Vietnam’s e-commerce market grows fastest in SEA
(VOVWORLD) - Vietnam, along with Thailand, are the two fastest growing e-commerce markets in Southeast Asia, according to the recent report '2024 E-commerce in Southeast Asia' by Momentum Works.
 TikTok Shop is now the second largest e-commerce platform in Southeast Asia. (Photo: topzone.vn) |
Vietnam also surpassed the Philippines to become the third largest e-commerce market in the region.
The total merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached nearly 115 billion USD in 2023, a year-on-year increase of 15%.
Vietnam and Thailand are the two fastest growing e-commerce markets, with GMV increasing by 52.9% and 34.1% respectively over the same period last year. The report showed although the macro economy still has many difficulties, Southeast Asia’s e-commerce has grown continuously and this year's GMV is predicted to be double that of 2020.
Vietnamese e-commerce has posted an average growth rate of 16-30% per year over the past four years, the highest in the world.
In the Southeast Asian market, Shopee achieved a total GMV revenue of 55.1 billion USD last year, accounting for 48% of the market share.
TikTok Shop has become the second largest e-commerce platform in Southeast Asia, after acquiring Tokopedia.