Market Insights eCommerce Online Food Delivery Grocery Delivery

Quick Commerce - Vietnam

Vietnam

The Quick Commerce market in Vietnam is expected to see significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$678.50m.
This growth is likely to continue, with an annual growth rate (CAGR 2024-2029) of 12.54%, resulting in a projected market volume of US$1,225.00m by 2029.
In terms of user base, the Quick Commerce market in Vietnam is expected to have 11.5m users users by 2029.
This represents a user penetration rate of 8.1% in 2024, which is expected to increase to 11.3% by 2029.
The average revenue per user (ARPU) in the Quick Commerce market in Vietnam is projected to be US$83.96.
When compared globally, China is expected to generate the highest revenue in the Quick Commerce market, with US$80,840.00m in 2024.
Additionally, China will have the highest user penetration rate in the Quick Commerce market, projected to reach 21.4%.
Vietnam's quick commerce market is booming, with an increasing number of consumers opting for convenient and speedy delivery services.

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Analyst Opinion

Quick Commerce, also known as Q-Commerce, is a relatively new concept in Vietnam's retail market. The country's Q-Commerce market has been developing rapidly in recent years, driven by various factors such as changing customer preferences, technological advancements, and local special circumstances.

Customer preferences: Vietnam's young and tech-savvy population has been one of the driving forces behind the growth of the Q-Commerce market. Customers are increasingly looking for fast and convenient shopping experiences, and Q-Commerce offers just that. With the rise of smartphone usage in Vietnam, customers are now able to order products online and have them delivered to their doorstep within hours.

Trends in the market: One of the biggest trends in Vietnam's Q-Commerce market is the rise of super apps. Super apps are platforms that offer a range of services, including food delivery, ride-hailing, and e-commerce. These apps have become increasingly popular in Vietnam, with many customers using them to order products from their favorite retailers. Another trend is the increasing use of drones for delivery. With Vietnam's dense population and traffic congestion, drones offer a faster and more efficient way to deliver products.

Local special circumstances: Vietnam's Q-Commerce market has also been influenced by local special circumstances. The country's retail market has traditionally been dominated by small mom-and-pop stores, which are now facing increasing competition from larger retailers and e-commerce platforms. In response, many of these small stores have started to adopt Q-Commerce solutions, such as online ordering and delivery, to remain competitive.

Underlying macroeconomic factors: Vietnam's strong economic growth and rising middle class have also contributed to the growth of the Q-Commerce market. With more disposable income, customers are now able to spend more on convenience and are willing to pay a premium for faster delivery times. Additionally, the government has been supportive of the development of the Q-Commerce market, with initiatives such as the National E-commerce Development Master Plan providing a favorable environment for growth.In conclusion, Vietnam's Q-Commerce market is developing rapidly, driven by changing customer preferences, technological advancements, and local special circumstances. The rise of super apps, the increasing use of drones for delivery, and the adoption of Q-Commerce solutions by small stores are some of the key trends in the market. With strong economic growth and government support, the future of the Q-Commerce market in Vietnam looks promising.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.