Vietnam’s e-commerce sector continued its upward trajectory in 2024, with total revenue from the top five online retail platforms—Shopee, Lazada, TikTok Shop, Tiki, and Sendo—reaching VND 318.9 trillion (nearly $12.67 billion). This marks a robust 37.36% year-on-year growth, according to the newly released “Vietnam Online Retail Market Landscape 2024 & Forecast 2025” report by Metric.
The market also witnessed a significant increase in purchasing activity, with total consumption volume surpassing 3.4 million products, representing an impressive 50.76% growth compared to 2023. This surge underscores the continued strength of Vietnam’s digital retail sector as a vital sales channel.
However, the revenue performance fluctuated throughout the year. While e-commerce platforms experienced a peak in sales during the final months of 2024, driven by the Tet (Lunar New Year) shopping season and year-end festivals, a notable decline was observed from April to June.
Intensified Competition Reshaping the Market
Despite the revenue surge, the number of online stores generating orders dropped by 20.25%, highlighting increased competition. Many small or underperforming sellers exited the market, making way for businesses with well-defined strategies, consumer-centric product offerings, and adaptable operations.
Adding to the competitive landscape, 31,500 foreign sellers are now actively participating in Vietnam’s e-commerce market, creating direct pressure on domestic businesses. As a result, only retailers with strong branding, competitive pricing, and efficient supply chains are expected to thrive in this rapidly evolving sector.
Vietnam’s e-commerce industry is set for further expansion in 2025, with digital retail cementing its role as a dominant force in the country’s overall consumer market.
Related
Discover more from Vietnam Insider
Subscribe to get the latest posts sent to your email.
Source: Vietnam Insider