eCommerce market in Vietnam

Vietnam is the 21st largest market for eCommerce with a predicted revenue of US$23,720.4 million by 2024, placing it ahead of the Netherlands. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 12.6%, resulting in a projected market volume of US$38,086.3 million by 2028. With an expected increase of 16.3% in 2024, the Vietnamese eCommerce market contributed to the worldwide growth rate of 7.4% 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 24.7% of the Vietnamese eCommerce revenue. It is followed by Fashion with 19.6%, Hobby & Leisure with 18.5%, Furniture & Homeware with 11.8%, Grocery with 10.3%, Care Products with 7.9%, and DIY with the remaining 7.3%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Vietnamese retail market, the online share is 7.3% and will increase by an average of 5.2% to 9.0% by 2028.

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.

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.

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.