Overview of Vietnam's E-commerce in the First Half of 2025

Sun Ecommerce
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Vietnam’s e-commerce sector continues to solidify its position as one of the fastest-growing industries in Southeast Asia during the first half of 2025. Fueled by the digital boom and shifting consumer behaviors post-pandemic, the industry has posted impressive revenue figures but also faces challenges such as intense competition and stricter regulations. Drawing from reports by Metric.vn, TGM Research, and Statista, this article summarizes key trends, growth data, and prospects for Vietnam’s e-commerce from January to June 2025.

1. Revenue Growth and Market Size

The first half of 2025 saw robust growth in Vietnam’s e-commerce market, with total revenue across major platforms (Shopee, Lazada, Tiki, and TikTok Shop) reaching approximately 202,300 billion VND (equivalent to nearly 7.8 billion USD), a 41.52% increase compared to the same period in 2024. This reflects a strong economic recovery, with Vietnam’s GDP projected to grow over 8% in 2025, and e-commerce playing a central role in consumption.

Key figures:

Q1 2025: Revenue reached 101.4 trillion VND, up 42.29% from Q1 2024.
Q2 2025: Growth continued at 28.9% year-on-year.
The overall e-commerce market (including online retail) is expected to hit 32 billion USD by the end of 2024, with projections to reach 60 billion USD by 2030.

Driving factors include the rise of shoppertainment (shopping combined with entertainment via livestreams), cross-border commerce, and a shift from cash-on-delivery to digital wallets and Buy Now Pay Later (BNPL) options. Over 70% of Vietnamese consumers shop via mobile devices, with digital payment growth at 25% annually.

2. Market Share and Platform Dynamics

The e-commerce landscape in Vietnam during the first half of 2025 saw a fierce competition, particularly between Shopee and TikTok Shop, while Lazada and Tiki struggled:

Shopee: Remains the market leader but experienced slower growth and a slight decline in market share due to intense competition. Thousands of sellers exited the platform.
TikTok Shop: Emerged as a standout performer, with explosive revenue growth driven by its integration of entertainment and shopping. It dominates the low-price segment and imported goods.
Lazada and Tiki: Both saw significant revenue drops, with Lazada down 48% and Tiki down 63% year-on-year, partly due to ineffective strategies targeting premium segments.

Imported goods, mainly from China, dominate the low-price segment, while domestic products lead in mid-to-high-end categories. Social commerce (shopping via social media) is projected to reach 5 billion USD in 2025, up 25.4%, driven by influencers and live commerce.

3. Challenges: Seller Exodus and New Regulations

Despite strong growth, the market saw over 7,000 sellers exit e-commerce platforms in the first half of 2025, with a total of 55,000 stores leaving compared to 2024, and up to 80,000 since the start of the year. Key reasons include fierce competition, high operational costs, and the consolidation of smaller retailers on major platforms.

On the regulatory front, starting July 1, 2025, foreign e-commerce and digital platforms must withhold and remit VAT on behalf of sellers, with the tax rate increasing from 5% to 10%. This aims to enhance transparency but may raise costs for businesses. Additionally, Vietnam is developing a legal framework for digital assets and blockchain, with plans to pilot a virtual asset exchange by late March 2025.

4. Key Trends and Outlook

Payments and Consumer Behavior: A shift from cash-on-delivery to BNPL and digital wallets, with over 70% of transactions via mobile. Consumers are spending heavily on fast-moving consumer goods, fashion, and electronics.
Technology Integration: AI, big data, and blockchain are being used to personalize shopping experiences. Vietnam ranks 4th globally in e-commerce growth rate (24.2% CAGR from 2020–2025).
Forecast: Q3 2025 revenue is projected to reach 122.8 trillion VND, up 21.6% from Q2. The full-year market could hit 387.5 trillion VND, with e-commerce accounting for a significant share of retail.

Conclusion

Vietnam’s e-commerce sector in the first half of 2025 underscores the dynamism of the digital economy, with remarkable growth but also a need for rapid adaptation by businesses and policymakers. Platforms like TikTok Shop are leading trends, while the exit of sellers signals a maturing market. To sustain momentum, Vietnam must continue investing in digital infrastructure, skills development, and free trade agreements. For businesses planning to enter or expand in e-commerce, focusing on low-price segments, live commerce, and digital payments is key.