Việt Nam consumers spend $16 billion in 2024 on online shopping
Shopee holds the largest market share, commanding 65 per cent of GMV (around $10.4 billion), followed by TikTok Shop at 28 per cent ($4.5 billion), Lazada at 6 per cent ($1 billion) and Tiki at 1 per cent (nearly $200 million).
HÀ NỘI — 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 newly released Southeast Asia E-commerce 3.0 report by Momentum Works shows that the region's total gross merchandise value (GMV) across e-commerce platforms reached US$128.4 billion in 2024, up 12 per cent year-on-year. On average, the region processed 43.6 million online orders per day, approaching the scale of the US market.
Shopee, Lazada and TikTok Shop accounted for more than 90 per cent of total order volume, with Việt Nam being one of the top five markets in the region alongside Thailand ($23.5 billion), Malaysia ($11.5 billion), the Philippines ($16 billion) and Singapore ($4.9 billion). Thailand and Malaysia led in growth, posting 22 per cent and 20 per cent increases respectively.
Indonesia remains the region’s largest e-commerce market, with US$56.5 billion in GMV and a 44 per cent market share. However, its growth slowed to just 5 per cent due to ongoing platform mergers.
In Việt Nam, the e-commerce landscape is dominated by three major platforms. Shopee holds the largest market share, commanding 65 per cent of GMV (around $10.4 billion), followed by TikTok Shop at 28 per cent ($4.5 billion), Lazada at 6 per cent ($1 billion) and Tiki at 1 per cent (nearly $200 million).
Beyond major platforms, other digital commerce channels such as brand websites, multi-brand retailers, social media and messaging apps like WhatsApp contributed an additional $16.8 billion to the region’s total e-commerce value.
The report also noted a resurgence of Chinese consumer brands in Southeast Asia. These brands are returning with upgraded products and more localised strategies to capture key market segments.
Momentum Works forecasts that Southeast Asia’s e-commerce sector could generate an additional $131 billion in transaction value by 2030 if businesses effectively adopt artificial intelligence across sales, operations, logistics and customer service. — VNS
