Vietnam recorded a double-digit growth in e-commerce with Gross Mechandise Value (GMV) increase of 15.9% year-on-year in 2024, according to the latest annual Ecommerce in Southeast Asia report released by the Momentum Works.

The report offers insights into the latest numbers, market trends, and strategies shaping the region’s ecommerce landscape.

Thailand and Malaysia are the fastest-growing markets, with 21.7% and 19.5% year-on-year growth, respectively.

Indonesia remained the largest market (44% of GMV share) despite slower growth amid consolidation.

In 2024, Southeast Asia’s ecommerce market grew 12% year-on-year to $128.4 billion in GMV, according to the report.

The three leading platforms – Shopee, TikTok Shop, and Lazada – now own over 84% market share across the region.