Vietnam e-commerce market fluctuates: More than 7,000 sellers "leave the market" in 1H/2025

Small retailers are increasingly shrinking on e-commerce platforms, pushing the game into the hands of genuine stalls.

The latest report from YouNet ECI shows that the total transaction value (GMV) of the Vietnamese e-commerce market on the four major platforms (Shopee, TikTok Shop, Lazada, Tiki) reached VND 222.1 trillion in the first 6 months of 2025, recording a growth rate of 23% over the same period last year.

This growth rate far exceeds the general growth rate of the retail industry of consumer goods and services at 9.3%, according to data from the General Statistics Office.

The growth of the e-commerce market occurred in the context of a slight decrease in the number of sellers with revenue. Specifically, the number of shops with revenue on the platforms decreased by more than 7,000 compared to the same period. However, the average revenue of each operating shop increased by 27.6%.

TikTok Shop narrows the gap with Shopee

The report shows a major shift in market share structure. TikTok Shop is the platform that recorded the strongest GMV growth, up to 148% YoY. This increase helped TikTok Shop's market share increase from 32.5% at the end of 2024 to 42% in the first half of 2025, with GMV reaching VND93.3 trillion.

Meanwhile, Shopee still holds the leading position with 55% market share, reaching GMV of VND122.2 trillion, but recorded a 6% YoY decrease.

The remaining two platforms, Lazada and Tiki, continued to decline. Lazada's GMV reached VND5.8 trillion (down 48%), and Tiki's reached VND837.6 billion (down 46%). The bright spot was data showing that Lazada recorded an average order value growth of 34.6% over the same period.

For the first time, the number of sellers with revenue on TikTok Shop surpassed Shopee, reaching more than 266,000 (up 96%), compared to Shopee's figure of more than 209,000 (excluding international sellers).

Shift to large retailers

According to Mr. Nguyen Phuong Lam, Director of Market Analysis at YouNet ECI, the decrease in the number of small retailers while the market is growing shows that consumers are tending to put their trust in reputable brands and large retailers, especially when buying essential items.

Pressure on floor fees is also a factor that causes small retailers to leave the market. This is evidenced by the fact that the Mall Shop group recorded a 34% increase in revenue over the same period.

Essential categories are the main growth drivers, including: Food & Beverage (up 57.4%), Mother & Baby (35.1%), and Health (18.5%). The fast-moving consumer goods (FMCG) sector also grew by 167% on TikTok Shop and 20% on Shopee.

Market Segmentation and Outlook

According to the analysis report, TikTok Shop grew thanks to products in the economy and mainstream segments. In contrast, Shopee maintained its position in the upper mainstream and premium segments.

In terms of market share, TikTok Shop currently dominates in Gen Z-attracting categories such as Fashion (54%), Beauty (50%), Food & Beverage (44%). Shopee still maintains a market share of over 60% in many other categories.

YouNet ECI's report also forecasts that the Vietnamese e-commerce market will grow at a compound annual growth rate of 35% until 2028, based on two pillars: Shoppertainment (shopping combined with entertainment) and increased basket size (Basket Size Expansion).

(Tap chi dien tu Doanh nhan Viet Nam)

Source