Vietnamese consumers spent an estimated $16 billion on online purchases via platforms such as Shopee, Lazada and TikTok Shop in 2024, placing the country among the top three e-commerce markets in Southeast Asia.
The newly released Southeast Asia E-commerce 3.0 report by Momentum Works shows that the region's total gross merchandise value (GMV) across e-commerce platforms reached $128.4 billion in 2024, up 12 percent year-on-year. On average, the region processed 43.6 million online orders per day, approaching the scale of the US market.
Shopee, Lazada and TikTok Shop accounted for more than 90 percent of total order volume, with Vietnam being one of the top five markets in the region alongside Thailand ($23.5 billion), Malaysia ($11.5 billion), the Philippines ($16 billion) and Singapore ($4.9 billion). Thailand and Malaysia led in growth, posting 22 percent and 20 percent increases respectively.
Indonesia remains the region’s largest e-commerce market, with $56.5 billion in GMV and a 44 percent market share. However, its growth slowed to just 5 percent due to ongoing platform mergers.
In Vietnam, the e-commerce landscape is dominated by three major platforms. Shopee holds the largest market share, commanding 65 percent of GMV (around $10.4 billion), followed by TikTok Shop at 28 percent ($4.5 billion), Lazada at 6 percent ($1 billion) and Tiki at 1 percent (nearly $200 million).
Beyond major platforms, other digital commerce channels such as brand websites, multi-brand retailers, social media and messaging apps like WhatsApp contributed an additional $16.8 billion to the region’s total e-commerce value.
The report also noted a resurgence of Chinese consumer brands in Southeast Asia. These brands are returning with upgraded products and more localised strategies to capture key market segments.
Momentum Works forecasts that Southeast Asia’s e-commerce sector could generate an additional $131 billion in transaction value by 2030 if businesses effectively adopt artificial intelligence across sales, operations, logistics and customer service.
