Vietnam E-Commerce Market Report and Forecast 2024-2032

Vietnam E-Commerce Market Size

The Vietnam e-commerce market reached approximately USD 13.1 billion in 2023. The market is projected to grow at a CAGR of 12.40% between 2024 and 2032, reaching a value of around USD 37.65 billion by 2032.

Vietnam E-Commerce Market Outlook

• In 2021, the internet economy of Vietnam reached USD 21 billion, accounting for 5% of the country’s GDP. Additionally, Vietnam's digital economy is expected to top USD 43 billion by 2025.

• In 2021, the middle-class population of Vietnam was estimated to be 13% of the total population and is expected to reach 26% by 2026. The rising disposable income of this class is expected to support the growth of e-commerce.

• As per industry reports, cities such as Hà Ná»™i and HCM City account for 70% of online retail sales on a national scale.

Vietnam E-Commerce Market Growth

The presence of progressive policies set out by the government is aiding the growth of the e-commerce market in Vietnam. In May 2020, the Government approved a national e-Commerce development master plan, which has encouraged the use of e-commerce in businesses and consumers, reduced the gap between major cities and localities, developed a sustainable virtual market, and improved cross-border online trading.

Additionally, the government is promoting a non-cash payment community intending to increase cashless payment to more than 50% by 2025. Furthermore, the increasing middle-class population of Vietnam and increasing disposable income are providing significant opportunities for the expansion of the e-commerce market.

In 2023, the total revenue from business-to-consumer (B2C) transactions on registered e-commerce platforms in the country reached VND 498.9 quadrillion (USD 20.1 billion). Of these, the revenue of the major e-commerce platforms in Vietnam which includes Shopee, Lazada, Tiki, Sendo, and TikTok Shop reached USD 9.4 billion, stating an increase of 53.4% compared to 2022.

Vietnam E-Commerce Industry Segmentation

Vietnam E-Commerce Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Business to Consumer (B2C)

• Business to Business (B2B)

Market Breakup by Industry

• Beauty and Personal Care

• Fashion and Apparel

• Consumer Electronics

• Food and Beverage

• Health and Wellness

• Home Decor

• Household Consumables

• Others

Vietnam E-Commerce Market Share

Hanoi, a city in Vietnam witnessed a revenue of USD 3.1 billion, amounting to a 33% market share and a 44% increase year-on-year. The city is engaged in promoting online consumer activities and aims to encourage 53% of its population to shop online.  Morever, in 2024, Hanoi aims for business-to-consumer (B2C) e-commerce sales to make up 13% of its total retail sales of goods and consumer services. The city also targets a 48% cashless rate for e-commerce payments and aims for 69% of online transactions to utilise e-invoicing. Embracing cashless payments aligns with the growth of the digital economy and e-commerce sector in Vietnam.

Leading Companies in Vietnam E-Commerce Market

Market players are actively investing in technological developments and are improving the quality of products and services, to cater to the changing consumer behaviours.

• Tiki Corp

• Shopee Pte. Ltd.

• Lazada Group

• Nguyen Kim Trading Joint Stock Company

• Viettel Store

• FPT Corp. (Sen Do Technology Joint Stock Company)

• Cao Phong Co., Ltd.

• Dieu Phuc Trading and Technical Services Co., Ltd.

• Others

Key Highlights of the Report