HCMC – Vietnam and Thailand have emerged as the fastest-growing e-commerce markets in Southeast Asia, according to a recent report by OpenGov Asia.
In 2023, the total gross merchandise value (GMV) of the top eight e-commerce platforms in the region reached US$114.6 billion, marking a 15% increase compared to the previous year, the report stated.
Vietnam has surpassed the Philippines to become the third-largest e-commerce market in Southeast Asia. Despite macroeconomic challenges, the region’s e-commerce sector continues to expand, with GMV expected to double from 2020 levels.
Vietnam’s GMV surged by 52.9% year-on-year, while Thailand saw a 34.1% increase. Vietnam’s e-commerce market has experienced steady growth, with an annual growth rate ranging from 16% to 30% over the past four years.
Shopee led the Southeast Asian market with a GMV of USD 55.1 billion in 2023, capturing 48% of the market share. TikTok Shop, which acquired Tokopedia, has become the second-largest platform. In Vietnam, TikTok Shop holds 24% of the market, making it the second-largest e-commerce platform in the country.
The report noted that influencers have significantly shaped the e-commerce landscape in Vietnam, Thailand, and Indonesia. Over the past five years, Vietnamese businesses have markedly expanded their international operations.
The number of products exported via international e-commerce platforms has surged by 300%, with many small and medium-sized enterprises now achieving annual revenues exceeding US$1 million.
The Vietnamese Government, in collaboration with various ministries, local authorities, and the business community, is actively promoting digital transformation and sustainable development in e-commerce.
