In total they spent VND319.9 trillion in gross merchandise volume on Shopee, Lazada, TikTok Shop, Tiki, and Sendo, according to data provider Metric.
The figure went up 37% year-on-year.
It accounted for 6.5% of Vietnam’s total retail sales, data from the General Statistics Office shows.
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Delivery people seen in Cau Giay District, Hanoi in February 2024. Photo by VnExpress/Ngoc Thanh |
Actual online spending by Vietnamese consumers may be even higher, as Metric’s data does not include transactions on social media platforms or cross-border e-commerce platforms.
The government’s Department of E-commerce and Digital Economy estimated that Vietnam’s 2024 e-commerce market size surpassed $25 billion, reflecting 20% growth, exceeding the $22 billion forecast by Google and its partners.
Metric data also revealed that the volume of goods sold via the five major platforms surged by over 50% in 2024, reaching more than 3.4 million products.
“These figures indicate that consumer purchasing power remained strong,” it said.
Online sales expert Tran Lam said that e-commerce growth has been fueled by businesses increasing investments in e-commerce activities, recognizing the channel’s growing importance.
“Online platforms are not just sales channels; they also influence offline (brick-and-mortar) business performance. Strong online sales can boost offline success through enhanced brand recognition,” he said.
Vietnamese consumers are increasingly favoring buying essential goods online, with a growing preference for branded products and those of foreign origin when placing orders.
While beauty, home and lifestyle, and fashion were the top revenue-generating categories, the grocery and food segment experienced the highest growth of 76%.
This implied a shift in consumer behavior toward purchasing daily necessities online instead of visiting traditional markets or supermarkets.
Segments of official brands on Shopee and TikTok reported significant growth, with sales increasing nearly 70% and over 180%, respectively.
In 2024, Vietnam e-commerce witnessed a significant surge in imported goods, with over 324.1 million products entering the country, generating VND14.2 trillion in sales – a year-over-year growth of nearly 38% and 43%, respectively.
Metric said that Vietnamese consumers are now more comfortable purchasing foreign products due to improved logistics systems, which have shortened delivery times and reduced the risk of lost shipments.
Additionally, e-commerce platforms have enhanced return policies and customer protection, further boosting consumer confidence, it said.
Competitive pricing is another factor driving demand for imported goods, as many foreign products are cheaper than domestic alternatives thanks to lower production costs, it added.
“This signals a need for local businesses to optimize their products and pricing strategies to remain competitive.”
Lam predicts fierce competition in the e-commerce market, particularly with the growing influx of imported products from China which are flooding the Vietnamese market.
Stronger imports are expected as businesses seek outlets amid global trade tensions, he added.
“I have seen many local fashion retailers struggling to compete with Chinese products, forcing them to pivot to sectors like agricultural goods, food, and natural products.”
The Vietnamese government has been making moves to protect local vendors.
An exemption of value-added tax on low-value imported goods sold via express delivery will be removed starting Feb. 18, 2025.
The Ministry of Finance said that this policy aims to ensure fair competition and encourage the consumption of domestically produced goods.
