Shopee penetration rate Vietnam Q3 2022-Q2 2024

According to a survey conducted by Decision Lab in the second quarter of 2024, 79 percent of Vietnamese internet users reported using Shopee for online shopping. Shopee has become the most popular e-commerce platform in Vietnam in recent years, followed by other platforms like Lazada and TikTok Shop. 

Shopee's success in Vietnam - loss and leadership

Originally from Singapore, Shopee has established a strong presence across Southeast Asia, including Vietnam. As a late entrant to the Vietnamese market, Shopee initially focused exclusively on user and seller acquisition during its first few years of operation. Consequently, the company incurred losses from its market entry in 2016, only achieving profitability in 2022. Shopee now commands between 60 to 70 percent of the total gross merchandise value among the leading e-commerce platforms in Vietnam. This market has also become a crucial one for the Singaporean marketplace, with Vietnam ranking as the second-highest country in terms of Shopee app downloads, just behind Indonesia.

The rise of e-commerce in Vietnam

With the widespread use of the internet and shifts in consumer behavior, Vietnam's e-commerce sector has experienced significant growth in recent years. E-commerce has become a billion-dollar industry, accounting for an increasing share of the country's total retail sales. Along with Thailand, Vietnam is one of the fastest-growing e-commerce markets and has even surpassed the Philippines to become the third-largest e-commerce market in Southeast Asia in 2024. By 2030, Vietnam is projected to become the second-largest e-commerce economy in the region.