Top e-commerce platforms in Vietnam earn $9.5 bln in Jan-Sept, up 38%

The revenues of top five e-commerce marketplaces in Vietnam, namely Shopee, Lazada, Tiki, Sendo, and TikTok Shop, reached $9.5 billion in the first nine months of this year, up 37.7% year-on-year.

In its quarterly report, Metric.vn, a leading e-commerce analyst in Vietnam, also pointed out that the number of sold items reached 1.43 billion, up 49.8% year-on-year, in the same period.

Metric.vn highlighted a trend that Shop Mall (official store) outlets accounted for one-third of the market revenue, while they made up only 5% of the total number of sellers.

This indicated that consumers are more and more focusing on official products with high quality, especially expensive goods, showing a new trend for online shopping in Vietnam.

Nevertheless, affordable products remained trendy in Vietnam, Metric.vn stressed. Items with prices under VND200,000 ($7.9) accounted for more than half of the total market revenues in the third quarter of 2024, up 9% year-on-year.

For Q3/2024, Metric.vn emphasized that mobile phones and tablets took all top positions regarding brands with highest revenues. The top ones are Apple, Samsung, Xiaomi, and Oppo. Huggies, a mother & baby product, came in the fifth rank.

Other names in the top 10 were Ensure, a grocery-food item; L’Oreal Paris and La Roche-Posay, two beauty products; Philips, a home appliances-home-lifestyle brand; and Vinamilk, a major dairy product brand in the country.

Besides, Metric.vn highlighted the trend of Chinese e-commerce players entering Vietnam. Temu has recently initiated move to enter the Vietnamese market, while the 1688 e-commerce app's iOS version now supports the Vietnamese language.

Taobao, Alibaba's e-commerce marketplace, has not yet supported Vietnamese but it has recently allowed shipping to addresses in Vietnam.

These moves are increasing competitive pressure in the domestic market, which has already been dominated by foreign marketplaces like Shopee, Lazada, and TikTok Shop.