Blog > Marketplace News > Institutional Data: Shopee and TikTok Shop Account for Over 91% of Vietnam’s E-commerce Market Share
Institutional Data: Shopee and TikTok Shop Account for Over 91% of Vietnam’s E-commerce Market Share
Jayson 23 Apr 2024 10:46
According to news on April 18, Shopee and TikTok Shop account for more than 91% of Vietnam's e-commerce market share. In addition, the revenue of the four e-commerce platforms, Shopee, TikTok Shop, Lazada, and Tiki, reached 79.12 trillion VND, a 16% decrease from the fourth quarter of 2023.
However, the positive news is that the total market transaction volume recovered quickly in March, increasing by 39% compared with February, equivalent to sales of VND30,908 billion in November 2023. The transaction volume is mainly concentrated on major exchanges such as Shopee 67.9%, TikTok Shop 23.2%, Lazada 7.6%, and Tiki 1.3%.
In addition, there are approximately 509,000 sellers on the above four e-commerce platforms, of which Shopee is the most concentrated with 262,000 sellers. In the first quarter of 2024, Shopee's average revenue per store was VND 222 million, TikTok Shop was VND 151 million, Tiki was VND 90 million, and Lazada was only VND 54 million.
It is worth mentioning that Shopee said that Vietnam has become a major market for Korean beauty brands, with order volume increasing more than five times in the past three years. Shopee Korea station data shows that from 2021 to 2023, K-beauty orders in Vietnam increased by 5.2 times, and the transaction amount increased by 4.9 times.
However, the positive news is that the total market transaction volume recovered quickly in March, increasing by 39% compared with February, equivalent to sales of VND30,908 billion in November 2023. The transaction volume is mainly concentrated on major exchanges such as Shopee 67.9%, TikTok Shop 23.2%, Lazada 7.6%, and Tiki 1.3%.
In addition, there are approximately 509,000 sellers on the above four e-commerce platforms, of which Shopee is the most concentrated with 262,000 sellers. In the first quarter of 2024, Shopee's average revenue per store was VND 222 million, TikTok Shop was VND 151 million, Tiki was VND 90 million, and Lazada was only VND 54 million.
It is worth mentioning that Shopee said that Vietnam has become a major market for Korean beauty brands, with order volume increasing more than five times in the past three years. Shopee Korea station data shows that from 2021 to 2023, K-beauty orders in Vietnam increased by 5.2 times, and the transaction amount increased by 4.9 times.
