Business

Vietnamese consumers spend 16 billion USD on online shopping in 2024

Shopee holds the largest market share, commanding 65% of GMV (around 10.4 billion USD), followed by TikTok Shop at 28% (4.5 billion USD), Lazada at 6% (1 billion USD) and Tiki at 1% (nearly 200 million USD).

A customer shops online. In Vietnam, the e-commerce landscape is dominated by three major platforms. (Photo: VNA)
A customer shops online. In Vietnam, the e-commerce landscape is dominated by three major platforms. (Photo: VNA)

Hanoi (VNS/VNA) - Vietnamese consumers spent an estimated 16 billion USD on online purchases via platforms such as Shopee, Lazada and TikTok Shop in 2024, placing the country among the top three e-commerce markets in Southeast Asia.

The newly released Southeast Asia E-commerce 3.0 report by Momentum Works shows that the region's total gross merchandise value (GMV) across e-commerce platforms reached 128.4 billion USD in 2024, up 12% year-on-year. On average, the region processed 43.6 million online orders per day, approaching the scale of the US market.

Shopee, Lazada and TikTok Shop accounted for more than 90% of total order volume, with Vietnam being one of the top five markets in the region alongside Thailand (23.5 billion USD), Malaysia (11.5 billion USD), the Philippines (16 billion USD) and Singapore (4.9 billion USD). Thailand and Malaysia led in growth, posting 22% and 20% increases respectively.

Indonesia remains the region’s largest e-commerce market, with 56.5 billion USD in GMV and a 44% market share. However, its growth slowed to just 5% due to ongoing platform mergers.

In Vietnam, the e-commerce landscape is dominated by three major platforms. Shopee holds the largest market share, commanding 65% of GMV (around 10.4 billion USD), followed by TikTok Shop at 28% (4.5 billion USD), Lazada at 6% (1 billion USD) and Tiki at 1% (nearly 200 million USD).

Beyond major platforms, other digital commerce channels such as brand websites, multi-brand retailers, social media and messaging apps like WhatsApp contributed an additional 16.8 billion USD to the region’s total e-commerce value.

The report also noted a resurgence of Chinese consumer brands in Southeast Asia. These brands are returning with upgraded products and more localised strategies to capture key market segments.

Momentum Works forecasts that Southeast Asia’s e-commerce sector could generate an additional 131 billion USD in transaction value by 2030 if businesses effectively adopt artificial intelligence across sales, operations, logistics and customer service./.

VNA
#Vietnamese consumers #online purchases #top three e-commerce markets #Southeast Asia E-commerce 3.0 report
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