Vietnam's e-commerce surges 38% in 9 months

Metric's latest report reveals continued growth in Vietnam's e-commerce market during the first nine months of 2024.

Total sales reached VND227.7 trillion ($8.96 billion), a 37.66% increase year-over-year. Product volume reached 2.43 million units, a 49.8% increase. However, the number of active shops decreased slightly by 1%.

Shopee, TikTok Shop, and Tiki experienced significant sales growth from July onwards, peaking in August. Lazada and Sendo saw consistent sales declines.

Despite fierce competition, only TikTok Shop and Shopee demonstrated positive growth compared to both the previous quarter and the same period in 2023. TikTok Shop's sales doubled year-over-year, showcasing the effectiveness of its combined shopping and entertainment strategy.

Tiki, while recording negative growth compared to 2023, achieved a remarkable 38.1% growth in Q3 2024, indicating a promising future.

Shop Mall stores and sales (authentic brand stores) experienced substantial growth in Q3 2024. Despite accounting for only 5% of total shops generating orders, Shop Mall contributed nearly one-third of overall market sales, increasing by 53.11% year-over-year.

This trend reflects a growing preference for authentic and high-quality products among Vietnamese online consumers.

Among e-commerce platforms, Shopee and TikTok Shop recorded increases in both the number of Shop Mall sellers and sales. TikTok Shop, despite having fewer brand stores than Shopee, achieved a three-fold increase in sales growth.