Vietnamese spend nearly $5.68 billion on online shopping

Vietnamese consumers spent VND143.9 trillion ($5.68 billion) buying 1.53 million items on five e-commerce platforms in the first half of this year, up 54.91% and 65.55% year-on-year respectively, according market analysis firm Metric.

The figures demonstrate the robust e-commerce market of Vietnam as well as ability of sellers to take advantage of online shopping trends, the report said.

However, Metric pointed out that the growth mainly came from TikTok Shop and Shopee.

Only Tiktok Shop and Shopee registered positive growth rates of 150.54% and 65.96% in revenue in the period.

Meanwhile, Lazada, Tiki and Sendo saw negative growth in both revenue and sale volumes. Lazada’s revenue fell by 43.81% and Tiki by 48.55%.

Metric said that both Shopee and Tiktok Shop successfully took advantage of livestream shopping trends, while the number of shop malls increased by 12.29% in the period.

The top 10 brands with highest e-commerce revenue included only one Vietnamese brand – Vinamilk - raising a need for domestic brands to develop business strategies to compete in the domestic e-commerce market.

Metric predicted that the demand for school supplies with prices of below VND50,000 ($1.98) per item will increase in August and early September as a new school year begins.