Vietnam e-commerce revenue surpasses $12.6 bln in 2024

E-commerce in Vietnam is reinforcing its status as a pivotal retail channel, with purchasing power continuing to see double-digit growth.

According to the recently released "Vietnam Online Retail Market Landscape 2024 & Forecast 2025" report by Metric, the total combined revenue of the top five e-commerce platforms in Vietnam—Shopee, Lazada, TikTok Shop, Tiki, and Sendo—reached VND318.9 trillion (nearly $12.67 billion) in 2024, marking a robust 37.36% increase compared to 2023.

Additionally, total consumption volume surged to more than 3.4 million products, a significant rise of 50.76%, underscoring the sustained high purchasing power in the market.

The revenue generated by e-commerce platforms in 2024 experienced notable fluctuations, with a peak during the final months of the year, driven by Tet (Lunar New Year) and year-end festivals. However, there was a pronounced decline from April to June.

Despite the revenue growth, the number of stores generating orders decreased by 20.25%, indicating intensified competition. Many small-scale or less efficient sellers exited the market, making room for brands with clear business strategies, product portfolios tailored to consumer preferences, and greater operational flexibility.

Moreover, the presence of 31,500 foreign sellers is exerting direct competitive pressure on domestic shops in the online retail market.