Vietnam e-commerce growth loses momentum as consumers become more price-sensitive

According to the latest Vietnam E-commerce Revenue and Consumer Report for the first half of 2026 published by YouNet ECI, gross merchandise value (GMV) across four major platforms, Shopee, TikTok Shop, Lazada and Tiki, reached VND264.8 trillion ($10.11 billion), up 19 percent from the same period in 2025. 

That was slower than the 23 percent growth recorded in the same period a year earlier.

No more explosive growth

The report found that Shopee continued to lead the market in the first half of the year, with a 54.5 percent market share and revenue growth of 15 percent year on year. 

TikTok Shop ranked second, with its market share rising from 42 to 43.4 percent, while revenue grew 27 percent.

However, TikTok Shop's growth rate slowed sharply from 148 percent in the same period last year.

Nguyen Phuong Lam, director of market analysis and consulting at YouNet ECI, said e-commerce growth was entering a more stable phase, in line with the broader retail market, rather than continuing to surge on the back of platforms' consumer stimulus programs.

According to Lam, businesses in this environment need an accurate understanding of market share and actual consumer demand to develop effective business strategies.

Shoppers are also becoming more cautious of products' prices.

The online Consumer Confidence Index (eCCI) stood at 122 points in the first half of the year, remaining at a high level, although the index declined in the second quarter from the first.

The survey found that price remained the most important factor, cited by 68 percent of consumers, while 53 cited promotions. By contrast, the importance of product quality fell from 77 to 52 percent.

Caution was particularly evident among Gen Y and Gen Z consumers. 

43 percent of Gen Y consumers kept their online spending unchanged or reduced it in the second quarter compared with the first. 

The figure rose to 60 percent among Gen Z consumers.

Lam said online shopping demand would likely remain steady in the second half of the year, but conversion rates and average order values would come under pressure from prices and promotional offers.

"Businesses need to take a deeper look at the characteristics of each product category and target segment and use historical data to determine the optimal price points and discount levels," he said.

Essential goods remain resilient

Price pressure was also reflected in the growth rates of different product categories. 

Fashion and beauty grew 18 and 12 percent, respectively, in the first half of the year, down from 25 and 27 percent at the end of last year.

Fast-moving consumer goods (FMCG), meanwhile, grew 20 percent, remaining the second-largest category by total revenue. 

YouNet ECI identified FMCG as one of the main sources of e-commerce growth in the second half of the year.

Fashion and accessories remained the largest category by GMV, accounting for 28.5 percent of the overall market. 

TikTok Shop led the category with a 56.2 percent market share, up from 53.6 percent a year earlier, highlighting the platform's strength in highly discovery-driven categories through short-form content, livestreams and influencers.

FMCG generated $1.84 billion in GMV. Shopee led with a 57.5 percent market share, while TikTok Shop accounted for 37.7, close to its 38.9 percent share a year earlier.

In beauty, GMV reached $1.31 billion. Shopee held a 52.6 percent market share, while TikTok Shop increased its share from 44.5 to 46.5 percent, further narrowing the gap.

Notably, home appliances and electronics grew 26 percent, outpacing many other categories.

Shopee remained the leader with a 67.3 percent market share, although its share fell by 3.9 percentage points. 

TikTok Shop, by contrast, increased its share from 23 to 28.2 percent.

"This shows that TikTok Shop is expanding its influence into higher-value categories, while Shopee continues to benefit from its logistics network, warranty policies and the trust it has built over many years," a YouNet ECI expert said.