Vietnamese consumers spent a staggering $1 billion each month on the top five online shopping platforms in the country: Shopee, TikTok Shop, Lazada, Tiki, and Sendo. This figure is hardly surprising given the rapid growth of Vietnam’s e-commerce market, which surged from $15 billion in 2022 to an impressive $22 billion in 2023, according to a report by Google, Temasek, and Bain & Company. The market is projected to reach a whopping $63 billion by 2030.
Techinasia highlights that Vietnam has become a highly attractive market, drawing the attention of e-commerce giants from across Asia and creating a challenging landscape for domestic companies.
The entry of Chinese giants into the market is a case in point. For years, the industry has been dominated by four key players: regional powerhouses Shopee and Lazada, and domestic companies Tiki and Sendo. Tiki, modeled after Amazon, was founded in 2010, while Sendo spun off from FPT in 2012. At one point, the two companies considered a merger to compete with foreign rivals, but the deal never materialized.
Since then, both Tiki and Sendo have struggled to keep up in the fiercely competitive market. In Q3 2024, a report by Metric showed a significant decline in sales for both companies in recent quarters.
However, Shopee and Lazada also face challenges, with the rise of TikTok Shop and its live streaming sales phenomenon. Sellers on the platform have reported record-breaking sales, with each live streaming session generating millions of dollars in revenue.
In a June report, Momentum Works predicted that TikTok Shop had captured 24% of the e-commerce market share in Vietnam in 2023, surpassing Lazada, which held only 14%. The entry of the affordable e-commerce platform Temu in October 2023 further disrupted the market, flooding it with cheap Chinese goods.
Source: Techinasia
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