Vietnamese consumers spend $16 bln on online platforms in 2024: report

Vietnam’s total gross merchandise value (GMV) on four major e-commerce platforms - Shopee, Lazada, TikTok Shop, and Tiki - reached $16 billion in 2024, a 15.9% increase compared to 2023.

Shopee and TikTok Shop dominated the market, accounting for 65% and 28% of total GMV, respectively, Singapore-based venture capital firm Momentum Works added in a new report.

Momentum Works noted that its GMV estimates include all paid orders, even those later canceled, returned, or exchanged.

Regionally, Vietnam ranked third in total GMV, alongside the Philippines, and behind Indonesia ($56.5 billion) and Thailand ($23.5 billion). In terms of growth rate, Vietnam placed fourth, following Thailand (21.7%), Malaysia (19.5%), and the Philippines (16.8%).

Earlier data from consulting firm YouNet ECI estimated that GMV on Shopee, Lazada, TikTok Shop, and Tiki reached $13.8 billion in 2023, an increase of 40% year-over-year.

Meanwhile, Vietnam’s Ministry of Industry and Trade reported a broader e-commerce market size exceeding $25 billion in 2023, surpassing projections by Google, Temasek, and Bain & Company in their “e-Conomy SEA 2024” report, which forecasted $22 billion.

Looking ahead to 2025, spending on multi-category e-commerce platforms is expected to continue its upward trend.

According to data from Metric, an e-commerce analytics platform, over 950 million products were sold in Q1/2025 across the four platforms, generating revenue of VND101.4 trillion ($3.88 billion), up more than 42% year-over-year.

Tax data also reflects this growth. The General Department of Taxation reported that online businesses paid VND74.4 trillion ($2.84 billion) in taxes during the first five months of 2025 - a 55% increase compared to the same period last year.

In the push to capture market share, e-commerce platforms are ramping up both online and offline engagement. From June 4 to June 7, TikTok Shop hosted a livestream sales event at Creative Park in Ho Chi Minh Citys Thu Duc city, resulting in over 37,000 orders. Its early June birthday campaign saw more than 20 million orders, a 46% increase over the previous year’s campaign.

Meanwhile, Lazada recently partnered with toy brand Pop Mart to launch two limited-edition collections, featuring "unboxing" livestreams that tap into the blind bag trend. The platform also plans to bring back its signature Lazada Run event next month.

On the logistics front, platforms are competing on shipping perks. In early June, Shopee launched a free shipping policy for all orders - excluding bulky items, express deliveries, and special cases.

As platforms work to drive demand, new regulations are being introduced to promote fair practices and prevent tax evasion. Beginning July 1, under Decree 117, all e-commerce and digital platforms will be required to withhold and remit value-added tax (VAT) and personal income tax on behalf of sellers, including individuals and households.

Additionally, the Ministry of Industry and Trade is drafting a new decree to replace Decree 98, which will strengthen administrative penalties for violations related to trade, counterfeit goods, and consumer protection.

Under the proposed regulation, e-commerce platforms will be held accountable if they fail to identify sellers or prevent the sale of counterfeit items.