Vietnam B2C e-commerce sector to exceed $30 billion by 2026
Vietnam’s retail e-commerce gross merchandise value will increase from $13.8 billion in 2021 to more than double at $30.6 billion by 2026, according to Research and Markets.
The market in Vietnam is expected to grow by 18.56% on annual basis to reach $16.4 billion in 2022, the market insights provider says in its "Vietnam B2C Ecommerce Market Opportunities Databook”, released Thursday. For B2C, it means business-to-customer, or retail.
“The medium to the long-term growth story of the B2C e-commerce industry in Vietnam promises to be attractive,” ResearchAndMarkets.com says. The sector is expected to grow steadily over the forecast period, recording a compound annual growth rate (CAGR) of 16.86% during 2022-2026, the firm adds.
Vietnam is at the forefront of driving innovation and seizing opportunities to thrive based on digital transformation in the post-pandemic era. “This shows that Vietnam’s e-commerce market has huge growth potential over the next three to four years.”
This market is projected to become the second largest in Southeast Asia, after Indonesia, the databook notes. Amid this projected growth and rising competition in the Vietnamese e-commerce industry, firms are raising funding rounds to further develop their services and aid growth in Vietnam.

E-commerce and e-payment apps in Vietnam seen on an electronic device. Photo courtesy of CafeF.
Corporate expansion
Tiki, the largest homegrown e-commerce firm, announced in late 2021 that it had raised $258 million in investment in a series E funding round led by AIA Insurance. The firm is using the proceeds to aid its logistics works, including using artificial intelligence technologies and robotic systems for better inventory management.
Several traditional tour operators in the Vietnamese market have been turning to online sales channels to drive sales. TST Tourist, one of Vietnamese leading tour operators, has invested in online tour booking instead of opening new offices even before the pandemic outbreak.
However, the online food delivery segment is one of the most competitive industries in Vietnam, according to the Research and Markets databook. Several homegrown and regional players are competing for market shares. Amid the growing competition, more firms are entering the sector with their food delivery business.
Among them, ShopeeFood - the food delivery business of the Singapore-headquartered Sea Group - announced last August its Vietnamese launch by rebranding NowFood, a food delivery service of Foody Corp. that Sea Group acquired in 2017. In 2020, ShopeeFood in Vietnam held a 42% market share in the food delivery sector, according to Research and Markets.
In digital health, firms have been raising funds over the last two years to accelerate their growth and expansion in the country. Jio Health, a digital health startup in Vietnam, announced this March that it had raised $20 million in a series B funding round led by Singapore-based Heritas Capital.
The startup, which provides telemedicine and e-prescription services through its mobile app, is using the proceeds to reach more customers and expand across more cities in Vietnam. It also plans to enter Southeast Asian markets from a short to medium-term perspective.
In the Vietnam databook, key players in the retail e-commerce market are Lazada, Mobile World Group, Shopee, and Tiki. Meanwhile, the travel e-commerce sector has key names like Agoda, beTaxi by Be Group, Booking.com, Traveloka, and Trivago. The food delivery field’s key players include ShopeeFood, Baemin, GoJek's Go-Food, and Grab Food.
Like Research and Markets, the White Book on Vietnamese E-business 2022, issued by the country’s Ministry of Industry and Trade last month, forecast the Vietnamese retail e-commerce market value at $16.4 billion for this year.
The White Book also said that with online marketplaces now a vital distribution channel in the era of digitalization, firms are investing more in expanding their presence on these platforms.
Those doing business on social networks, such as Facebook, Zalo and Instagram, surged 41% in 2021 and 57% in 2022, according to the book.
Professional services firm Deloitte Vietnam, in a study released Wednesday, says most urban Vietnamese consumers are already used to omnichannel purchasing, making this modern retailing method a clearer trend in the country.
The firm also points out two other developing trends that continue to play out in the retail sector, namely accelerated uptake of digital wallets and non-cash payments; and growth in the wholesale e-commerce segment.
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