Top brands in Vietnam e-commerce business

According to The White Book on Vietnamese E-Business 2022 published by the Vietnam E-Commerce and Digital Economy Agency (Ministry of Industry and Trade), the revenue of the top 10 leading enterprises in the market providing e-commerce services accounts for up to 95% market share, leaded by Shopee Co., Ltd.


Accordingly, the Top 10 enterprises providing e-commerce services include Shopee, Recess, Grab, Woowa Brothers Vietnam, TiKi, Go Viet, Sen Do, Foody, Be Group, and Aha Move.




Each year, these businesses generate from several hundred to thousands of billion Dong and make a significant contribution to the revenue of the whole industry.


Shopee is an e-commerce exchange based in Singapore, owned by SEA group and currently present in many countries including Vietnam. Shopee officially entered the Vietnamese market in 2016. Up to now, Shopee has held the top 1 position in the ranking of e-commerce platforms by revenue.


Shopee is also the leading e-commerce site in terms of traffic with nearly 89 million visits in the fourth quarter of 2021, an increase of about 30% over the same period last year. In terms of revenue, Shopee Vietnam holds the highest market share with a revenue of more than 5.5 trillion Dong in 2021, an increase of more than 145% over the same period in 2020. Although revenue increased strongly over the years, the company is not yet profitable.


Lazada is one of the major e-commerce platforms in Vietnam, established in 2012 by Lazada Group and currently owned by Alibaba Group. Lazada works by offering virtual stores on its website and taking commissions from sellers.


The revenue of this e-commerce platform also increased significantly, specifically in 2020, Lazada Vietnam recorded revenue of nearly 3.5 trillion Dong, an increase of more than 50% compared to the same period in 2019. Along with the growth in revenue, the platform's pre-tax losses are also on a downward trend compared to previous years, and more surprisingly, this giant brought in a positive profit in 2020.


Tiki was established in March 2010 with the initial orientation of being the leading online bookstore in Vietnam. After 9 years of construction and development, Tiki has become an e-commerce website providing products in 15 popular categories.


Vietnam’s “homegrown” brand is not inferior to foreign brands when revenue has grown tremendously. In 2020, Tiki recorded a revenue of more than VND 820 billion. Notably, Tiki's pre-tax loss in 2020 is up to 1.3 trillion VND.


Different from competitors in the industry, Sendo was originally just an e-commerce project developed by FPT Online Services Joint Stock Company. In 2014, Sendo Technology Joint Stock Company was established, which is the owner of the Sendo flatform.


In the period from 2019 - 2021, this brand's net revenue and pre-tax loss both decreased significantly. This is the only e-commerce platform in Big4 with a decrease in revenue.



Vietnam is not only a market that is welcomed by domestic and foreign e-commerce platforms, but it is also fertile land for flatforms of ride-hailing and food delivery to develop.


According to published data, up to 5.1% of enterprises mainly operate in the field of ride-hailing services; 6.2% of enterprises mainly operate in the field of transportation services, freight-forwarding and 7.8% of enterprises mainly operate in the field of food delivery and ordering services.


Grab is a technology company specializing in providing transportation services from Malaysia. Grab implements its transportation service on the application provided by the company itself. In 2014, the application was available in Vietnam under the name GrabTaxi and in 2016 changed its name to Grab. And after nearly 2 years of operation in Vietnam, Grab has launched a series of services such as GrabTaxi, GrabBike, GrabCar, GrabExpress, GrabFood... and many other services to serve all the transportation needs of Vietnamese people...


Grab is considered a tycoon in the field of technology ride-hailing services, with a revenue of more than 3.3 trillion VND per year. However, with the outstanding development of competitors in the industry such as Gojek, Baemin, and Foody, the revenue of this tycoon has slowed down in 2021.


Regarding Grab’s profit, there is an erratic fluctuation. Specifically, after a series of pre-tax losses, by 2020, this tycoon has collected more than 230 billion Dong. However, a year later, it recorded a negative profit.


Foody was founded in 2012, with the initial service of a website providing a search for restaurants and food stores. In 2016, Foody launched DeliveryNow (now Shopee Food) as a food ordering and delivery app.


Foody.vn focuses on promoting all 4 service areas at the same time, namely:

  • Foody.vn: providing reviews and comments from restaurants via a website and mobile apps.

  • Tablenow.vn: table booking service online.

  • Delivernow.vn: an online delivery service

  • and FoodyPOS.vn: a service that provides sales management software for restaurants and eateries.


From 2017 to 2021, Foody’s revenue recorded positive growth over the years, typically in 2021, revenue reached more than 1.2 trillion VND, an increase of about 40% compared to the same period in 2020. However, the business has continually reported losses, as its peak is in 2020, the loss before tax is up to 1.5 trillion Dong.


Baemin is a food ordering app from Korea, operated by Woowa Brothers Vietnam. Entering the Vietnamese F&B market at a time when food delivery applications are fiercely competing for market share and facing strong rivals such as Now (currently Shopee Food), GrabFood, and GoFood. However, the Korean unicorn has devoted itself to the war for market share in Vietnam. When it was only the first year of its launch, the loss reached nearly VND 570 billion while the revenue was only VND 76 billion.


The revenue of this business has continuously increased rapidly in the last 2 years and along with that, the loss has also increased rapidly, showing that the ambition of the application from the land of kimchi is very large.


Be is a “Made in Vietnam” technology ride-hailing application developed by BE GROUP Joint Stock Company. This application officially launched in 2018 in Hanoi and Ho Chi Minh City.


After more than 4 years of operation, Be provides main services such as:

  • Bebike: 2 wheeler service, BeCar: 4 & 7 seater car calling service.

  • BeDelivery: fast delivery service.

  • BeRental: Service for customers car rental.

  • BeFood: food delivery service.


After going into operation, the revenue of this business grew continuously and reached nearly VND 480 billion in 2020 (up 100 times compared to 2018) and has a decrease in 2021. Therefore, Be Group has continuously launched promotional vouchers, and advertising programs to attract new customers as well as retain old customers. This leads to higher selling costs. This is also one of the reasons why this player’s profit is negative.


A big man in the industry must be mentioned is Gojek, a technology company from Indonesia. The company started with a ride-hailing service, then expanded into other activities to become a super app. In 2018, Gojek officially entered the Vietnamese market under the name GoViet. However, on July 20, 2020, the name GoViet was declared dead and replaced by Gojek. To date, in the Vietnamese market, Gojek’s services include ride-hailing services (GoRide, GoCar), food delivery (GoFood) and delivery (GoSend).


Since changing its name to Gojek, this e-commerce enterprise has brought in a revenue of hundreds of billions of dong per year instead of tens of billions as before and achieved a growth rate of nearly 30% by 2021.


Just like other e-commerce enterprises, making the business profitable for Gojek is still a difficult problem. As of 2021, Gojek Vietnam’s accumulated loss reached more than VND 4 trillion.



Ahamove is a ride booking application for on-demand delivery with modern technology, owned by Scommerce - a leading corporation in the field of transportation in Vietnam. Ahamove has cooperated with famous names such as Lazada, Phuc Long, Highlands, FPT, Mobile World, etc.


Services of Ahamove application include:

  • Aha Delivery: delivery service

  • Aha Mart: buying service for goods

  • Aha Truck: truck service.


After a slowdown in revenue in 2019, this business started to grow again. In terms of revenue size, AhaMove is relatively modest in size compared to other competitors in the industry. It can be seen that Ahamove’s gross profit has grown over the years, but pre-tax profit is still negative.


Loss is still a common situation for most e-commerce businesses in Vietnam. However, with the scale constantly expanding and the percentage of new digital users increasing, the market of providing e-commerce services is still a potential market for businesses to develop and capture market share.


Vietdata