Expanding foreign e-commerce firms outperform Vietnamese rivals
Foreign-invested firms in the Vietnamese e-commerce sector have taken control of the market, placing heavy pressure on their homegrown competitors.
TikTok Shop is a rising rival against major e-commerce players such as Shopee and Lazada in Southeast Asia as a whole.
TikTok announced in Jakarta on June 15 it would invest billions of dollars in Southeast Asia, including Vietnam, over the next few years as it doubles down on the region amid intensifying global scrutiny over its data security.
TikTok CEO Shou Zi Chew, who made the announcement, said it would invest in training, advertising and supporting small vendors looking to join its e-commerce platform TikTok Shop. He did not provide a detailed breakdown of the spending plan.
In the same month, the "Ecommerce in Southeast Asia 2023" report by Singapore-based market researcher Momentum Works estimated that Vietnam's e-commerce gross merchandise volume (GMV) reached $9 billion in 2022. Shopee of Singapore-based group SEA had the largest share of 63%, followed by Lazada, the Southeast Asian arm of Chinese giant Alibaba, with 23%. Other major players in Vietnam were Tiki.vn, Tiktok Shop, and Sendo with 6%, 4%, and 4%, respectively.

Shopee, Lazada, Tiki.vn, and Sendo are the top e-commerce platforms in Vietnam. Photo courtesy of Advertising Vietnam.
In 2022, TikTok Shop expanded to six Southeast Asian countries - Singapore, Malaysia, Indonesia, the Philippines, Vietnam, and Thailand. TikTok Shop is the e-commerce marketplace of short video app TikTok, which is owned by Chinese tech giant ByteDance. The shopping app enables merchants, brands and creators to showcase and sell their goods to users.
Present in Vietnam since last April, Tiktok Shop has proven itself a formidable player in this e-commerce market. It ranked third among the most popular e-commerce platforms in 2022, according to the E-Commerce Industry Rankings in 2022 report by Reputa, a Vietnamese social media tracker.

Representatives of Tik Tok Shop and the Vietnam Trade Promotion Center for Agriculture at their business cooperation MoU signing ceremony in Hanoi in February 2023. Photo courtesy of magazine VnEconomy.vn
TikTok Shop’s GMV skyrocketed more than four times to $4.4 billion in Southeast Asia in 2022, according to internal data obtained by tech media outlet The Information. TikTok Shop is reportedly aiming for a GMV target of $12 billion by 2023, according to news services firm caixinglobal.com.
Amid TikTok Shop’s regional expansion, Tran Ngoc Thai Son, CEO and founder of Vietnamese player Tiki, has reportedly filed a letter of resignation to the company’s board of directors.
Tiki reported this January a net loss of $116.25 million in the fiscal year that finished on March 31, 2022. This was based on regulatory filings for Singapore-based Tiki Global Pte. Ltd., which was formed in May 2021 and currently owns a more than 90% stake in the Vietnam platform.
Tiki was founded in 2010 in Vietnam by Son with around $5,000. The software engineer, who holds a master’s degree (University of New South Wales, Australia), wrote the code himself, purchased about 100 English books from Amazon, and then delivered them on his motorbike in HCMC, Vietnam’s southern economic hub.

A Tiki shipper at work. Photo courtesy of the firm.
Tiki in late 2021 secured $258 million in a series E fundraising led by American financial group AIA. Shinhan Financial Group announced in May 2022 that it had acquired 10% of the e-commerce platform for an undisclosed amount in a fresh move to expand outside financial services. According to regulatory filings for Tiki Global, the Shinhan investment was around $90 million.
Other investors in Tiki include Japan’s Sumitomo Corp., Taiwan Mobile (Taiwan’s second-largest telecom operator), UBS AG, Korean investment fund Mirae Asset, AppWorks, and STIC Investments.
While Tiki is struggling against losses, Alibaba-backed units keep expanding in Vietnam.
This March, Lazada Vietnam inaugurated a commodity sorting center called Lazada Logistics Park in the southern province of Binh Duong. The two-hectare facility has a capacity of one million parcels per day. Lazada said its new sorting center is equipped with modern technologies such as AI and machine learning, and 99% of the sorting lines are automated.
In the same month, Cainiao Vietnam, a subsidiary of Cainiao Network, the logistics arm of Alibaba Group, announced the signing of an MoU with Sagawa Vietnam to promote stronger collaboration in Vietnam’s logistics sector.
Located at the Cainiao P.A.T. Logistics Park and Cainiao Dong Nai Smart Logistics Park (both in Dong Nai province bordering HCMC), the premium warehouse space offers a strategic geographical advantage for business tenants as both parks boast multiple access points that link directly to HCMC, Long Thanh International Airport (under construction), and major seaports such as Cat Lai in HCMC and the Cai Mep-Thi Vai cluster in Ba Ria-Vung Tau province.
Procter & Gamble (listed on the New York Stock Exchange as PG), a leading fast-moving consumer goods company, launched this June a new haircare microsite called HairDNA exclusively on Lazada in Southeast Asia, where it has a presence in Vietnam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
P&G kick-started its HairDNA microsite in Indonesia in June, while plans for the other markets are in the pipeline.
- Read More
State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices
Vietnam Rubber Group-JSC reported a net profit of VND1,184 billion ($45.5 million) in Q1/2025, 2.5 times higher than Q1/2024, which was largely driven by sustained high rubber latex prices amid rising global demand and tight supply.
Companies - Mon, May 5, 2025 | 8:22 am GMT+7
KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade
The official launch of the new KRX trading system on May 5, after more than a decade of preparations, will mark a pivotal turning point for Vietnam’s stock market status upgrade, said Nguyen Duy Hung, chairman of leading broker Saigon Securities Inc. (SSI).
Finance - Sun, May 4, 2025 | 10:02 pm GMT+7
Vietnam distributor of Chinese EVs reports big profit growth in Q1
Vietnam’s TMT Motors Corporation (HoSE: TMT), the distributor of Chinese electric vehicle brand Wuling, reported VND33.76 billion ($1.3 million) in Q1 after-tax profit, about 125 times higher than Q1/2024.
Companies - Sun, May 4, 2025 | 7:38 pm GMT+7
Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant
VinFast, the electric vehicle arm of Vietnam's leading private conglomerate Vingroup, has secured a long-term syndicated loan agreement worth IDR1.85 trillion ($110 million) and an $80 million accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.
Companies - Sun, May 4, 2025 | 12:55 pm GMT+7
Vietnam's logistics major Transimex targets 20% profit growth in 2025
Transimex, a top logistics firm in Vietnam, targets net profit of over VND204 billion ($7.8 million) for 2025, up 20% year-on-year, on revenue of over VND3.36 trillion ($129.2 million), up 1%.
Companies - Sun, May 4, 2025 | 12:23 pm GMT+7
Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies
Vietnam's biggest gasoline retailer Petrolimex has started selling biofuels and is actively seeking opportunities to partner with international players to invest in green energy technologies. Chau Anh reports.
Companies - Sun, May 4, 2025 | 9:37 am GMT+7
Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast
Danang Rubber JSC (DRC), a subsidiary of Vietnam’s state-owned chemical giant Vinachem, will develop a dedicated line of electric vehicle (EV) tires while rolling out products to support its new partnership with the country's leading EV manufacturer VinFast.
Economy - Sun, May 4, 2025 | 8:00 am GMT+7
Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil
Vietnam’s benchmark VN-Index dropped by more than 80 points, or 6.2%, in April, ranking as the second-worst performing stock index globally, according to data compiled by IndexQ.
Finance - Sat, May 3, 2025 | 6:48 pm GMT+7
American International School Vietnam chairwoman arrested for disrupting public order
Ho Chi Minh City police's investigative agency on Thursday initiated legal proceedings against and detained chairwoman of American International School Vietnam (AISVN) Nguyen Thi Ut Em for "disturbing public order.”
Companies - Sat, May 3, 2025 | 5:07 pm GMT+7
Nike, Adidas ask President Trump for tariff exemption over business shutdown concerns
Major footwear and apparel brands, including Nike and Adidas which outsource a large portion of their output from Vietnam, are asking U.S. President Donald Trump for a tariff exemption due to concerns over looming cost surges and business shutdown.
Economy - Sat, May 3, 2025 | 1:12 pm GMT+7
Vietnam's Novaland wins lawsuit against Korean giant Taekwang Vina over HCMC project
Vietnam's leading developer Novaland has won a legal dispute with South Korea’s Taekwang Vina regarding a major real estate project in Thu Duc city, Ho Chi Minh City.
Companies - Sat, May 3, 2025 | 11:20 am GMT+7
Vietnamese approves two-year sandbox trial of P2P lending
Vietnam will roll out a two-year sandbox trial of peer-to-peer (P2P) lending, credit scoring, and data sharing via open application programming interfaces, starting July 1, according to a newly-issued government decree.
Banking & Finance - Sat, May 3, 2025 | 8:17 am GMT+7
Hyundai Vietnam joint venture to spend $100 mln on shipbuilding capacity expansion
Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), a joint venture between South Korea and Vietnam, is set to invest an extra $100 million in expanding its shipbuilding capacity in Vietnam.
Industries - Fri, May 2, 2025 | 8:03 pm GMT+7
Vietnam's economic hub HCMC moves closer to establishing int’l financial center
After more than two decades of planning, the vision of establishing an international financial center in Ho Chi Minh City is finally gaining real momentum as the Politburo has officially endorsed the proposal, drawing significant attention from investors.
Southeast Asia - Fri, May 2, 2025 | 6:04 pm GMT+7
Vietnam cuts LNG import tariff to boost clean energy transition
The Vietnamese Government has reduced the preferential import tariff on LNG from 5% to 2% under a decree issued on March 31, which marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.
Southeast Asia - Fri, May 2, 2025 | 3:26 pm GMT+7
Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15
Vietnam's Ministry of Agriculture and Environment has proposed Prime Minister Pham Minh Chinh issue an action plan to address the European Commission's (EC) “yellow card” warning and prepare for the fifth EC inspection.
Southeast Asia - Fri, May 2, 2025 | 3:21 pm GMT+7