Vietnam’s e-commerce market size to hit US$30 billion this year

E-commerce sales are booming in Vietnam, with revenue likely to hit US$30 billion this year.

Metrics that analyses e-commerce data and consumer trends reported that on average Vietnamese consumers spend approximately VND800 billion (more than US$32 million) on five e-commerce platforms of Shopee, Lazada, Tiki, Sendo and Tiktok Shop every day.

Total sales of the five e-commerce platforms in the first half of the year reached VND143.9 trillion (US$5.7 billion), representing an increase of 54.91% over the same period in 2023. Notably, the rate is 7 times higher than the growth rate of the retail industry in the past six months, according to data from the General Statistics Office.

Many new forms of online shopping, including live streaming sales and multi-channel sales, have been strongly developed, bringing huge revenue to professional sellers.

Le Hoang Tai, deputy director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said that Ho Chi Minh City is considered the country’s digital economic locomotive that has made marked progress in applying information technology and digital transformation in all fields, especially in economics.

Effective application of digital transformation solutions such as social networks, websites, livestreams and email marketing not only helps businesses reach more customers but also optimizes business management and operation, bringing many practical benefits for businesses and the economy, said the official.

On the other hand, he added it helps businesses save time, costs and human resources, and better understand customer needs so as to come up with more effective trade promotion strategies.

Tai revealed that the Trade Promotion Agency would strengthen coordination with e-platform developers, reputable sellers and relevant agencies to improve their business capacity on digital platforms, develop brands and build images for local businesses and cooperatives.

It would help to promote regional connectivity and apply science and technology to improve production and business capacity towards a green and sustainable economy.

A recently released report 2024 E-commerce in Southeast Asia by Momentum Works shows Vietnam and Thailand are the two fastest growing e-commerce markets in Southeast Asia, with the total merchandize value (GMV) increasing 52.9% and 34.1% respectively.