Vietnam’s e-commerce market grows 22% in January-September: report

The total gross merchandise value on e-commerce platforms in Vietnam reached VND411.8 trillion (US$15.9 billion) from January to September.

Shopee’s gross merchandise value rose 12 percent during the nine-month period, while TikTok Shop recorded growth of 38 percent.

The gap between the two platforms’ gross merchandise value narrowed to VND4.3 trillion ($166 million) in the third quarter.

For the first nine months, Shopee accounted for 53 percent of the market, compared with 45 percent for TikTok Shop, YouNet ECI data showed.

The report also recorded a marked improvement in online shopping sentiment, with the e-commerce consumer confidence index rising from 122 points in the second quarter to 141 in the third quarter.

According to a YouNet ECI survey, 58 percent of the respondents viewed their current income positively in the third quarter, up from 45 percent in the previous quarter.

Meanwhile, 69 percent expressed optimism about their future income.

Among young consumers, 70 percent of the millennials and 65 percent of the Generation Z respondents indicated they were likely to continue increasing their e-commerce spending in the fourth quarter.

However, YouNet ECI experts said consumers were looking beyond selling prices and promotions.

Product quality had become the top consideration in online shopping, cited by 74 percent of the respondents, up from 53 percent in the second quarter.

Price ranked second, with 67 percent of the consumers identifying it as an important factor.

The findings suggest shoppers are balancing affordability with expectations for high-quality products and trustworthy brands.

Fast-moving consumer goods stood out as the fastest-growing category, rising 26 percent in the first nine months and 36 percent in the third quarter alone.

Fashion and accessories inched up 22 percent in the first nine months, accounting for 28 percent of the market, while beauty products grew 17 percent, with a 13-percent market share.

With consumer confidence improving, YouNet ECI forecast that e-commerce purchasing power during the year-end shopping season could rise by more than 20 percent from the previous year.

However, discount campaigns may play a less decisive role than before, as consumers weigh multiple factors.

Nguyen Phuong Lam, director of e-commerce intelligence and consulting at YouNet ECI, said brands must rethink strategies.

“It’s no longer just about selling more or cutting prices. Companies need deep data to decide which products to invest in and which pricing strategies truly drive growth while protecting profits,” he explained.

Analysts recommend businesses integrate mega-sale campaigns into broader plans, assess growth potential in each sector, and tailor pricing strategies to consumer sensitivity.

This approach, they said, will help brands sustain growth in Vietnam’s increasingly competitive e-commerce market.