eCommerce market in Vietnam
Vietnam is the 21st largest market for eCommerce with a predicted revenue of US$23,835.0 million by 2024, placing it ahead of Iran. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.6%, resulting in a projected market volume of US$38,260.0 million by 2028. With an expected increase of 16.3% in 2024, the Vietnamese eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Vietnam, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Vietnamese eCommerce market. Electronics is the largest market and accounts for 24.4% of the Vietnamese eCommerce revenue. It is followed by Fashion with 19.4%, Hobby & Leisure with 19.2%, Furniture & Homeware with 11.7%, Grocery with 10.0%, Care Products with 8.0%, and DIY with the remaining 7.4%.
Monthly revenues
Monthly revenues in the Vietnamese eCommerce market
The monthly eCommerce revenue of the Vietnamese eCommerce market was US$2,100 million in October 2024. This refers to a growth of 19.3% compared to September 2024. Within the last 12 months, the monthly revenue share was the highest in June 2024 with 9.3% of the total 2024 revenue of the Vietnamese eCommerce market and the lowest in August 2024 with 7.0% of the total 2024 revenue.
Revenue Last Month
US$2,099.6m
The eCommerce revenue grew by 19.3% from September 2024 to October 2024.
Monthly revenue shares in the last 12 months
0-2024 | 1-2024 | 2-2024 | 3-2024 | 4-2024 | 5-2024 | 6-2024 | 7-2024 | 8-2024 | 9-2024 | 10-2024 | 11-2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Monthly revenue share (in %) | 32.4 | 6.1 | 38.8 | 95.5 | 71.2 | 94.0 | 65.3 | 88.9 | 3.4 | 64.5 | 50.8 | 34.1 |
Market development
eCommerce revenue development in Vietnam
Vietnam is the 21st largest market for eCommerce with a predicted revenue of US$23,835.0 million by 2024, placing it ahead of Iran. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.6%, resulting in a projected market volume of US$38,260.0 million by 2028. With an expected increase of 16.3% in 2024, the Vietnamese eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Vietnam, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Vietnamese eCommerce market. Electronics is the largest market and accounts for 24.4% of the Vietnamese eCommerce revenue. It is followed by Fashion with 19.4%, Hobby & Leisure with 19.2%, Furniture & Homeware with 11.7%, Grocery with 10.0%, Care Products with 8.0%, and DIY with the remaining 7.4%.
eCommerce revenue development in Vietnam
eCommerce revenue growth in Vietnam
Net eCommerce revenue split by sub-category
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 17.5 | 92.9 | 36.2 | 53.5 | 8.7 | 32.6 | 17.1 | 7.8 |
Top stores
Top five online stores in Vietnam by net sales 2023
The biggest player in the Vietnamese eCommerce market is thegioididong.com. The store had a revenue of US$456.3 million in 2023. Store rankings include every store that generates revenue in Vietnam. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Vietnam was considered.
eCommerce net sales generated in Vietnam in 2023
Filtered revenue / share eCommerce net sales refer to the year 2023 | Global revenue eCommerce net sales refer to the year 2023 | Growth eCommerce net sales growth refers to 2023/2022 | |
---|---|---|---|
US$900.0m 20.7% | US$8,300.0m | 8.3% | |
US$550.0m 12.0% | US$4,600.0m | 12.4% | |
US$470.0m 3.9% | US$1,190.0m | 33.6% | |
US$430.0m 20.6% | US$2,122.0m | 18.0% | |
US$370.0m 20.7% | US$1,814.0m | 12.6% |
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Payment Methods
Top 5 offered payment methods in the Vietnamese eCommerce market
With 80.4% share Bank transfer/cash in advance is the most commonly offered payment method of all online stores in the Vietnamese eCommerce market in 2023. Unlike Bank transfer/cash in advance which is of type Bank transfer VISA, Mastercard, and ATM with shares of 73.9%, 67.4%, and 38.0% are of type Cards.
Top 5 offered payment methods in the Vietnamese eCommerce market
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Shipping Service Provider
Top 5 offered shipping providers in the Vietnamese eCommerce market
Despite Viettel Post's dominant position with 47.9% of online stores opting for its services, the Vietnamese eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including Own delivery service, VN Post, GHN, and GHTK, hold smaller but significant shares, contributing to a dynamic and fragmented market.
Top 5 offered shipping providers in the Vietnamese eCommerce market
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