Vietnamese Online Shopping Soars: Consumers Shell Out $16B, Leading Southeast Asia’s Retail Surge!
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Vietnamese consumers spent an estimated US$16 billion on online purchases via platforms such as Shopee, Lazada, and TikTok Shop in 2024, placing the country among the top three e-commerce markets in Southeast Asia.
The recently unveiled Southeast Asia E-commerce 3.0 report from Momentum Works highlights a booming digital shopping landscape in the region, which saw a total gross merchandise value (GMV) of $128.4 billion in 2024—marking a 12% year-on-year increase. Remarkably, Southeast Asia processed an average of 43.6 million online orders daily, nearing the scale of the U.S. market, a fact that could make any retailer’s heart race.
Shopee, Lazada, and TikTok Shop dominate the market, accounting for over 90% of all orders, while Vietnam joins the ranks of top five e-commerce powerhouses, alongside Thailand, which leads with $23.5 billion, Malaysia at $11.5 billion, the Philippines matching Vietnam at $16 billion, and Singapore standing at $4.9 billion. Thailand and Malaysia stand out for their impressive growth figures, with increases of 22% and 20%, respectively.
Indonesia remains the titan of the region, boasting a staggering $56.5 billion in GMV and a commanding 44% market share. However, its growth has tempered to just 5%, a reflection of ongoing platform mergers that have caused a few hiccups.
“Thailand and Malaysia stand out for their impressive growth figures, with increases of 22% and 20%, respectively.”
In Vietnam, e-commerce is predominantly led by three major platforms. Shopee significantly leads the charge with a 65% market share, translating to about $10.4 billion in GMV. TikTok Shop follows with a growing presence at 28% ($4.5 billion), while Lazada holds 6% ($1 billion) and Tiki trails with 1% ($200 million). This online tussle illustrates a dynamic market, indicative of a region that is rapidly evolving.
Beyond these major players, other digital channels like brand websites, multi-brand retailers, and social media platforms, including WhatsApp, have contributed an impressive $16.8 billion to the region’s total e-commerce value.
The report also indicates a noteworthy comeback for Chinese consumer brands in Southeast Asia. These businesses are returning with revitalized products and localized strategies aimed at seizing essential market segments, proving that what goes around comes around—especially in retail.
Looking ahead, Momentum Works projects that Southeast Asia’s e-commerce sector could generate an additional $131 billion in transaction value by 2030 if companies effectively leverage artificial intelligence across sales, operations, logistics, and customer service.
Questions & Answers
Q.How much did Vietnamese consumers spend on online shopping in 2024?
How much did Vietnamese consumers spend on online shopping in 2024?
Vietnamese consumers spent approximately US$16 billion on online purchases in 2024.
Q.Which platforms dominated e-commerce in Vietnam?
Which platforms dominated e-commerce in Vietnam?
Shopee, TikTok Shop, and Lazada were the dominant platforms, accounting for over 90% of the total order volume.
Q.What future growth is anticipated for Southeast Asia’s e-commerce sector?
What future growth is anticipated for Southeast Asia’s e-commerce sector?
Momentum Works forecasts that the sector could generate an additional $131 billion in transaction value by 2030, driven by the adoption of artificial intelligence.