Print article

Viet Nam is fastest-growing e-commerce market in Southeast Asia in 2023

VGP - Viet Nam was the fastest-growing e-commerce market in Southeast Asia in 2023, with the total gross merchandise value (GMV) worth US$13.8 billion, an increase of 52.9 percent year-on-year.

Posts Thuy Dung

July 16, 2024 4:20 PM GMT+7
Viet Nam is fastest-growing e-commerce market in Southeast Asia in 2023- Ảnh 1.

According to Momentum Works "E-commerce in Southeast Asia 2024" report released on Monday, Viet Nam also overtook the Philippines as the third largest ecommerce market in the region.

Total GMV of Southeast Asia's 8 leading e-commerce platforms rose to US$114.6 billion in 2023, up 15 percent from 2022.

Indonesia remained the largest e-commerce market, contributing 46.9 percent of the region's GMV. Its growth rate of 3.7 percent was the most modest in the region.

The report also showed Shopee achieved US$55.1 billion GMV in 2023, retaining its 48 percent market share.

Lazada and Tokopedia clocked US$18.8 billion and US$16.3 billion respectively.

TikTok Shop nearly quadrupled its annual GMV to US$16.3 billion.

After taking over Tokopedia, TikTok Shop has become the second largest e-commerce platform in Southeast Asia.

The report also identified four key trends in Southeast Asia's e-commerce industry, including live commerce which is leading live selling key opinion leaders (KOLs) in Viet Nam, Thailand and Indonesia have achieved multi-million dollar sales in single live sessions./.