VIETNAM

Vietnam’s eCommerce market recorded a value of US$ 5 billion in 2019, rising by 81% from 2015, and is forecast to reach a value of US$ 23 billion in 2025. Vietnam’s eCommerce market grows at an average annual rate of 30%.

1

Brief

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Key Players

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Highlights

Brief

Vietnam’s eCommerce market recorded a value of US$ 5 billion in 2019, rising by 81% from 2015, and is forecast to reach a value of US$ 23 billion in 2025. Vietnam’s eCommerce market grew at an average annual rate of 30% from 2015 to 2019. The main drivers of this robust growth are progressive government policies, increased middle income, a tech-savvy class, and a fast-growing internet economy.

The middle-income class in Vietnam has been growing steadily over the past eight years. Its percentage grew from 7.7% of the total population in 2010 to 13.3% in 2016. Roughly 1.5 million people were added to Vietnam’s middle-income class every year during 2014-2016, accounting for 16.3% in 2018. Their increased disposable income is expected to spur domestic consumption via digital payment platforms.

Key Players

The most popular eCommerce operators include Tiki, Lazada, Shopee, and Sendo.

Lazada Vietnam Catalystx Global E-commerce International Trade.jpeg
Shopee Vietnam Catalystx Global E-commerce International Trade.jpeg
Tiki Vietnam Catalystx Global e-commerce International Trade.jpeg
sendo vietnam Catalystx Global E-commerce International Trade.jpeg
The-Gioi-Di-Dong Vietnam Catalystx Global E-commerce International Trade.jpeg

Highlights

  • Vietnam’s internet economy reached US$ 12 billion in 2019, accounting for 5% of the country’s GDP and is projected to reach US$ 43 billion by 2025.

  • The middle-income class population in Vietnam was estimated at 12.6 million in 2020, accounting for 13% of the total population, and is expected to reach 26% by 2026.

  • The high penetration of internet and smartphone users encourages and supports the strong growth of eCommerce.

  • Vietnam had roughly 69 million smartphone users as of 2020, recording a penetration rate of 71%, and is forecast to have approximately 82 million users by 2025.