Business

Multi-national e-commerce platforms increase presence in Vietnam

Vietnam, one of the most potential shoppertainment markets, is expected to become the fastest growing e-commerce market in Southeast Asia, given the increasing presence of multi-national e-commerce platforms here.
Multi-national e-commerce platforms increase presence in Vietnam ảnh 1A consumer is shopping online (Photo: VNA)
Hanoi (VNA) – Vietnam, one of the most potential shoppertainment markets, is expected to become the fastest growing e-commerce market in Southeast Asia, given the increasing presence of multi-national e-commerce platforms here.

TikTok Vietnam said the number of merchants and average sales on its app tripled last year, fueling its optimism in the country, the Nikkei Asia newspaper reported recently.

VinFast motorbikes and Samsung phones were among the products that led e-commerce growth, released TikTok Shop.

The platform of China's ByteDance eclipsed Lazada to become Vietnam's No. 2 online marketplace after Shopee, with vendors in the country earning about 1.3 billion USD in the past six months, analytics firm Metric said.

According to DataReportal, TikTok Vietnam had 67 million users early this year versus 50 million a year earlier in a country of 100 million people, compared with Facebook's 73 million users and YouTube's 63 million.

A report by the E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade showed that the revenue of products sold through online business-to-consumer (B2C) retail model increased from 10.8 billion USD in 2018 to 20.5 billion USD last year. The figure is forecast to surge in the coming time and reach 650 trillion VND (26.31 billion USD) in 2024.

Meanwhile, according to a report on online retail market in 2023 released by e-commerce data platform Metric, 2.2 billion items were successfully delivered through five major e-commerce platforms in Vietnam, namely Shopee, Lazada, Tiki, Sendo, and Tiktok Shop, a surge of 52.3% over 2022.

The e-Conomy SEA 2022 report by Google, Temasek, and Brain & Company said that Vietnam was one of the countries recording highest e-commerce growth. The B2C revenue and sales volume in Vietnam are predicted to continue uptrend, with the five leading e-commerce platforms expecting to earn 310 trillion VND in 2024, representing a year-on-year growth of 35%./.
VNA
#Vietnam #multi-national e-commerce platforms #TikTok Vietnam #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Online B2C retail predicted to continue booming

Online B2C retail predicted to continue booming

The revenue of products sold through online business-to-consumer (B2C) retail model is forecast to surge in the coming time and reach 650 trillion VND (26.31 billion USD) in 2024, according to the E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade (MoIT).
Wood, furniture firms advised to take advantage of e-commerce

Wood, furniture firms advised to take advantage of e-commerce

To increase brand recognition and to access more customers, Vietnamese wood, furniture, and handicraft businesses need to consider and invest systematically in online sales activities, diversifying sales channels in their business strategies, Vice Chairwoman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Duong Minh Tue has said.

See more

At the meeting of permanent Government members in Hanoi on May 24. (Photo: VNA)

Reciprocal trade negotiations with US must ensure Vietnam's core interests: PM

The future tasks must ensure Vietnam's core interests while helping consolidate and strengthen the Vietnam-US Comprehensive Strategic Partnership, bringing benefits to both countries and their consumers, and contributing to peace, stability, cooperation, and development in the region and the world, PM Chinh said.

Vietnam and the US hold the second negotiation session of the bilateral agreement on reciprocal trade in Washington D.C from May 19 to 22. - Illustrative image (Photo: VNA)

Vietnam, US look to boost bilateral economic, trade cooperation

Dien stated that Vietnam has a strong and stable demand for US products, equipment, and services, especially in hi-tech and energy sectors. He affirmed Vietnam’s commitment to fostering a transparent and healthy trade environment, noting that Vietnam stands ready to boost coordination with the US side in combating trade fraud, origin fraud, and illegal transshipment.

Ba Son bridge connects downtown Ho Chi Minh City with Thu Thiem urban area (Photo: VNA)

New development momentum for Vietnam’s economic locomotive

For over five decades, the Southeast region has been recognised as Vietnam’s economic and growth engine. At its core is HCM City, flanked by Binh Duong and Ba Ria – Vung Tau, together forming key growth poles not only for the Southeast but for the entire country.