Vietnam’s Top 5 E-commerce Platforms Expected to Generate Total Revenue of $12.4 Billion

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The 2023 Vietnam e-commerce report by the Vietnam E-commerce and Digital Economy Agency indicates robust growth in the country’s e-commerce sector. Business-to-consumer (B2C) online retail platforms are projected to witness continued strong growth, with an estimated revenue of VND 650 trillion in 2024. The total revenue of the country’s top five e-commerce platforms is expected to surpass VND 310 trillion, equivalent to $12.4 billion, marking a 35% increase compared to 2023.

In 2019, Vietnam’s B2C e-commerce revenue exceeded $10.8 billion, climbing from $8 billion in 2018. It continued to rise to $11.8 billion in 2020 and reached $16.4 billion in 2022. In 2023, B2C e-commerce revenue reached $20.5 billion, constituting around 7.8-8% of the total retail sales of goods and consumer service revenue nationwide.

The report from the e-commerce data platform Metric shows that the five largest e-commerce platforms in Vietnam – Shopee, Lazada, Tiki, Sendo, and Tiktok Shop – delivered 2.2 billion product units in 2023, marking a 52.3% increase compared to 2022.

New shopping trends, such as live streaming and multi-channel sales, have experienced significant growth in 2023, contributing substantial revenue to professional sellers. Despite the robust development, challenges related to ensuring the origin of goods, personal information safety, e-commerce logistics infrastructure, and consumer trust in online transactions remain areas that require further solutions. The Vietnam E-commerce and Digital Economy Agency emphasizes the need for collaborative efforts with various ministries and branches to formulate comprehensive strategies and solutions for further e-commerce development. These include protecting consumer rights, enhancing regional connectivity, promoting green and sustainable development, and addressing regional disparities through digital platforms. Initiatives such as an origin traceability system, online branding, marketing, and the Go Export program to support businesses exporting through cross-border e-commerce are among the measures being implemented to drive the sector’s growth.