Rising prices reshape Việt Nam’s e-commerce landscape

Rising prices reshape Việt Nam’s e-commerce landscape

According to YouNet ECI, total gross merchandise volume (GMV) across Shopee, TikTok Shop, Tiki and Lazada reached VNĐ458.2 trillion (US$17.6 billion) last year, marking a 26 per cent year-on-year gain.

GMV recorded solid gains across major categories, led by FMCG (38 per cent) and Fashion and Accessories (34 per cent). — Photo youneteci.com

Prices across Việt Nam’s four largest e-commerce platforms climbed simultaneously in the fourth quarter of last year, leading to a decline in sales volume even as overall transaction value for the year continued to grow.

Market analytics firm YouNet ECI has released its 2025 Việt Nam e-commerce report, highlighting a notable paradox: online spending continues to rise, but the era of easy growth has ended, ushering brands into a more demanding phase of market consolidation.

According to YouNet ECI, total gross merchandise volume (GMV) across Shopee, TikTok Shop, Tiki and Lazada reached VNĐ458.2 trillion (US$17.6 billion) last year, marking a 26 per cent year-on-year gain.

This pace far outstripped the overall retail and consumer services sector, which grew by 9.2 per cent, according to the National Statistics Office, reinforcing e-commerce’s role as a key engine of modern consumption.

GMV recorded solid gains across major categories, led by FMCG (38 per cent) and Fashion and Accessories (34 per cent).

Despite steep platform fee adjustments in the second half of the year, which drove product prices higher, the FMCG segment maintained sales volumes comparable to 2024 levels. 

Ordering instant noodles or diapers online is no longer a passing trend, but an entrenched consumer habit.

However, warning signs emerged in the fourth quarter of last year. Sales volume declined 8 per cent year-on-year, while average selling prices across all four platforms surged 33 per cent compared to the same period in 2024.

The price hikes are seen as a natural response by sellers to repeated fee adjustments throughout the year. 

Meanwhile, a consumer survey conducted by YouNet ECI and Buzzmetrics in the fourth quarter indicated heightened price sensitivity among online shoppers.

With Gen Y tightening household budgets and Gen Z facing income constraints, the year-end dip in consumption was largely unavoidable.

A year of market consolidation

Looking ahead to the rest of 2026, YouNet forecasts that pressure from platform fees will continue to weigh on pricing. At the same time, these headwinds could accelerate market restructuring.

Data point to a wave of small online sellers exiting platforms, particularly those with limited capital or offering non-authentic goods. 

The total number of revenue-generating sellers declined nearly 6 per cent year-on-year to around 672,000 shops. 

By contrast, average revenue per seller climbed 33 per cent, reflecting the ongoing consolidation process.

While the market continues to expand, revenue is becoming increasingly concentrated among large sellers, established brands and authorised distributors. 

The reduction in seller numbers has created room for professional brands and retailers to absorb customers from departing shops and integrate them as affiliate partners within a new ecosystem.

“In 2026, Việt Nam’s e-commerce market will continue to deliver double-digit growth. However, the rising complexity of consumer behaviour presents both opportunities and challenges,” said Nguyễn Phương Lâm, market analytics director at YouNet ECI.

The era of easy growth driven simply by pouring money into advertising is over, said Lâm. 

Brands must now synchronise across channels and closely monitor category movements, especially competitors and retail chains, to identify genuine growth opportunities, he noted. 

Bizhub