This number is even more impressive considering the average income of Vietnamese workers is just under $300 USD per month. According to the latest report by the trio Google, Temasek, and Bain & Company, the market size surged from $15 billion USD to $22 billion USD in just one year and is projected to reach $63 billion USD by 2030.
The allure of the Vietnamese market is attracting the attention of Asian e-commerce giants. From the race between Shopee, Lazada, and the domestic duo Tiki-Sendo, the market now witnesses the strong infiltration of newcomers such as TikTok Shop and Temu.
TikTok Shop, which joined the market in early 2022, created a livestreaming frenzy with sales sessions reaching millions of dollars in revenue. Then, in October, Temu’s entry with its competitive pricing strategy further altered the market landscape.
For many years, Vietnam’s e-commerce market witnessed a duel between two foreign giants, Shopee and Lazada, and two local platforms, Tiki and Sendo. Tiki, founded in 2010, modeled its business after Amazon, while Sendo spun off from FPT in 2012. Although a merger between the two was once considered to boost competitiveness, it never materialized.
According to the Q3/2024 report by market research firm Metric, both Tiki and Sendo have experienced significant growth slowdowns. Even Shopee and Lazada are facing new competitive pressures from TikTok Shop, a platform that has revolutionized livestream selling with record-breaking revenues.
Notably, of the $1 billion USD spent monthly by Vietnamese consumers, a large portion goes to foreign companies. Shopee is owned by Sea Limited (Singapore), Lazada is a subsidiary of Alibaba (China), TikTok Shop is under ByteDance (China), and Temu belongs to PDD Holdings (China). Meanwhile, the domestic platforms, Tiki and Sendo, are seeing their scale and market share diminish.
Vu Hao (According to Tech In Asia)
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What Does Donald Trump’s Senior Staff Appointments Mean for Vietnam?
Although Trump’s second term as US President may not benefit Vietnam as much as his first, VinaCapital believes there is a very low risk that tariff policies will disrupt the growth of the Vietnamese economy.
