Vietnam’s e-commerce market grows fastest in SEA

Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report '2024 E-commerce in Southeast Asia' by Momentum Works.

TikTok Shop has become the second largest e-commerce platform in Southeast Asia after acquiring Tokopedia. (Photo: topzone.vn)
TikTok Shop has become the second largest e-commerce platform in Southeast Asia after acquiring Tokopedia. (Photo: topzone.vn)

Hanoi (VNS/VNA) - Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report '2024 E-commerce in Southeast Asia' by Momentum Works.

Vietnam also surpassed the Philippines to become the third largest e-commerce market in the region.

The total merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached 114.6 billion USD in 2023, a year-on-year increase of 15%.

The report showed although the macro economy still has many difficulties, the Southeast Asian e-commerce has grown continuously and this year's GMV is predicted to be double that of 2020.

Vietnam and Thailand are the two fastest growing e-commerce markets, with GMV increasing by 52.9% and 34.1% respectively over the same period last year.

Vietnamese e-commerce has grown continuously with an average growth rate of 16-30% per year in the past four years, the highest growth rate in the world.

Meanwhile, Indonesia is still the largest e-commerce market in ASEAN, contributing 46.9% to the region's GMV.

In the Southeast Asian market, Shopee will achieve total GMV revenue of 55.1 billion USD last year, accounting for 48% of the market share.

TikTok Shop has become the second largest e-commerce platform in Southeast Asia, after acquiring Tokopedia.

The commerce platform's GMV nearly quadrupled over 2022 to reach 16.3 billion USD in the past year.

In Vietnam alone, TikTok Shop is currently the second largest e-commerce platform with 24% market share.

The report also identified some main drivers in the e-commerce industry in the region.

Firstly, KOLs (influencers) selling online are able to navigate the e-commerce market in three markets of Vietnam, Thailand and Indonesia. Even just one livestream session with a KOL can generate millions of dollars in revenue.

Secondly, platforms in the region have begun to adopt innovative AI applications, especially in user experience and operational efficiency.

Thirdly, sellers are also facing pressure from parcel delivery service sourcing platforms./.

VNA

See more

At the opening ceremony of HortEx Vietnam 2025 (Photo: VNA)

HCM City HortEx showcases agricultural technologies, smart farming

HortEx Vietnam 2025 also serves as a gathering place for businesses, cooperatives, and agricultural producers from more than 16 provinces and cities across Vietnam, providing an excellent opportunity for local enterprises to exchange knowledge, learn from international experience, access new technologies, and expand their markets.

Hyundai Accent remains the best-selling model, with 455 units delivered to customers in February. (Photo: VNA)

Hyundai auto sales remain stable in February

In February, Hyundai Accent remained the best-selling model, with 455 units delivered to customers. It was followed by Hyundai Tucson with 403 units, Hyundai Stargazer with 304 cars, and Hyundai Creta with 303 vehicles.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for Financial Inclusion in Hanoi on March 12. (Photo: VNA)

PM requests stronger efforts to ensure comprehensive, equitable financial access

PM Pham Minh Chinh, who is also head of the steering committee, highlighted the significance of the strategy for the country's socio-economic development, saying that it enables individuals and businesses to access essential financial resources and services for development, improving living standards of the people, and promoting savings and investment.

Manufacturing toys for export at Bilion Max Vietnam Export Processing Co. Ltd. in Hue city. (Photo: VNA)

Vietnam’s economy poised to grow 6.8% this year: WB

“Vietnam is projected to maintain robust economic growth over the next two years, but it can use its fiscal space to better prepare for heightened uncertainties”, said Mariam J. Sherman, World Bank Director for Vietnam, Cambodia and Laos at a press conference.

A shopping mall in HCM City. The retail property market in HCM City is expected to see further growth this year. (Photo: gkg.com.vn)

HCM City retail property market expected to heat up

In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will "transform" to recover for a new growth cycle.

Illustrative image (Photo: VNA)

Measures needed to boost business optimism: VCCI

According to the Ministry of Planning and Investment, there are currently 940,000 active enterprises, falling short of the target of one million by 2020 and 1.5 million by the end of the year.

Site clearance has been completed for the Metro Line No.2 project. (Photo: sggp.org.vn)

HCM City to use municipal budget for Metro Line No. 2 project

The Metro Line No. 2 project has an estimated investment of nearly 47.9 trillion VND (2 billion USD) and has nearly completed land clearance, at 99.8%. The NA’s Resolution 188 authorises HCM City to develop seven metro lines spanning 355 kilometres over the next decade, with preliminary total investment for the 2025-2035 phase estimated at 40.2 billion USD.