According to a recent study by data provider Metric, Vietnamese consumers spent an average of VND874 billion ($34.6 million) a day last year on online shopping across five major e-commerce platforms. They spent in total, VND319.9 trillion in gross merchandise volume on Shopee, Lazada, TikTok Shop, Tiki, and Sendo. This figure represents a 37% increase year-on-year and accounted for 6.5% of Vietnam’s total retail sales, as per data from the General Statistics Office.
Actual online spending by Vietnamese consumers may be even higher, as Metric’s data does not include transactions on social media platforms or cross-border e-commerce platforms. The government’s Department of E-commerce and Digital Economy estimated that online spending surpassed $25 billion last year, reflecting a 20% growth and exceeding the $22 billion forecast by Google and its partners. Metric data also revealed that the volume of goods sold via the five major platforms surged by over 50% in 2024, reaching more than 3.4 million products.
These figures indicate that consumer purchasing power remained strong,” the report stated. Online sales expert Tran Lam noted that e-commerce growth has been fueled by businesses increasingly investing in e-commerce activities, recognizing the channel’s growing importance. “Online platforms are not just sales channels; they also influence offline business performance.
Strong online sales can boost offline success through enhanced brand recognition,” he said. Vietnamese consumers increasingly favor buying essential goods online, with a growing preference for branded products and those of foreign origin when placing orders. While beauty, home and lifestyle, and fashion were the top revenue-generating categories, the grocery and food segment experienced the highest growth of 76%.
E-commerce spending trends in Vietnam
This shift implies a change in consumer behavior toward purchasing daily necessities online instead of visiting traditional markets or supermarkets. Segments of official brands on Shopee and TikTok reported significant growth, with sales increasing by nearly 70% and over 180%, respectively.
In 2024, Vietnam e-commerce saw a significant surge in imported goods, with over 324.1 million products entering the country and generating VND14.2 trillion in sales—a year-over-year growth of nearly 38% and 43%, respectively. Metric noted that Vietnamese consumers are now more comfortable purchasing foreign products due to improved logistics systems, which have shortened delivery times and reduced the risk of lost shipments. Additionally, e-commerce platforms have enhanced return policies and customer protection, further boosting consumer confidence.
Competitive pricing is another factor driving demand for imported goods, as many foreign products are cheaper than domestic alternatives due to lower production costs. This signals a need for local businesses to optimize their products and pricing strategies to remain competitive,” the report added. Lam predicts fierce competition in the e-commerce market, particularly with the growing influx of imported products from China.
More substantial imports are expected as businesses seek outlets amid global trade tensions. I have seen many local fashion retailers struggling to compete with Chinese products, forcing them to pivot to sectors like agricultural goods, food, and natural products,” Lam observed. To protect local vendors, the Vietnamese government has announced that the exemption of value-added tax on low-value imported goods sold via express delivery will be removed starting Feb. 18, 2025. The Ministry of Finance stated that this policy aims to ensure fair competition and encourage the consumption of domestically produced goods.
Image Credits: Photo by Ammie Ngo on Unsplash
