The rate of growth was also the third fastest behind the Philippines (23 per cent) and Thailand (19 per cent).
Vietnam’s e-commerce market is estimated to hit $22 billion in 2024, growing by 18 per cent and ranking next to Indonesia and Thailand in Southeast Asia, according to a report by Google, Temasek and Bain & Company.
The rate of growth was also the third fastest behind the Philippines and Thailand.
With a growth rate averaging over 19 per cent annually, the market may reach $63 billion by 2030.
Vietnam’s e-commerce market is projected to maintain this growth rate, averaging over 19 per cent annually and reaching $63 billion by 2030. At that point, it is projected to surpass Thailand, ranking second in the region behind Indonesia, a domestic media outlet reported.
E-commerce accounts for over 60 per cent of Vietnam’s digital economy this year.
Retail e-commerce platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, have recently been joined by cross-border giants like Shein, further expanding market choices.
The number of consumer brands in the country with video channels has increased by 5 per cent over the past two years, the report said. TikTok Shop has seen high growth in gross merchandise value (GMV).
On October 10, the top 100 TikTok Shop accounts drew more than 11.7 million views and nearly 500,000 engagements, according to statistics from VeenaMedia and Stickler technology platform.
Artificial intelligence (AI) is also playing an increasingly dominant role in shaping consumer shopping habits and behaviours.
Google’s AI interest index, calculated based on search volumes related to AI, is particularly high in Ho Chi Minh City and Hanoi.
Eighty-eight per cent of respondents in Southeast Asia reported making purchase decisions based on AI-generated content and product suggestions, a Lazada survey revealed.
Fibre2Fashion News Desk (DS)
