 forecasts by Metric showed that the market generated VND277.7 trillion in revenue and saw 2.43 billion products sold in the first nine months of 2024, reflecting year-over-year increases of 37.66% in revenue and 49.8% in product volume. For Q3 2024 alone, revenue was VND84.75 trillion, up by 18.15% from the previous quarter. Metric forecasts that Q4 2024 revenue across Vietnam’s five largest e-commerce platforms will reach VND80.6 trillion, with an anticipated 870 million products sold. Monthly growth over the same period last year is forecast to be 10%, 20%, and 35%, respectively. In terms of competition, Q3 2024 saw revenues of Shopee, TikTok Shop, and Tiki peak in August before a slight decline in […]
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