Vietnam's E-Commerce Soars with 37.7% Growth in First Nine Months
Online shopping spending hits 227.7 trillion Vietnamese Dong as platforms like TikTok Shop and Shopee lead the surge
Online retail in Vietnam continues its upward trajectory, with consumers spending 227.7 trillion Vietnamese Dong, equivalent to eight point nine billion US dollars, on online shopping platforms from January to September this year. This marks a 37.7% increase compared to the same period last year, driven by a 49.8% rise in product volume reaching two point four three million items. In the third quarter, transaction volume surged by fifteen point nine percent to eighty-four point seven trillion Vietnamese Dong, with platforms like TikTok Shop and Shopee experiencing remarkable revenue growth rates of one hundred ten point six percent and eleven point three percent respectively. Despite a slight decrease in active stores by one percent to five hundred eighty thousand three hundred, e-commerce remains a significant part of Vietnam's retail landscape.
The report from Metric highlights that TikTok Shop and Shopee have been pivotal in driving this growth, with TikTok Shop's revenue growth doubling last year's figures, and Tiki showing a strong recovery with over thirty-eight percent growth compared to the previous quarter. The rise in official stores, or shop malls, which account for five percent of all stores but contribute nearly one-third of total market revenue, indicates a shift towards consumers valuing genuine, high-quality products, particularly at higher price points. This trend reflects broader changes in online consumer behavior, emphasizing quality and authenticity in purchases.
Looking ahead, Metric forecasts robust growth for the last quarter of the year, with sales expected to increase by ten percent in October, twenty percent in November, and thirty-five percent in December. This surge is anticipated to coincide with the peak shopping season around Tet, Vietnam's Lunar New Year, driving sales on top e-commerce platforms to reach eighty trillion six hundred billion Vietnamese Dong. Key products expected to drive this growth include autumn and winter fashion, apparel, and beauty products, with the beauty sector alone accounting for eighteen percent of total sales, up twenty-six point six percent year-on-year. To maximize early purchases, businesses are encouraged to develop dual shopping campaigns that combine Tet and year-end shopping events.
The report from Metric highlights that TikTok Shop and Shopee have been pivotal in driving this growth, with TikTok Shop's revenue growth doubling last year's figures, and Tiki showing a strong recovery with over thirty-eight percent growth compared to the previous quarter. The rise in official stores, or shop malls, which account for five percent of all stores but contribute nearly one-third of total market revenue, indicates a shift towards consumers valuing genuine, high-quality products, particularly at higher price points. This trend reflects broader changes in online consumer behavior, emphasizing quality and authenticity in purchases.
Looking ahead, Metric forecasts robust growth for the last quarter of the year, with sales expected to increase by ten percent in October, twenty percent in November, and thirty-five percent in December. This surge is anticipated to coincide with the peak shopping season around Tet, Vietnam's Lunar New Year, driving sales on top e-commerce platforms to reach eighty trillion six hundred billion Vietnamese Dong. Key products expected to drive this growth include autumn and winter fashion, apparel, and beauty products, with the beauty sector alone accounting for eighteen percent of total sales, up twenty-six point six percent year-on-year. To maximize early purchases, businesses are encouraged to develop dual shopping campaigns that combine Tet and year-end shopping events.