Vietnam's e-commerce market has a stable growth rate, reaching an average annual growth rate of 16-30% over the past 4 years, the highest in the world .
The recently released Southeast Asia e-commerce report by OpenGov Asia said that Vietnam and Thailand have emerged as two markets. e-commerce fastest growing in Southeast Asia.
The report highlights Vietnam surpassing the Philippines to become the third largest e-commerce market in the region.
In 2023, the total merchandise value (GMV) of the top 8 e-commerce platforms in Southeast Asia reached 114.6 billion USD, up 15% year-on-year.
Despite macroeconomic challenges, Southeast Asia’s e-commerce sector has demonstrated continued growth, with GMV this year predicted to double compared to 2020.
Vietnam and Thailand led the growth trajectory, with GMV up 52.9% and 34.1% year-on-year, respectively.
Vietnam's e-commerce market has a stable growth rate, reaching an average annual growth rate of 16-30% over the past 4 years, the highest in the world.
In the dynamic ASEAN market, Shopee dominates with a total GMV of US$55.1 billion last year, accounting for 48% 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.
The report identifies key opinion leaders (KOLs) as playing a key role in driving the e-commerce market in Vietnam, Thailand and Indonesia.
As OpenGov Asia reported, 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 2022-2025, with forecasts showing a 20% annual growth through 2026.
Over the past five years, Vietnamese businesses have significantly expanded their international operations, with a number of export products through international e-commerce platforms increased by 300% and many small and medium enterprises achieved annual revenue of over 1 million USD.
The Vietnamese Government, together with ministries, sectors, localities and the business community, are actively promoting digital transformation and sustainable development in e-commerce.
The report mentions Vietnam’s initiatives to promote e-commerce, such as the Vietnam E-commerce and Digital Economy Agency, which is strengthening the legal framework, providing financial support, encouraging investment, and ensuring data protection and cybersecurity; Prime Minister Pham Minh Chinh has just issued Official Dispatch No. 56/CD-TTg to strengthen state management in the field of e-commerce and digital business.
The report assesses that these initiatives underscore Vietnam’s commitment to digital transformation and economic modernization, aiming for sustainable growth in the digital economy and improving access to global markets for Vietnamese businesses.
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