HCMC – Vietnam’s e-commerce market continued its rapid growth last year, with daily online spending exceeding VND870 billion, according to a report by data analytics firm Metric.
Total sales from the five largest e-commerce platforms — Shopee, Lazada, TikTok Shop, Tiki, and Sendo — amounted to VND318.9 trillion for the year, a 37.36% increase from 2023. More than 3.42 million products were sold, up by 50.76% year-on-year.
Shopee maintained its market lead with 34% growth, keeping its market share steady. TikTok Shop expanded rapidly, boosting revenue by 121% and capturing 29% of the market. Meanwhile, Lazada saw its market share down to 6%.
Lazada, Tiki, and Sendo recorded revenue declines of 50-54%, impacted by strong competition and shifting consumer behavior. Metric said TikTok Shop’s expansion is reshaping Vietnam’s e-commerce sector.
Vietnamese consumers spent a total of US$13.82 billion shopping online in 2024, purchasing 3.2 billion products across major e-commerce platforms, reported the Vietnam News Agency, citing data from YouNet ECI, a company in e-commerce market data analysis.
Shopee and TikTok Shop led the market, with gross merchandise value (GMV) of US$9.3 billion and US$3.8 billion, respectively. Shopee accounted for 66.7% of total GMV, while TikTok Shop captured 26.9%. Their revenues grew by 41% and 99% compared to the previous year.
As Vietnam’s e-commerce sector continues to evolve, with strong growth but increasing market pressures, analysts say domestic retailers need to adapt by focusing on quality, branding, and logistics to remain competitive.
