The revenue generated by Vietnam’s top five e-commerce platforms hit VND318.9 trillion (US$12.7 billion) in 2024, skyrocketing 37.36 percent year-on-year, according to a report by e-commerce data platform Metric.

The report which highlights the performance of online retail platforms in 2024 and forecasts for 2025 shows that 3.4 billion products were sold through the five e-commerce platforms of Shopee, Lazada, Tiki, Sendo, and TikTok Shop, a sharp rise of 50.76 percent compared to 2023.

However, the number of shops securing orders decreased by 20.25 percent, reflecting the increasingly fierce competition.

Many small and inefficient retailers have had to leave the market, making way for brands with clear business strategies, product portfolios that match consumer demands, and more flexible operating capabilities.

Metric's data also indicated that the second half of 2024 recorded significant revenue growth thanks to a series of major shopping events, such as the back-to-school season, Vietnamese Women's Day (October 20), Vietnamese Teacher's Day (November 20), Christmas, New Year holiday, and Lunar New Year holiday.

The shopping demand was high during these events, opening up opportunities for retailers to offer promotions, diversify product portfolios, and promote marketing activities.

Shop malls on Shopee and TikTok Shop recorded strong revenue growth, at 69.79 and 181.31 percent, respectively, proving consumers increasingly prioritize reputable brands and highly reliable stores.

2024 witnessed a significant increase in imported goods with more than 324.1 million products valued at VND14.2 trillion ($564.6 million) brought into Vietnam, rising 37.9 and 42.9 percent, respectively, from 2023.

This change stemmed from improved logistics systems that helped shorten delivery time, reducing the risk of product loss or late delivery.

E-commerce platforms have also provided better goods return and consumer protection policies, reducing risks when buying goods from abroad.

Competitive prices of imported products urged domestic businesses to optimize their products and pricing strategies to be able to compete with international brands.

Beauty products, household appliances, and women's fashion were the three commodity groups that generated the most revenue for e-commerce platforms. However, groceries reported the highest growth at 76.3 percent.

This trend shows a clear change in shopping behavior, as Vietnamese consumers increasingly prefer to online shopping instead of shopping at traditional markets or supermarkets. Online shopping is now convenient with short delivery time, which helped consumers save a lot of time. 

Attractive promotions also made buying food online more economical.

In the top 10 leading brands on e-commerce platforms, Vietnam’s dairy producer Vinamilk was the only domestic brand, and the rest were brands from abroad, including the U.S. and China.

Vinamilk ranked seventh, up two places compared to 2023, and its sales grew 49.08 percent.

According to Metric, retailers need to take advantage of opportunities from major shopping occasions, optimize product strategies, enhance customer experience, and be ready to adapt to new trends in the volatile e-commerce market in the future.

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