E-commerce boom in Vietnam: 40% growth fuels record $13.82 bln GMV

The total Gross Merchandise Volume (GMV) of Vietnam's four major e-commerce platforms reached VND87.37 trillion (nearly $3.5 billion) in Q2 2024, marking a 10.4% increase from the previous quarter, according to data from YouNet ECI, an e-commerce analysis and growth consulting firm.

Shopee maintained its leading position with a revenue of VND62.38 trillion (nearly $2.49 billion), capturing 71.4% of the GMV market share. It also held more than 50% market share across all product categories on e-commerce platforms.

TikTok Shop ranked second with VND19.24 trillion ($767.6 million), holding a 22.0% GMV market share. Lazada followed with VND5.16 trillion (nearly $206 million), and Tiki with VND584.77 billion ($23.3 million).

Compared to Q1 2024, Shopee recorded remarkable growth of 16.1%, while TikTok Shop grew by 4.8%, allowing Shopee to gain an additional 3.5 percentage points in market share. The robust growth of Shopee and TikTok Shop has significantly contributed to Vietnam's e-commerce reaching a record GMV of $13.82 billion in 2024, a 40% increase compared to 2023, far surpassing the 9% growth of the retail industry.

In Q4 2024, the majority of transaction value on the two largest platforms came from four product categories: Fashion and Accessories (26.5% GMV), FMCG (16.6%), Home Appliances (15.8%), and Beauty (13%). It is evident that FMCG has now surpassed Home Appliances & Technology to rank second behind Fashion & Accessories in consumers’ online shopping baskets.