Vietnam, alongside Thailand, has emerged as one of the fastest-growing e-commerce markets in Southeast Asia, as per the '2024 E-commerce in Southeast Asia' report by Momentum Works. Vietnam has overtaken the Philippines to become the third-largest e-commerce market in the region.
In 2023, the GMV of the top eight e-commerce platforms in Southeast Asia rose to $114.6 billion, a 15% year-on-year increase. Despite economic challenges, the Southeast Asian e-commerce market continues to thrive, with GMV projected to double from 2020 levels.
Vietnam and Thailand recorded the highest GMV growth rates, at 52.9% and 34.1% respectively. Over the past four years, Vietnam’s e-commerce sector has consistently grown at an average annual rate of 16-30%, making it the fastest-growing market globally.
Indonesia remains the largest e-commerce market in ASEAN, accounting for 46.9% of the region's GMV. Shopee leads the market with a GMV of $55.1 billion, representing 48% market share. TikTok Shop, having acquired Tokopedia, has become the second-largest platform in Southeast Asia, with its GMV quadrupling to $16.3 billion in the past year. In Vietnam, TikTok Shop holds a 24% market share.
Key drivers of growth in the region include KOLs (influencers) navigating the markets in Vietnam, Thailand, and Indonesia, innovative AI applications enhancing user experience and operational efficiency, and challenges faced by sellers in sourcing parcel delivery services.
News Source: The Phnom Penh Post
