Multinational e-commerce platforms strengthen their foothold in Việt Nam

The E-Commerce and Digital Economy Agency's report showed the revenue of products sold through online business-to-consumer (B2C) retail model increased from $10.8 billion in 2018 to $20.5 billion last year.

Việt Nam, one of the most potential shoppertainment markets, is expected to become the fastest growing e-commerce market in Southeast Asia, given the increasing presence of multi-national e-commerce platforms here.

TikTok Việt Nam said the number of merchants and average sales on its app tripled last year, fueling its optimism in the country, the Nikkei Asia newspaper reported recently.

VinFast motorbikes and Samsung phones were among the products that led e-commerce growth, released TikTok Shop.

The platform of China's ByteDance eclipsed Lazada to become Việt Nam's No. 2 online marketplace after Shopee, with vendors in the country earning about US$1.3 billion in the past six months, analytics firm Metric said.

According to DataReportal, TikTok Việt Nam had 67 million users early this year versus 50 million a year earlier in a country of 100 million people, compared with Facebook's 73 million users and YouTube's 63 million.

A report by the E-Commerce and Digital Economy Agency under the Ministry of Industry and Trade showed that the revenue of products sold through online business-to-consumer (B2C) retail model increased from $10.8 billion in 2018 to $20.5 billion last year. The figure is forecast to surge in the coming time and reach VNĐ650 trillion ($26.3 billion) in 2024.

Meanwhile, according to a report on online retail market in 2023 released by e-commerce data platform Metric, 2.2 billion items were successfully delivered through five major e-commerce platforms in Việt Nam, namely Shopee, Lazada, Tiki, Sendo and Tiktok Shop, a surge of 52.3 per cent over 2022.

The e-Conomy SEA 2022 report by Google, Temasek, and Brain & Company said that Việt Nam was one of the countries recording highest e-commerce growth. The B2C revenue and sales volume in Việt Nam are predicted to continue uptrend, with the five leading e-commerce platforms expecting to earn VNĐ310 trillion in 2024, representing a year-on-year growth of 35 per cent.