Platform Delivery - Vietnam

Vietnam

Highlights

The Platform Delivery market in Vietnam is projected to reach a revenue of US$128.30m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 2.41%, resulting in a projected market volume of US$144.60m by 2029.
By that year, the number of users in the Platform Delivery market is expected to amount to 3.6m users.
The user penetration rate, which is currently at 3.2% in 2024, is projected to hit 3.5% by 2029.
The average revenue per user (ARPU) is expected to amount to US$39.95.
In global comparison, China is expected to generate the highest revenue in the Platform Delivery market, reaching US$166.80bn in 2024.
Additionally, China will have the highest user penetration rate in the market, projected at 52.8%.
Vietnam's platform delivery market is experiencing rapid growth, with a surge in demand for food and grocery delivery services.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Platform Delivery market in Vietnam is experiencing significant growth in recent years.

Customer preferences: Vietnamese customers are increasingly adopting online platforms for their daily needs, including food delivery, ride-hailing, and e-commerce. The convenience of ordering through mobile apps and the availability of a wide range of choices are the main drivers of this trend. Furthermore, the COVID-19 pandemic has accelerated the adoption of online platforms as people prefer to stay at home and avoid crowded places.

Trends in the market: The food delivery segment dominates the Platform Delivery market in Vietnam. The demand for food delivery services has been growing at a rapid pace, and many new players have entered the market to capture a share of this lucrative segment. However, the competition is intense, and companies are struggling to differentiate themselves from each other. As a result, we are seeing a trend towards consolidation, with larger players acquiring smaller ones to expand their market share.Another trend is the increasing use of technology to improve the efficiency of delivery services. Many companies are investing in logistics and supply chain management systems to optimize their operations and reduce delivery times. Additionally, there is a growing demand for eco-friendly delivery options, such as electric bikes and cars, as customers become more environmentally conscious.

Local special circumstances: Vietnam has a young and tech-savvy population that is driving the growth of the Platform Delivery market. The country's internet penetration rate is one of the highest in Southeast Asia, and the government is investing heavily in digital infrastructure to support the growth of the digital economy. However, the market is highly fragmented, with many small players competing for market share. Furthermore, the regulatory environment is complex, and companies need to navigate a range of legal and bureaucratic hurdles to operate in the market.

Underlying macroeconomic factors: Vietnam's economy has been growing at a steady pace in recent years, driven by strong exports and foreign investment. The country's middle class is expanding, and disposable incomes are rising, which is fueling demand for online services. However, the COVID-19 pandemic has had a significant impact on the economy, and many businesses have been forced to close. Despite this, the Platform Delivery market has continued to grow, as people rely more on online services to meet their daily needs.

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.