e-Commerce Market Analysis

The eCommerce market in Vietnam

In Vietnam is the 28th largest market for eCommerce with a revenue of US$6 billion in 2020, placing it ahead of Denmark and behind Finland.

With an increase of 36%, the Vietnamese eCommerce market contributed to the worldwide growth rate of 26% in 2020. Revenues for eCommerce continue to increase. New markets are emerging, and existing markets also have the potential for further development. Global growth will continue over the next few years. This will be propelled by East and Southeast Asia, with their expanding middle class and lagging offline shopping infrastructure.

The eCommerce market includes online sales of physical goods to a private end user (B2C). Included in this definition are purchases via computer as well as mobile purchases via smartphones and tablets. Excluded from the definition of ecommerceDB are the following: digitally distributed services (e.g., travel tickets), online stores dedicated to digital media downloads or streams, online stores dedicated to B2B markets, and sales between private individuals (C2C) within the eCommerce market.

The eCommerce market in Vietnam

Top online stores

The biggest player in the Vietnamese eCommerce Market is thegioididong.com. The store had a revenue of US$553 million in 2020. It is followed by hoanghamobile.com with US$197 million revenue and dienmayxanh.com with US$181 million revenue. Altogether, the top three stores account for 15% of online revenue in in Vietnam.

Store rankings are based on every store that generates revenue in 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 in Vietnam was considered.

One of the fastest-growing stores in the Vietnamese market is hoanghamobile.com. The store achieved sales of about US$0.2 billion in 2020. Its revenue growth amounted to 67% in the previous year.

Top online The eCommerce market stores in Vietnam by eCommerce net sales 2020 in million US$ The table shows the stores that generate the highest revenue in the Vietnamese market. For this evaluation, only revenue created in in Vietnam was considered. Basis are all shops on ecommerceDB that operate in in Vietnam.

# Store
1. thegioididong.com US$553m
2. hoanghamobile.com US$197m
3. dienmayxanh.com US$181m
4. fptshop.com.vn US$168m
5. cellphones.com.vn US$165m
The eCommerce market in Vietnam

Market size and growth rate

Revenue in 2020
US$6,034m
REVENUE
CAGR 2020-2024
9%
CAGR

Digital Market Outlook by Statista

The Digital Market Outlook presents up-to-date figures on markets of the digital economy. The comparable key figures are based on extensive analyses of relevant indicators from the areas of society, economy, and technology.
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Market expansion in in Vietnam is expected to continue over the next few years, as indicated by the Statista Digital Market Outlook. It has been predicted that the compound annual growth rate (CAGR 20-24) for the next four years will be 9%. Compared to the year-over-year growth of 36%, this decrease suggests a moderately flooded market. Another indicator of market saturation is the online penetration of 41% in in Vietnam; in other words, 41% of the Vietnamese population have bought at least one product online in 2020.

Five categories are considered by ecommerceDB. Electronics & Media is the largest segment in in Vietnam and accounts for 26% of the eCommerce revenue in in Vietnam. This is followed by Fashion with 24%, Furniture & Appliances with 18%, Food & Personal Care with 17% and Toys, Hobby & DIY with the remaining 15%.

The eCommerce market in Vietnam
Top shipping service providers

In in Vietnam, Viettel Post is the most frequently offered delivery service provider among online stores. Of those stores that indicating which service they use to transport their goods, 33% cited Viettel Post as one of their providers. Moreover, EMS and Tin Thanh are among the top three shipping service companies offered by online retailers in in Vietnam, at rates of 18% and 9%.

Shipping information is based on orders from the store's main country, which is defined as the one where the store generates most of its online revenue. In this case, it is in Vietnam. Only stores that provide information about their shipping providers can be considered.

Competitor analysis of shipping service providers in Vietnam The table shows the most offered shipping providers within the top 100 online stores in Vietnam. Shipping information is based on orders from the store's main country, which is defined as the one where the store generates most of its online revenue. In this case, it is in Vietnam. Only stores that provide information about their shipping providers can be considered.

# Shipping service provider
1. Viettel Post 33%
2. EMS 18%
3. Tin Thanh 9%
The eCommerce market in Vietnam

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