E-commerce startups placed to develop strongly

Vietnamese e-commerce startups saw positive performance in the opening months of 2022 and are further boosting their development in the local e-commerce market.

At the end of February, cross-border e-commerce player the OpenCommerce Group (OCG) successfully raised $7 million in a Series A funding round led by VNG and Ventures Do Ventures. Another Vietnamese e-commerce platform, Mio, announced an $8 million Series A funding round in mid-January, bringing its total fund raising since establishment to $9.1 million.

According to the Vietnam E-commerce Association (VECOM), the scale of the country’s e-commerce market could reach $52 billion by 2025 and become the third-largest in ASEAN. Mio’s total gross merchandise value (GMV) had increased by more than 50-fold by the end of January and more than 10,000 fresh Mio products are on the platform every day. The OCG’s GMV reached $670 million just over two years after launch, and it has helped more than 86,700 people from 195 countries and territories do business on e-commerce platforms at a global scale. These startups have seized the opportunity to develop e-commerce amid the Covid-19 pandemic.

Local e-commerce startups are now promoting their different methods and services to affirm their reputation in Vietnam and compete with major platforms such as Shopee, Lazada, and Tiki, etc. According to a representative from VNG, OCG is one of only a few companies in Vietnam capable of creating products that can compete with major international competitors in cross-border e-commerce.