Vietnamese spend $1B each month on online shopping

By Vien Thong October 26, 2024 | 03:34 pm PT

Vietnamese shopped for VND25.3 trillion (US$1 billion) a month on average on five major e-commerce platforms in the first nine months of this year.

Shopee, TikTok Shop, Lazada, Tiki, and Sendo reported a 38% year-on-year jump in gross merchandise volume during the period to VND227.70 trillion, according to a report by e-commerce data provider Metric.

China-owned TikTok Shop focused on blending shopping and entertainment through livestream sessions and offering low prices.

Vietnam is now among the biggest livestream commerce markets in the world thank to its high population growth and a tech-savvy young generation.

Products priced under VND200,000 account for more than half of all e-commerce sales, according to Metric.

"This reflects the strong appeal of affordable products to consumers, indicating smart shopping trends amid ongoing economic uncertainties."

Metric expects the five platforms to record VND80.6 trillion in GMV in the last quarter of the year, with the main categories being beauty, fashion and household.

It said the increasing popularity of Temu and other Chinese platforms such as 1688 and Taobao would increase competition in Vietnam.