The market has grown by 18% from last year, the third fastest rate behind the Philippines (23%) and Thailand (19%), according to the annual "e-Conomy SEA 2024" report by Google, Temasek and Bain & Company released this week.

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It is expected to grow by 19% annually to reach $63 billion by 2030 and surpass Thailand.

E-commerce makes up 60% of Vietnam’s digital economy with the rest made up mostly of ride-hailing and delivery and online media.

The most popular platforms in the country are Shopee, TikTok Shop, Lazada, Tiki and Sendo.

New Chinese platforms such as Temu and Shein are also trying to grab market share.

Tran Tuan Anh, CEO of Shopee Vietnam, said the market sees intense competition due to its vast potential and room for growth.

"Now is the time to focus closely on meeting the needs of both buyers and sellers," he told VnExpress in a recent interview.

Vietnamese shopped for VND25.3 trillion (US$1 billion) a month on average on five major e-commerce platforms in the first nine months of this year, according to data provider Metric.

Products priced under VND200,000 accounted for more than half of all sales, it added.

Another report by Lazada and Kantar said one-third of Southeast Asian consumers are price-sensitive and actively seek deals.

More than half of respondents cite competitive pricing and the availability of discount vouchers as crucial factors, with promotions significantly influencing repeat purchases.

E-commerce commune model piloted in Phuc Hoa

BAC GIANG – The People’s Committee in Bac Giang province has approved to pilot an e-commerce commune model in Phuc Hoa commune of Tan Yen district. 

Vietnam and Thailand named as fastest-growing e-commerce markets in Southeast Asia

Vietnam and Thailand have emerged as the two fastest-growing e-commerce markets in Southeast Asia, according to a recently released Southeast Asia e-commerce report by OpenGov Asia — a content sharing platform dedicated to sharing ICT-related knowledge and information between governments.

Nearly 1,000 agricultural products are promoted and sold on e-commerce platform 24h.vn

BAC GIANG – The e-commerce platform 24h.vn was established and put into operation in October 2019, including nearly 100 booths of businesses and cooperatives in Bac Giang province with about 150 three-star OCOP products and key agricultural products of the province.    

PM urges measures to remove obstacles to e-commerce

Prime Minister Pham Minh Chinh has stressed the need to implement specific tasks in order to untangle knots in e-commerce development, according to the Government Office.

Bac Giang supports to bring OCOP products to e-commerce platform for free in first year

BAC GIANG - The online technology and equipment trading platform in Bac Giang province (www.batex.vn) is operating effectively. This is a tool for members to introduce, buy and sell technology, equipment and other products.