Revenue of Vietnam’s 5 largest e-commerce platforms surges in Q1
Revenue of Vietnam’s 5 largest e-commerce platforms surges in Q1
Revenue generated by Vietnam’s top five e-commerce platforms hit VND71.2 trillion (US$2.8 billion) in the first quarter, skyrocketing 78.69 percent year on year, with turnover from live streams excluded, according to e-commerce data platform Metric.
Vietnam’s e-commerce market is forecast to grow 25 percent per year until 2025. |
The exponential growth was beyond expectations as sales on e-commerce platforms this year were forecast to only increase 35 percent over 2023.
A total of 766.7 million products were sold through the five e-commerce platforms Shopee, Lazada, Tiki, Sendo, and TikTok Shop in January-March.
Beauty care products, household appliances, and female fashion were the three groups of commodities fetching the highest revenue and reporting the largest number of sold items.
However, electrical appliances reported the highest climb in revenue in the first quarter, at 146.98 percent, and saw the number of sold products soaring 369.91 percent.
The total revenue of Vietnam’s five largest e-commerce platforms was expected to reach VND84.87 trillion ($3.3 billion) with 882.12 million products sold in the second quarter, rising 19.2 and 13.57 percent, respectively, over the previous quarter.
E-commerce platforms are no longer exclusive to enterprises in major cities; firms from provinces, including those outside the top 10 largest localities in Vietnam, have seen a sales growth rate of over 50 percent.
Goods storage facilities in these provinces have helped shorten the transport and delivery time, thus meeting the demand of consumers.
Many programs and policies aimed at supporting enterprises in provinces to enhance their e-commerce capabilities have been initiated over the past two years.
The Vietnamese government is striving to narrow the gap in e-commerce development between cities and adjacent localities in a bid to develop the sector in a sustainable manner, Le Hoang Oanh, head of the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade, said at a recent seminar on e-commerce.
The government has tasked the agency with developing an e-commerce platform for all 63 provinces and cities to connect their e-commerce with popular websites to create an effective trade space and narrow the regional gap, Oanh informed.
