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