The “Online retail platform market Q1/2025 and forecast for Q2/2025” report by Metric reveals that total revenue from Vietnam’s top four e-commerce platforms - Shopee, TikTok, Lazada, and Tiki - rose by 42.29% year-on-year, reaching approximately USD 4 million. Around 950.7 million products were sold during the period.

In particular, TikTok Shop recorded a 113.8% surge in revenue, increasing its market share from 23% to 35%. This sharp growth highlights the rising popularity of short-video-based shopping among Vietnamese consumers.

Despite Shopee maintaining a growth rate of 29.3%, its market share shrank from 68% to 62%, underscoring the platform’s intensifying competition. Lazada and Tiki faced significant declines, with revenues dropping 43.5% and 66.6%, respectively.

Metric attributes this shift to the rapid migration of consumers toward content-driven platforms like TikTok Shop, suggesting that traditional e-commerce players must adapt their development strategies.

The report also notes that while over 38,000 stores saw no orders in the first quarter of 2025, high-performing shops experienced notable growth. Shops earning over USD 2 million nearly doubled compared to Q1/2024, increasing by 95%.

This trend indicates that small-scale vendors are retreating, ceding market space to larger sellers with superior operational capacity.

Consumers are increasingly favoring official Mall stores, which have become key growth drivers for e-commerce platforms.

Although Mall stores represent just 3% of total shops, they contributed 26.7% of the total revenue on Shopee and TikTok Shop, highlighting their essential role in driving sales.

Shoppers are prioritizing official stores to ensure product quality and reliable service, reflecting a growing emphasis on brand credibility.

Revenue from Mall stores continues to rise across both platforms, pointing to a shift in consumer behavior toward trusted brands and quality assurance.

In addition, imported products on Shopee are increasingly competing with domestic sellers due to their competitive pricing, diverse styles, and alignment with local consumer preferences.

In Q1/2025, the imported goods segment generated around USD 141 million in revenue, with over 80 million items sold. This represents a 12.2% increase in revenue and a 7.18% rise in sales volume. Despite holding just 5.9% market share, this segment continues to attract shoppers thanks to reasonable pricing and a wide range of offerings.

Metric forecasts that Vietnam’s e-commerce market will maintain its upward momentum in Q2/2025, with projected revenue reaching approximately USD 4.6 billion - a 15% increase from the previous quarter - and product volume estimated at 1.112 billion items, up 17%.

This growth is expected to be driven by mid-year promotional campaigns and a steady trend in online shopping. Additionally, consumers are shifting their spending toward essential and health-related goods, along with a rising preference for high-quality, transparently sourced products.

Le My