Vietnam’s E-commerce Market Leads in Southeast Asia
Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recently released report ‘2024 E-commerce in Southeast Asia’ by Momentum Works.
Vietnam also surpassed the Philippines to become the third largest e-commerce market in the region.
Vietnamese online spending rose 55% to $5.7 billion, buying 1.53 million items on five e-commerce platforms in the first half of 2024, according to market analysis firm Metric. The growth mainly came from TikTok Shop (+150.5% ) and Shopee (+66%), which successfully took advantage of livestream shopping trends.
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Southeast Asia E-Commerce in Numbers
- The total merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached $114.6 billion last year, a year-on-year increase of 15%.
- Vietnam (+53%) and Thailand (+34%) were the two fastest growing e-commerce markets in 2023.
- Vietnamese e-commerce has grown continuously with an average growth rate of 16-30% per year in the past four years, the highest growth rate in the world.
- Indonesia is still the largest e-commerce market in ASEAN, contributing 46.9% to the region’s GMV.
- In the Southeast Asian market, Shopee will achieve total GMV revenue of $55.1 billion last year, accounting for 48% of the market share.
- The average order amount in the region (excluding Singapore) is between $4.5 and $6.
- TikTok’s current e-commerce user conversion rate in Southeast Asia is 20%, which is still far from the 40-50% in the Chinese market, per Tech Buzz Asia.
