Vietnamese spend $2.1B on food delivery in 2025

Singapore-owned ShopeeFood and GrabFood accounted for 48% each, and the remaining 4% by domestic player BeFood, according to Singapore venture firm Momentum Works.

There was no data for Xanh SM, a ride-hailing company founded by Vietnam’s richest man Pham Nhat Vuong, which began offering food delivery in June last year.

The e-Conomy 2025 report by Google, Temasek and Bain & Company estimated Vietnam’s ride-hailing and online food delivery market at $5 billion, up 20% from 2024, and forecast it to reach $9 billion by 2030.

In a 2025 survey market researcher Decision Lab found that ordering food via apps had become a common practice, especially in Hanoi, HCMC and Da Nang.

German data firm Statista attributed the strong market growth to widespread smartphone adoption, busy lifestyles and a growing preference for convenience.

High competition has forced some players to quit the market. In 2023 there were six platforms in operation, GoFood, Baemin and Loship being the others.

South Korea’s Baemin ceased operations in Vietnam in December 2023, Indonesia’s GoFood in September 2024 and domestic player Loship by the end of 2024.

In Southeast Asia, Vietnam has the smallest online food delivery market. The combined market size of the six countries tracked by Momentum Works reached $22.7 billion last year, with Indonesia at the top, followed by Thailand, the Philippines, Malaysia, Singapore and Vietnam.

Jianggan Li, founder and CEO of Momentum Works, said the food delivery sector in Southeast Asia has been expanding rapidly in both size and consumer base.

Platforms have stepped up initiatives focused on affordability to broaden mass-market adoption, he added.