Vietnamese spend $8.9 billion on ecommerce

Vietnamese consumers spent VND227.7 trillion (US$8.9 billion) on online shopping platforms in the first nine months of this year, according to the latest online retail sales report released by e-commerce data platform Metric, indicating a sustained upward development trend in Vietnam's e-commerce business.

Online shopping is becoming an established consumer habit in Vietnam. Photo: Shopee

The report revealed that the total transaction volume for the nine-month period marked an increase of 37.7% compared to the same period in 2023. Specifically, in the third quarter, transactions amounted to VND84.7 trillion ($3.3 billion), an increase of 15.9% compared to the same period in 2023.

The report also highlights an increase in product volume, which reached 2.43 million items - up 49.8% compared to the first nine months of 2023. However, the number of active stores decreased slightly to 580,300, down 1% year-over-year.

Metric's statistics cover Shopee, TikTok Shop, Lazada, Tiki and Sendo, the five largest platforms, excluding fake orders and promotional products.

In particular, TikTok Shop and Shopee reported year-on-year revenue growth rates of 110.6% and 11.3%, respectively.

In terms of platform performance in Q3, Shopee, TikTok Shop and Tiki saw a significant increase in sales starting in July, peaking in August before a slight decline in September. In contrast, both Lazada and Sendo saw a gradual drop in sales over the months.

Remarkably, TikTok Shop achieved a revenue growth rate double that of last year, demonstrating an effective strategy combining shopping and entertainment.

Tiki also stood out in Q3, posting a strong recovery with growth of over 38% compared to the previous quarter, signaling a positive turnaround for the domestic platform.

A notable trend from the past quarter is the robust growth of official stores on the platform - shop malls. Although they account for only 5% of all stores with orders, shop malls contribute nearly one-third of total market revenue, with an increase of approximately 53% by 2023.

This shift indicates that consumers are increasingly prioritizing genuine and high-quality products, particularly those at higher price points, reflecting a broader trend in online consumer behavior in Vietnam, the report noted.

Year-end growth forecast

The last quarter of the year is typically marked by numerous holidays and is the peak shopping season. With the Lunar New Year 2025 coming earlier than last year, preparations for Tet shopping are expected to peak in late November and December.

As a result, sales on e-commerce platforms are likely to surge during this period, according to Metric.

Metric forecasts that growth in October, November, and December will be around 10%, 20%, and 35%, respectively, compared to the same period last year. This momentum is expected to drive sales on Vietnam's top five online retail platforms to VND80.6 trillion ($3.2 billion).

Key products likely to contribute to this growth include autumn and winter fashion, apparel, and beauty products. Data shows that the beauty sector remains significant, with sales reaching VND15.5 trillion ($617.5 million), accounting for 18% of total sales in the quarter, an increase of 26.6% year-on-year.

In addition, to encourage customers to make early purchases, businesses are urged to develop dual shopping campaigns that combine Tet and year-end purchases.