In the first half of 2024, Vietnamese consumers spent up to VND 143.9 trillion (equivalent to USD 6 billion) on online shopping, an impressive figure that demonstrates the robust development of the e-commerce sector in Vietnam.
E-commerce continues to be a significant growth driver for Vietnam's economy. According to market analysis firm Metric, the sector has grown by more than 54% in both revenue and transaction volume compared to the same period in 2023.
The top five e-commerce platforms—Shopee, Lazada, Tiki, Sendo, and TikTok Shop—all recorded impressive growth. Collectively, these platforms achieved VND 143.9 trillion (USD 6 billion) in revenue and 1.533 million successful orders, marking a 54.91% increase in revenue and a 65.55% increase in transaction volume compared to the first half of 2023.
This growth highlights the immense potential of the Vietnamese e-commerce market and how businesses are effectively capitalizing on the shift from offline to online shopping.
Another notable trend is the rise of official stores (Shop Mall). In the first half of 2024, the number of Shop Malls increased by 12.29% compared to the same period last year.
Major sellers on Shopee often have warehouses in Hanoi and Ho Chi Minh City, the two major economic hubs of the country with well-developed logistics systems. Additionally, the Red River Delta region is emerging as a highly potential area with a dense population and high consumer demand.
Cosmetics, women's fashion, and household goods continue to lead in both revenue and volume across all five e-commerce platforms. Notably, products priced affordably under VND 200,000 remain highly attractive to buyers, with market share increasing by 3% compared to last year. This trend reflects the overall picture of tighter spending in the current economic context, where consumers prioritize affordable products.
In the first half of 2024, tech brands like Apple, Samsung, and Xiaomi dominated the revenue charts, indicating strong consumer demand for tech products.
Among the top 10 highest revenue brands in the Vietnamese e-commerce market, only one domestic brand, Vinamilk, is present. This indicates fierce competition on e-commerce platforms and suggests that local brands need more strategic efforts to enhance their market position.
According to Metric, the back-to-school season (late August to early September) is a golden period for stationery products on e-commerce platforms. Sales of stationery items such as pens, notebooks, and various types of paper have surged as consumers prepare for the new school year. These products, often priced below VND 50,000, remain very popular among Vietnamese consumers.
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