Viet Nam emerges as fastest-growing food delivery market in Southeast Asia
VGP - Viet Nam was the fastest-growing food delivery market in ASEAN in 2024, with a growth rate of 26 percent
The above finding was highlighted in Momentum Works' fifth annual "Food Delivery Platforms in Southeast Asia" report.
It was estimated that the size of Viet Nam's food delivery market increased to US$1.8 billion in 2024 from US$1.4 billion in 2023.
The report noted that the growth is contributed by factors of expanded customer segments, service areas and synergies with other business of the platforms.
In Viet Nam, Grab took the lead, holding 48 percent of the market share. ShopeeFood came behind with 47 percent of the market share. Together, the two leading players are holding 96 percent of Viet Nam's food delivery market.
The remaining share belongs to BeFood (4 percent) and Gojek (1 percent). However, Gojek officially pulled out of the Vietnamese market in September 2024.
The report pointed out that after two years of subdued 5 percent growth, Southeast Asia's food delivery sector rebounded in 2024 with a 13 percent on-year increase, reaching a total GMV of US$19.3 billion./.
