Major e-commerce platforms in Vietnam post 23% growth to $2.6 bln in Q3

Five of the leading e-commerce platforms operating in Vietnam, namely Shopee, Tiktok Shop, Lazada, Tiki and Sendo, recorded a combined revenue of VND63.23 trillion ($2.58 billion) in the third quarter of this year, up 22.7% from Q2, according to a new report by local e-commerce analyst Metric.vn.

Shopee, invested by Singapore-based Sea Limited, took the lead with a revenue of VND43.71 trillion ($1.78 billion) from sales of 459.15 million products.

TikTok Shop, backed by Chinese social media giant TikTok, retained its second rank with VND10.12 trillion ($412.3 million) from sales of 83.32 million products. Lazada, with Chinese giant Alibaba holding a controlling stake, came in third with VND8.77 trillion ($357.2 million) from sales of 57.18 million products.

The three foreign-invested platforms commanded 69%, 16%, and 14% of the market, respectively. Two Vietnamese platforms, namely Tiki and Sendo, accounted for the remaining 1%, with a total revenue of VND629 billion ($25.6 million).

Regarding categories, beauty took the lead by revenue, followed by home & lifestyle, women’s fashion, home appliances, and mobile phones & tablets, Metric.vn noted. In terms of number of sold items, home & lifestyle ranked first, followed by beauty, women’s fashion, stationery, and groceries.

Geographically speaking, Hanoi was the biggest supplier with a revenue of VND20.9 trillion ($851.3 million), followed by Ho Chi Minh City with VND14.2 trillion ($578.4 million), foreign countries with VND2.5 trillion ($101.8 million), and the northern province of Bac Ninh with VND1.78 trillion ($72.5 million), according to Metric.vn.

Regarding brands, the highest revenues belonged to Apple, Samsung, and Xiaomi, three major electronic brands; followed by home appliance firm Ecovacs, and nutritional drink Ensure.

In terms of number of sold items, Deli, an office supplies brand, took the lead; followed by beauty product Focallure, fashion brand Deliz, stationery supplier Thien Long, and beauty product maker Banobagi.