Top 5 Vietnam e-commerce platforms’ 2023 revenue grows 53% to $9.46 bln

Top five e-commerce platforms in Vietnam – Shopee, Lazada, Tiki, Sendo, and Tiktok Shop – recorded total revenues of VND232.1 trillion ($9.46 billion) in 2023, up 53.4% year-on-year.

Local e-commerce analyst Metric.vn said in a 2023 review that the number of items sold rose 52.3% year-on-year to 2.27 billion with 20.1 million different kinds of products, while the number of shops fell 1.3% to 637,273.

Metric.vn noted that the highest year-on-year growth in monthly sales was 89.9% in September. September also recorded the highest revenues in the year, totaling VND21.1 trillion ($860 million).

Commenting on the September performance, Metric.vn said “consumers no longer wait until the end of the year to focus on shopping; instead, there is now a more even distribution of shopping throughout the year.”

The period from August onwards has become the peak season of consumer shopping activity, it added.

Among product categories, beauty posted the highest revenue of VND37,736 billion ($1.54 billion), or 16% of the total, up 52.2% year-on-year, from the sale of 341 million items, down 3.8%.

Second place belonged to home & lifestyle with VND29,634 billion ($1.21 billion), or 13% of the total, up 64.4%, from the sale of 391 million items, up 1%.

Third place belonged to women’s fashion with VND26,052 billion ($1.06 billion), 11% of the total, up 54.4%, with sales of 266 million items, down 8.1% year-on-year.

In 2023, there were 163,748 brands that successfully sold their products on e-commerce platforms, down 4% year-on-year.

Original equipment manufacturer (OEM), a generic term for products without a brand, had the highest sales volume and generated top three revenue across all e-commerce platforms last year, indicating that small businesses, including those that have not yet established a brand image, still have a lot of growth opportunities.

Top brands in the market in terms of revenue were Apple, Samsung, OEM, Xiaomi, and Kaw (home & lifestyle). In terms of sales quantity, the top brands were OEM, Deli (office supplies), Focallure (beauty), books, and Banobagi (beauty).

For 2024, Metric.vn estimated sales revenue at VND313.4 trillion ($12.77 billion), up 35% year-on-year. It also said cross-border trading was becoming "an inevitable trend" in the market, with official stores from China and South Korea gaining more attention on e-commerce platforms in Vietnam.