Vietnam’s food delivery market reached an estimated US$1.8 billion in gross merchandise value (GMV) in 2024, marking a 26-percent increase from 2023, the highest growth rate in Southeast Asia, according to Momentum Works’ Food Delivery Platforms in Southeast Asia 5.0 report released on Monday.

Momentum Works noted that the 2025 GMV estimation covers only food delivery orders placed through Grab, Foodpanda, Gojek, Deliveroo, Lalamove, LINE MAN, ShopeeFood, and BeFood, including canceled and refunded orders.

In Vietnam, where Grab and ShopeeFood formed an effective duopoly, the rapid expansion is driven by a broader customer base, an extended service area, and the ability of major platforms to leverage their business ecosystems.

Indonesia led the region in total GMV, reaching $5.4 billion.

Meanwhile, the Philippines follows a different approach, where more than 60 percent of F&B sales come from restaurant chains operating their own delivery systems while also collaborating with third-party platforms.

Overall, Southeast Asia’s food delivery market recorded a 13-percent year-on-year growth rate in 2024, with total GMV reaching $19.3 billion. Indonesia and Vietnam were the primary drivers of this regional expansion.

Among the food delivery platforms, Grab continued to dominate Southeast Asia, capturing a 53.9-percent market share, while ShopeeFood overtook Gojek to become the third-largest player in the region.

A major development in the industry is TikTok’s entry into the service sector in Indonesia and Thailand, where the platform is testing F&B voucher sales and other services.

This strategic move could disrupt the food delivery landscape, particularly if TikTok collaborates with existing delivery platforms.

Momentum Works also predicted a potential merger between Grab and Gojek in the near future. 

If this happens, the already concentrated market -- where the two largest platforms hold over 80 percent market share -- could undergo a significant restructuring in 2025.

Investment bank Maybank echoed this forecast last week, stating that if the Grab-Gojek merger happens, Grab will further solidify its dominance in both food delivery and ride-hailing across most ASEAN markets.

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