Vietnamese e-commerce platform revenues fall in third quarter
Vietnamese e-commerce platforms’ 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% and 11.3% in the quarter, respectively.
In comparison, Lazada revenues dropped by 70.5%, Tiki by 32.1% and Sendo by 65.3%.
Meanwhile, statistics from the Vietnam 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% of Internet users), followed by Lazada (42%), Tiktok (34%) and Sendo (8%).
This demonstrated that the shares of e-commmerce platforms are changing rapidly.
According to Mordor Intelligence, Vietnam is one of 10 countries with the highest e-commerce growth rates in the world, ranking first in Southeast Asia with more than 10% growth annually.
Dao Cam Thuy from the Vietnam National University, Hanoi 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 Vietnam 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 US$20.5 billion in 2023. Revenues are predicted to hit US$35 billion in the next few years.
