The online retail market in Vietnam experienced a significant surge in growth during the first quarter of the year, with Shopee continuing to dominate the market share. Consumers spent a staggering 53,740 billion VND on Shopee, giving it a 67.9% market share. Lazada and Tiki followed closely behind with 7.6% and 1.3% market share, respectively.
One of the notable developments in the market was the rise of TikTok Shop, which secured the runner-up position with a 23.2% market share. This was an increase of 6.3 percentage points compared to the previous quarter. Vietnamese consumers spent 18,360 billion VND on TikTok Shop in the first quarter, three times more than Lazada’s GMV. The platform attracted 2.8 million medium, small, and micro enterprises and saw significant growth in sellers, views, and GMV.
The online retail market in Vietnam exceeded expectations in the first quarter, reaching a total revenue of 71,200 billion VND, a 78.69% increase compared to the previous year. The growth can be attributed to domestic consumption stimulation programs, increased consumer spending, and the rising popularity of online shopping as a daily habit. Market research forecasts continued growth in Vietnam’s e-commerce industry, with GMV expected to peak at 16.8 billion USD in 2025.
To keep up with this growth, businesses should focus on controlling costs, increasing revenue, and investing in technology and digitalization. The trend of “shoppertainment,” where shopping is combined with entertainment, is expected to play a significant role in the industry’s future
