HCMC – Despite 26% growth in 2025, Vietnam’s e-commerce market saw a decline in sales volume during the fourth quarter as prices escalated.
According to the 2025 Vietnam E-commerce Revenue & Consumption Report recently released by YouNet ECI, the total gross merchandise value of four major trading platforms – Shopee, TikTok Shop, Tiki and Lazada – reached VND458.16 trillion (US$17.72 billion) in 2025, a 26% increase year-on-year. Compared to the 9.2% growth in total retail sales of goods and consumer services reported by statistical authorities, the expansion rate of e-commerce continues to be superior.
Growth was recorded across most key sectors. Fast-moving consumer goods (FMCG) grew by 38%, the highest among all industries, followed by fashion & accessories with a 34% increase. FMCG surpassed the beauty category to become the second-largest sector on these platforms, trailing only fashion & accessories. In the second half of 2025, despite several adjustments to platform fees, FMCG sales volume remained comparable to the same period in the previous year.
However, data from the last quarter revealed notable fluctuations. Consumption volume across the four platforms dropped by 8% year-on-year, while the average selling price surged by 33% year-on-year. The report suggests that this price hike is a reaction by businesses to cost pressures stemming from platform fee adjustments throughout the year.
An online consumer survey conducted by YouNet ECI in collaboration with Buzzmetrics in Q4, 2025 shows that buyers are becoming increasingly sensitive to price changes. Among Gen Y (1981-1996), 36% of respondents held a neutral stance, while 45% gave a positive assessment of the economic situation. Meanwhile, 64% of Gen Z (1997-2012) viewed the current economy positively, even though the same percentage reported a monthly household income of under VND30 million.
Regarding sellers, the total number of sellers generating revenue in 2025 decreased by 5.6% year-on-year to approximately 672,000. Conversely, the average revenue per seller rose by 33%. According to the report’s analysis, this trend indicates that revenue is concentrating more heavily among large sellers, major brands, and official distributors.
YouNet ECI forecasts that Vietnam’s e-commerce may continue to maintain double-digit growth in 2026, but competition will intensify as consumer behavior becomes more complex and operating costs rise.
