eCommerce market in Vietnam

Vietnam is the 26th largest market for eCommerce with a predicted revenue of US$13,357.9 million by 2023, placing it ahead of Saudi Arabia. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 12.8%, resulting in a projected market volume of US$21,591.0 million by 2027. With an expected increase of 17.6% in 2023, the Vietnamese eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Vietnam, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Vietnamese eCommerce market. Electronics & Media is the largest market and accounts for 37.3% of the Vietnamese eCommerce revenue. It is followed by Food & Personal Care with 21.5%, Fashion with 17.7%, Toys, Hobby & DIY with 14.0%, and Furniture & Appliances with the remaining 9.6%.

Market development

eCommerce revenue development in Vietnam

Vietnam is the 26th largest market for eCommerce with a predicted revenue of US$13,357.9 million by 2023, placing it ahead of Saudi Arabia. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 12.8%, resulting in a projected market volume of US$21,591.0 million by 2027. With an expected increase of 17.6% in 2023, the Vietnamese eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Vietnam, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Vietnamese eCommerce market. Electronics & Media is the largest market and accounts for 37.3% of the Vietnamese eCommerce revenue. It is followed by Food & Personal Care with 21.5%, Fashion with 17.7%, Toys, Hobby & DIY with 14.0%, and Furniture & Appliances with the remaining 9.6%.

eCommerce revenue development in Vietnam

in million US$, in %

Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war

Source: Statista Market Insights, ecommerceDB

2020 2021 2022 2023 2024 2025 2026 2027
Revenue (in mUS$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 65.6 69.2 24.1 54.6 90.2 5.9 76.7 32.0
AOV (in US$) 94.3 25.9 86.5 48.3 97.8 6.0 3.0 74.4
CVR (in %) 65.6 69.2 24.1 54.6 90.2 5.9 76.7 32.0
AOV: Average Order Value CVR: Conversion Rate

Top stores

Top five online stores in Vietnam by net sales 2021

The biggest player in the Vietnamese eCommerce market is thegioididong.com. The store had a revenue of US$381.1 million in 2021. thegioididong.com is followed by fptshop.com.vn and hoanghamobile.com as the second- and third-largest stores with US$276.8 million and US$264.5 million, respectively. Altogether, the top three stores account for 29.7% of the top 100 online stores' revenue in Vietnam. 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 2021

in million US$

Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed

Source: Annual report, secondary sources, ecommerceDB analysis

no-access-0 no-access-1 no-access-2 no-access-3 no-access-4
Filtered revenue (in mUS$) 900.0 550.0 470.0 430.0 370.0
Share of global revenue (in %) 20.7 12.0 3.9 20.6 20.7
Global revenue (in mUS$) 8,300.0 4,600.0 1,190.0 2,122.0 1,814.0
Growth global revenue (in %) 8.3 12.4 33.6 18.0 12.6