Vietnam’s online food delivery market tops $2.1 bln as foreign apps dominate

Vietnam’s online food delivery market generated gross merchandise value (GMV) of about $2.1 billion in 2025, driven mainly by ShopeeFood and GrabFood, according to a new report by Singapore-based venture capital firm Momentum Works.

The figure, covering transactions on ShopeeFood, GrabFood, and beFood, represents a 19% increase from 2024, underscoring continued expansion despite intensifying competition and recent platform exits, the report said.

GMV reflects the value of completed orders placed via delivery apps and excludes direct restaurant orders and cancelled transactions.

ShopeeFood and GrabFood dominated the market, each accounting for 48% of total sales, while beFood held a 4% share. Newcomer Xanh SM Ngon, under Vingroup’s ride-hailing Xanh SM and entering the market in mid-2025, has yet to record meaningful sales, according to Momentum Works.

The findings align with broader industry estimates. A separate “e-Conomy 2025” report by Google, Temasek, and Bain & Company estimated Vietnam’s combined ride-hailing and food delivery market at $5 billion in 2025, up 20% year on year, and projected it to reach $9 billion by 2030.

Consumer research firm Decision Lab said ordering food via apps has become a routine habit for urban consumers, particularly in Hanoi, Ho Chi Minh City, and Danang city. Data provider Statista attributed the market’s growth to widespread smartphone adoption, increasingly busy lifestyles, and rising demand for convenience.

Still, the sector has undergone rapid consolidation. In 2023, six platforms were active in Vietnam, including ShopeeFood, GrabFood, beFood, GoFood, Baemin, and Loship. Baemin exited the market in December 2023, followed by Gojek’s withdrawal in September 2024, which led to GoFood’s departure. Local platform Loship shut down operations later in 2024.

Market shares between ShopeeFood and GrabFood are expected to remain fluid as competition intensifies. Xanh SM Ngon, launched in June 2025, is seeking to leverage its fast-growing electric motorbike ride-hailing network to gain traction in food delivery.

Platforms are also expanding beyond basic delivery services. GrabFood has rolled out group ordering features, solo-dining solutions, and dine-in vouchers, while ShopeeFood has deployed artificial intelligence in affiliate marketing and livestreaming to stimulate demand.

Despite strong growth, Vietnam remains the smallest online food delivery market among the six Southeast Asian countries tracked by Momentum Works, trailing Indonesia, Thailand, the Philippines, Malaysia, and Singapore. Combined GMV across the six markets reached $22.7 billion in 2025, with Thailand posting the fastest growth at 22% to $5.1 billion.

Jianggan Li, founder and chief executive of Momentum Works, said Southeast Asia’s food delivery industry continues to expand in both scale and user base, with platforms focusing on affordability to reach mass-market consumers. He added that many are broadening their revenue streams into dine-out services and advertising, positioning themselves to evolve from transaction platforms into demand orchestrators within the wider food and beverage ecosystem.