Vietnam E-commerce Market - Growth, Trends, COVID -19 Impact, and Forecasts (2023 - 2028)

The Vietnam E-commerce Market is Segmented into B2C E-commerce (Beauty and Personal Care, Consumer Electronics, Fashion and Apparel, Food and Beverage, Furniture and Home), and B2B E-commerce.

Vietnam E-commerce Market Size

Vietnam Ecommerce Market Summary
Study Period: 2018 - 2028
CAGR: 27.5 %

Major Players

Vietnam Ecommerce Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Vietnam E-commerce Market Analysis

  • In Vietnam, E-Commerce revenue continues to surge with the formation of new markets and the opportunities for growth for established markets. With their growing middle classes and lagging offline shopping infrastructure, East and Southeast Asia are expected to drive this trend.
  • The Vietnamese government is actively promoting a cashless society to lower cash transactions to less than 10% of total payments and reach 70% of the banking population. The Vietnamese government approved a national e-Commerce growth master plan in May 2020. This master plan is perfectly aligned with current Vietnamese Fourth Industrial Revolution strategies and policies, with the overarching goal of establishing a digital economy and fostering national digital transformation.
  • Moreover, the plan intends to encourage enterprises and consumers to use e-commerce, close the gap between major cities and localities, create a sustainable virtual market, and increase cross-border online trading. The Vietnamese government, in particular, is actively promoting a cashless society, intending to reach a cashless payment rate of over 50% by 2025.
  • Vietnam has one of the most favorable legal environments in the ASEAN region. Five of the six legislation intended to regulate e-commerce activity have been passed in the country. The e-commerce sector has dominated the recent development of the country's ecosystem of transportation, distribution, and fulfillment services. Vietnam is a member of thirteen free trade agreements (FTAs) that allow goods to be imported and exported with reduced or zero customs tariffs as of 2020.

Vietnam E-commerce Industry Segmentation

Conducting an e-commerce business means fostering relationships and selling information, services, and goods over computer communication networks. E-commerce usually refers to trading goods and services over the internet, which means broader economic activity. E-commerce consists of B2B and B2C and internal organizational transactions that support these activities.

The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period in Vietnam. The study further analyzes the overall impact of COVID-19 on the ecosystem. The scope of the report encompasses market sizing and forecast for segmentation by B2B and B2C, in which the B2C channel is further segmented by application.

By B2C E-Commerce
Market size (GMV) for the period of 2017-2027
Market Segmentation - By Application
Beauty & Personal Care
Consumer Electronics
Fashion & Apparel
Food & Beverage
Furniture & Home
Others (Toys, DIY, Media, etc.)
By B2B E-Commerce
Market size for the period of 2017-2027

Report scope can be customized per your requirements. Click here.

Vietnam E-commerce Market Trends

This section covers the major market trends shaping the Vietnam E-commerce Market according to our research experts:

Rise of Digital Payments Across the Vietnam

  • The growth of Vietnam's digital payments sector is fueled by the expansion of e-commerce as an alternative to traditional brick-and-mortar sales. Increased desire for contact-free and cashless transactions has been facilitated by improved acceptance of digital financial technology (fintech) and the COVID-19 pandemic. Cash payments presently account for about a significant share of all e-commerce transactions in Vietnam. Still, this figure is anticipated to decline by 2025 with increasing interest in digital payment modes.
  • Moreover, the increasing use of digital payment mechanisms in Vietnam is fueled by the country's burgeoning e-commerce economy and positive regulatory reforms. E-wallets have the most significant growth estimates of all payment modes over the forecasted period compared to other digital payment methods.
  • The rapid expansion of Vietnam's 4G infrastructure has reduced mobile internet costs. The country's mobile phone base has grown to over 100 million registered subscriptions because of affordable mobile internet access. One of the pillars for the quick adoption of e-commerce and digital payments in Vietnam has been many internet users and cheap internet connections.
  • For Instance, in September 2020, the Indonesian ride-hailing company Gojek recently purchased the controlling share in WePay, a Vietnamese payments startup. Gojek will be able to receive an e-wallet license as a result of this agreement, allowing it to expand its digital enterprises in the region. Gojek has obtained partnerships with 24 local banks, 1000 retailers, and four international card issuers with this acquisition.
Vietnam Ecommerce Market: Usage of Online Transaction Methods in Vietnam as of October 2021 (in %)

Rise in Regional E-commerce Platforms

  • Vietnam's ability to foster e-commerce is demonstrated by the success of various Vietnamese-origin e-commerce platforms, such as Tiki, Sendo, and Thegioididong. These platforms have grown into big e-commerce powerhouses thanks to investments from Japan, Germany, the United States, South Korea, China, and Singapore.
  • For Instance, in December 2020, Tiki raised USD 130.0 million from NorthStar Group, in addition to majority ownership from China's Another example of these investments is's acquisition by Japan's SBI Holdings for USD 51.0 million. Grab and Gojek, the two most valuable startups in the region, are weighing the pros and cons of a possible merger. This transaction has the potential to change the e-commerce landscape in Southeast Asia.
  • Furthermore, merchants should prioritize mobile commerce to beat the domestic competition: only 19 percent of local merchants' websites are mobile-friendly. According to JP Morgan, apps are preferred over browsers for making online purchases in Vietnam, accounting for 62% of all transactions.
  • Shopee, Lazada, and are the leading shopping applications for monthly active users in Vietnam. Shopee and Lazada are fighting it out for a market share in Southeast Asia. On the other hand, Amazon does not have a significant market share in the country.
Vietnam Ecommerce Market: Average Monthly Traffic in Leading E-commerce Sites, in Millions, 1,001 respondents, Vietnam, October 2021

Vietnam E-commerce Industry Overview is one of the key players in the Vietnamese e-commerce market. Other major players include, and The studied market is dominated by these three major players. These are popular sites to decide which ones would be the best fit for users' items in terms of visitor volume, competition, and the types of e-commerce consumers they attract.

  • February 2022 - Vietnamese cross-border eCommerce company OpenCommerce Group (OCG) has raised USD 7.0 million in a Series A funding round led by VNG, a media company that is Vietnam’s first unicorn. OCG says its products also support sellers with offerings that include order management, shipping, marketing, and payments. The company has helped more than 86,700 sellers in 195 countries set up their stores, generating USD 670.0 million in gross merchandise volume.
  • April 2022 - Tiki has launched Shop2Earn, a new blockchain-based rewards program that allows customers to gain more financial benefits from their bonus points. Tiki users will be rewarded with Astra instead, which can be traded on Tiki Exchange. As such, the value of Astra fluctuates and is currently pegged to Tiki Coin – one Tiki Coin is equivalent to one Vietnamese dong.

Vietnam E-commerce Market Leaders

  1. Mobile World Investment JSC

  2. FPT Digital Retail JSC

  3. Shopee Co., Ltd.,

  4. Dien may XANH

  5. Minh Nguyet Trading and Technical Services Co., Ltd.,

*Disclaimer: Major Players sorted in no particular order

Vietnam Ecommerce Market Concentration

Vietnam E-commerce Market News

  • April 2022 - Society Pass Inc (SoPa), a Vietnam-based loyalty and e-commerce firm, announced the completion of restructuring Leflair’s Vietnam operations with the spin-off of Leflair Group. The Leflair Group will continue to pursue an acquisition of companies in the e-commerce, lifestyle retail, and online advertising verticals.
  • May 2022 - Vietnam-based B2B online marketplace Aemi has gone live to facilitate trading for creators and micro retailers. Aemi enables every social seller with a genuine product assortment, and a toolbox of inventory and marketing tools to offer operational support for their customers. It brings in an all-in-one B2B commerce platform where sellers can procure products from various brands and get support to conduct their businesses.

Vietnam E-commerce Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Key market trends and share of E-Commerce of Total Retail sector

    4. 4.4 Impact of COVID-19 on the E-Commerce sales


    1. 5.1 Market Drivers

      1. 5.1.1 Formal E-Commerce Platforms Grow alongside Social Commerce

      2. 5.1.2 Consumers are Driven to Online Platforms for Grocery needs by Wider Assortment and Fast Delivery

    2. 5.2 Market Challenges

      1. 5.2.1 Low Non-cash Payment Usage

      2. 5.2.2 Security Risks and Concerns over Electronic Payment

    3. 5.3 Analysis of key demographic trends and patterns related to the E-Commerce industry in Vietnam (Coverage to include Population, Internet Penetration, E-Commerce Penetration, Age & Income etc.)

    4. 5.4 Analysis of the key modes of transaction in the E-Commerce industry in Vietnam (coverage to include prevalent modes of payment such as cash, card, bank transfer, wallets, etc.)

    5. 5.5 Analysis of cross-border E-Commerce industry in Vietnam (Current market value of cross-border & key trends)

    6. 5.6 Current positioning of Vietnam in the E-Commerce Industry in Asia-Pacific


    1. 6.1 By B2C E-Commerce

      1. 6.1.1 Market size (GMV) for the period of 2017-2027

      2. 6.1.2 Market Segmentation - By Application

        1. Beauty & Personal Care

        2. Consumer Electronics

        3. Fashion & Apparel

        4. Food & Beverage

        5. Furniture & Home

        6. Others (Toys, DIY, Media, etc.)

    2. 6.2 By B2B E-Commerce

      1. 6.2.1 Market size for the period of 2017-2027


    1. 7.1 Company Profiles

      1. 7.1.1 Shopee Pte. Ltd.

      2. 7.1.2 Lazada Vietnam

      3. 7.1.3 TiKi Corporation

      4. 7.1.4 Cho Tot

      5. 7.1.5 Sendo Vietnam

      6. 7.1.6 The Gioi Di Dong

      7. 7.1.7 Dien May Xanh

      8. 7.1.8 FPT Shop

      9. 7.1.9 Cellphone S

      10. 7.1.10 Bach Hoa Xanh

      11. 7.1.11 Dien May Cho Lon

      12. 7.1.12 Hoang Ha Mobile

      13. 7.1.13 Meta

      14. 7.1.14 Nguyen Kim

      15. 7.1.15 Mediamart

      16. 7.1.16 Viettel Store

    2. *List Not Exhaustive


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Vietnam E-commerce Market Research FAQs

The Vietnam E-commerce Market is studied from 2018 - 2028.

The Vietnam E-commerce Market is growing at a CAGR of 27.5% over the next 5 years.

Mobile World Investment JSC, FPT Digital Retail JSC, Shopee Co., Ltd.,, Dien may XANH, Minh Nguyet Trading and Technical Services Co., Ltd., are the major companies operating in Vietnam E-commerce Market.

Vietnam E-commerce Industry Report

Statistics for the 2023 Vietnam E-commerce market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam E-commerce analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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