Vietnam's e-commerce market grows by an average of 30%

Despite the many difficulties in the macro economy , Southeast Asian e-commerce has continued to grow over the years, with Vietnam being the most prominent.

The recently released Southeast Asia e-commerce report by OpenGov Asia highlights that Vietnam has surpassed the Philippines to become the third largest e-commerce market in the region. In 2023, the total gross merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia will reach US$114.6 billion, up 15% year-on-year.

The e-commerce market has grown continuously over the years. Illustrative photo

Vietnam and Thailand led the growth trajectory, with GMV up 52.9% and 34.1% year-on-year, respectively. In the ASEAN market, Shopee dominated with a total GMV of $55.1 billion last year, accounting for 48% of the market share. TikTok Shop has emerged as the second-largest e-commerce platform in Southeast Asia after acquiring Tokopedia.

In Vietnam, TikTok Shop holds 24% market share, becoming the second largest e-commerce platform. Vietnam is stepping up efforts to develop cross-border e-commerce as an important economic growth driver, supported by a variety of policies, guidelines and innovative solutions.

The sector is expanding at a rate 2.3 times faster than conventional e-commerce between 2022 and 2025, with annual growth forecast to be around 20% through 2026.

Over the past five years, Vietnamese businesses have significantly expanded their international operations, with the number of products exported via international e-commerce platforms increasing by 300%, and many small and medium-sized enterprises achieving annual revenue of over 1 million USD.

The Vietnamese Government, together with ministries, branches, localities and the business community, are actively promoting digital transformation and sustainable development in e-commerce.

Source: https://congthuong.vn/thi-truong-thuong-mai-dien-tu-viet-nam-tang-truong-trung-binh-toi-30-333308.html