Vietnamese e-commerce platform revenues fall in third quarter
Vietnamese e-commerce platform revenues fell significantly in the third quarter of this year, while foreign platforms saw considerable expansion, according to a recent report by e-commerce data company Metric.
Vietnamese e-commerce platform revenues fell significantly in the third quarter of this year, while foreign platforms saw considerable expansion, according to a recent report by e-commerce data company Metric.
TiktokShop and Shopee revenues increased by 110.6 per cent and 11.3 per cent in the quarter, respectively.
In comparison, Lazada revenues dropped by 70.5 per cent, Tiki by 32.1 per cent and Sendo by 65.3 per cent.
Meanwhile, statistics from the Việt Nam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade showed that Shopee was the top favourite e-commerce platform for Vietnamese consumers in 2023 (81 per cent of Internet users), followed by Lazada (42 per cent), Tiktok (34 per cent) and Sendo (8 per cent).
This demonstrated that the shares of e-commmerce platforms are changing rapidly.
According to Mordor Intelligence, Việt Nam is one of 10 countries with the highest e-commerce growth rates in the world, ranking first in Southeast Asia with more than 10 per cent growth annually.
Đào Cẩm Thủy from Việt Nam National University in Hà Nội said that the Vietnamese market is full of potential for e-commerce platforms. The market will witness increasingly fiercer competition while foreign platforms penetrate and expand in Việt Nam to capitalise on a market with a population of 100 million.
E-commerce revenue is expected to reach more than US$27 billion this year, up from $20.5 billion in 2023. Revenues are predicted to hit $35 billion in the next few years. — VNS
