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TikTok Shop is breaking through in the e-commerce market race.

E-commerce is one of the fields that has been receiving significant attention in recent years. Various factors are driving its growth, such as the wave of digital transformation, technological infrastructure, online payment systems, logistics, human resources, etc. According to data from the Ministry of Industry and Trade, in 2023, the e-commerce sector continued to develop robustly with a growth rate of over 25% (an increase of about 4 billion USD compared to 2022) and reached a scale of over 20.5 billion USD.

The most prominent e-commerce platforms include Shopee, Lazada, TikTok Shop, Tiki, and Sendo. According to Metric data, in 2023, the revenue from these five e-commerce platforms reached 232.1 trillion VND, an increase of 53.4% compared to 2022. Besides e-commerce platforms, there are also mobile applications providing e-commerce services such as Grab, Be, Gojek, Ahamove, Foody, etc.

In 2023, Shopee maintained its leading position in market share among e-commerce platforms, followed by Lazada in second place and TikTok Shop in third. However, in the first quarter of 2024, many reports noted a reshuffling of market shares with Shopee still leading, followed by TikTok Shop in second place and Lazada in third.


Shopee is an e-commerce platform established by SEA Group in 2015, currently holding the number one market share in the e-commerce sector in Vietnam. In 2023, Shopee's net revenue exceeded 18 trillion VND, maintaining its leading position with an impressive growth rate of over 70% compared to 2022. However, its post-tax profit was more than 1.4 trillion VND, the highest in the group but a decrease of over 50% compared to 2022.

Despite dominating the market share in Vietnam, Shopee is facing threats from TikTok Shop. In 2024, to enhance competitiveness and consumer benefits, Shopee updated its return policy, extending the return and refund period to 15 days from the successful delivery date. Shopee also allows buyers to cancel orders even when the items are in transit. Shopee introduced the livestream feature in 2019 ahead of TikTok. Recently, Shopee has revamped this feature to focus on product categories such as fashion, health, and beauty.

Tiktok Shop

Owned by ByteDance and headquartered in Singapore, TikTok Shop launched in Vietnam in 2022. In 2023, TikTok Shop's net revenue reached nearly 890 billion VND, an increase of about 80% compared to 2022, with a post-tax profit of 32 billion VND, a slight increase of 9% compared to 2022. With a unique sales approach compared to others, TikTok Shop combines entertainment and commerce significantly. TikTok introduced the concept of “shoppertainment,” a form of shopping combined with entertainment. TikTok Shop has emphasized purchasing based on emotions and spontaneous needs when users see attractive or interesting products. Therefore, content creators are the best bridge between TikTok Shop and customers, gaining consumer trust through KOLs (Key Opinion Leaders) and KOCs (Key Opinion Consumers).

In just over a year, TikTok Shop has driven remarkable growth and overtaken Lazada to claim the second position in the market share battle, thanks to sales from livestream sessions. The number of sellers on TikTok Shop has also increased by more than 400%, surpassing the combined total of Lazada and Tiki. TikTok Shop stands out as a distinctive presence among current e-commerce platforms.


This e-commerce platform is part of Lazada Group, which is owned by Alibaba Group, and entered the Vietnamese market in 2012. Lazada faces intense competition from other e-commerce platforms and currently ranks third in the Vietnamese market (based on sales).

To reclaim market share, Lazada has added features and utilities to enhance the experience for both sellers and consumers. For sellers, Lazada employs content creation technology that can be SEO-optimized (Search Engine Optimization) through an AI product information creation feature, helping sellers reach potential customers more effectively. This also saves sellers time compared to the usual process of posting product information.

For consumers, Lazada has introduced features like Product Highlight Recommendations. This feature helps customers quickly view the essential and core information about products. Enhancing the shopping experience is Lazada’s sustainable development approach to retain customers; however, regaining its previous position in the e-commerce race remains uncertain.


Established in 2010, Tiki appears to be "losing steam" in the fierce competition among e-commerce platforms, especially against those with foreign capital. Compared to previous periods, Tiki has lost much of its market share. Currently, Tiki lacks the competitiveness to rise to a higher position on the market share map in the short term.

Tiki has taken steps to improve its business situation. On August 18, 2023, Tiki and the electric car brand Wuling, a joint venture of GM (USA) and HongGuang MiniEV, signed a strategic agreement, making Wuling HongGuang MiniEV the first electric car model to be sold on an e-commerce platform in Vietnam. Tiki also decided to integrate ChatGPT chatbot to offer customers free usage. Although this hasn't significantly improved the situation, it has at least drawn more attention to Tiki, resulting in a notable increase in traffic.


Established in 2012, Sendo is an e-commerce project by FPT Online and has become one of the largest purely Vietnamese e-commerce platforms. However, it has gradually lost ground in the competition and has been pushed out of the top e-commerce platforms. Despite this, in 2023, Sendo still achieved a net revenue of nearly 290 billion VND, a significant increase of 90% compared to 2022, with a post-tax loss of 450 billion VND. It is hard to say that these are entirely positive signals.

Sendo has also made efforts to introduce more competitive ideas. It launched a new grocery shopping model called Sendo Farm, sourcing products directly. On December 20, 2023, Sendo Farm signed agreements with the Branch of C.P. Vietnam Livestock Joint Stock Company and Daesang Đức Việt Joint Stock Company, aiming to ensure high-quality, clean food at reasonable prices. This initiative comes as Sendo recognizes the tightening of consumer spending amidst an unrevived economy.


Grab entered Vietnam at the end of 2014 and is a leading global technology company headquartered in Singapore, currently holding the largest market share in ride-hailing services in Vietnam. In late March 2018, Grab acquired its direct competitor, Uber, becoming the dominant player in this promising market. In 2023, Grab achieved nearly 4 trillion VND in revenue, a decrease of 40% compared to 2022. However, its post-tax profit saw a significant increase of over 210% compared to 2022.

Recently, Grab has introduced new strategies, moving away from trying to retain customers with promotions and instead offering more reasonable pricing options. This pricing strategy allows customers to choose between priority delivery, which ensures quick processing and delivery, and economy delivery for those willing to wait, resulting in lower fees. Additionally, beyond GrabFood, the platform has launched GrabBike Economy and GrabCar Economy services, offering lower prices during specific times of the day.

Foody/ ShopeeFood

Founded by Đặng Hoàng Minh in 2012, Foody is a social network specializing in reviews of restaurants in major cities like Ho Chi Minh City, Hanoi, and Da Nang. In 2016, Foody launched DeliveryNow. In 2017, SEA Group acquired Foody for approximately 64 million USD and rebranded DeliveryNow as ShopeeFood.

In 2023, Foody's net revenue reached 4 trillion VND, an increase of over 100% compared to 2022, while its post-tax profit also saw substantial growth, reaching nearly 850 billion VND. This significant business improvement has helped Foody enhance its financial situation.

ShopeeFood is one of the two leading names in the online food delivery market in Vietnam. In 2023, ShopeeFood partnered with Selex Motors to deploy electric delivery scooters. ShopeeFood's strengths lie in its creative campaigns and various vouchers, such as the Vạn Năng campaign and the "Giỏ cam yêu thương" campaign. ShopeeFood has also expanded its services to many provinces, increasing the number of provinces with ShopeeFood to 23. Its extensive network, dynamic campaigns, quick trend adoption, and high efficiency all contribute to its success.


Founded in 2017 amidst Vietnam's adaptation to technology-driven ride-hailing apps, Be stands as a purely Vietnamese technology transport company amid foreign competitors in Vietnam's ride-hailing market. Currently, Be provides a wide range of services from ride-hailing to delivery, food delivery, insurance, and telecommunications services. Be is gradually gaining market share in the technology ride-hailing market alongside Xanh SM, posing a threat to Grab's position. In 2023, Be achieved nearly 1.6 trillion VND in gross revenue, but incurred a post-tax loss of nearly 1 trillion VND.

Despite the lack of business profitability improvement, Be continues to attract investment. In 2022, Be Group received a loan of up to 100 million USD in cooperation with Deutsche Bank. Be Group and Green and Smart Mobility Corporation (GSM) signed a cooperation agreement on March 21, 2023, to "greenify" urban transportation in Hanoi by introducing electric cars and scooters for technology transport services. In 2024, VPBank Securities invested in Be Holdings, the company owning Be Group, with a total transaction value of 729.5 billion VND.


Baemin was a food delivery app operated by Woowa Brothers Vietnam and Delivery Hero. It officially withdrew from the Vietnamese market on December 8, 2023, marking the end of its 4-year journey in Vietnam. Throughout these 4 years, Baemin impressed consumers with creative, adorable, and approachable advertising. Despite garnering positive impressions from customers, Baemin couldn't compete with the promotional programs offered by Grab and ShopeeFood.


Xanh SM

Founded on March 6, 2023, Green and Smart Mobility (GSM) is primarily involved in two sectors: electric vehicle booking services and electric car and motorcycle rentals. Xanh SM operates VinFast electric cars and scooters that are user-friendly and environmentally friendly. By the end of the year, Xanh SM achieved revenue of over 1 trillion VND but incurred a post-tax loss of approximately 1.9 trillion VND.

Due to its recent establishment, Xanh SM quickly implemented a pricing strategy, reducing fares by 15% over the summer months (June 1, 2024 - August 31, 2024) to rapidly gain market share in Vietnam. They are also prepared to share 87% of revenue with electric vehicle drivers. Within just over a year of launching in Vietnam, Xanh SM has served over 50 million customers and operates in 36 provinces and cities. Xanh SM is reshaping the technology ride-hailing market and poses a potential threat to Grab's dominance.


Gojek, launched in Indonesia in 2015 and introduced as GoViet in Vietnam in 2018, merged its app and brand in 2020 for greater efficiency. In 2023, Gojek achieved gross revenue of over 200 billion VND, a 110% increase from 2022, but incurred a post-tax loss of nearly 250 billion VND. While gross revenue showed signs of recovery, it remained lower than in 2021.

Gojek also partnered with Dat Bike to introduce electric motorcycles for passenger transportation on May 18, 2023. This collaboration helps driver partners reduce fuel costs by up to 4 times compared to gasoline, contributing to environmental protection. Additionally, Gojek collaborated with Sapo to manage FnB sales and with Shinhan Finance to enhance cashless payments, develop consumer credit, and help mitigate black credit practices. With numerous strategic partnerships, Gojek diversifies its services, enhances operational efficiency, and strengthens competitiveness against other rivals.


Established in 2015, Ahamove is an app specializing in delivery services and has consistently grown to become one of the first profitable ride-hailing and delivery apps in Vietnam. Ahamove saw slight revenue growth in 2023, reaching over 340 billion VND, a nearly 2% increase from 2022. The post-tax loss in 2023 decreased to nearly 16 billion VND compared to 2022.

Like other companies, Ahamove collaborated with Aura Network on October 11, 2023, to introduce the "Ride To Earn" feature - smoke-free vehicles on the blockchain platform in Da Nang, aiming to integrate blockchain technology into daily life. On September 15, 2022, Ahamove partnered with VinFast to launch AhaFast, a delivery service using electric vehicles. This initiative shows Ahamove's expansion into technology ride-hailing services, indicating ample room for future growth.

Source: Vietdata's 2023 Report on E-commerce Industry in Vietnam.


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