Vietnam seen as fastest-growing food delivery market in Southeast Asia

The Government News on February 18 quoted Momentum Works' fifth annual "Food Delivery Platforms in Southeast Asia" report as highlighting that Vietnam was the fastest-growing food delivery market in ASEAN in 2024, with a growth rate of 26 per cent, higher than the growth rate of 18 per cent from Indonesia (ranked second).   

It was estimated that the size of Vietnam's food delivery market increased to $1.8 billion in 2024 from $1.4 billion in 2023.

The report noted that the growth is contributed by factors of expanded customer segments, service areas and synergies with other business of the platforms.

In Vietnam, Grab took the lead, holding 48 per cent of the market share. ShopeeFood came behind with 47 per cent.

The remaining share belongs to BeFood (4 per cent) and Gojek (1 per cent). However, Gojek officially pulled out of the Vietnamese market in September 2024.

The report pointed out that after two years of subdued 5 per cent growth, Southeast Asia's food delivery sector rebounded in 2024 with a 13 per cent year-on-year increase, reaching a total gross merchandise value (GMV) of $19.3 billion.