E-commerce sales in Vietnam are expected to reach $30 billion by the end of 2024, heard a meeting held in Ho Chi Minh City by the Ministry of Industry and Trade, according to Vietnam Plus.
Nearly VND 800bn ($31.65 million) worth of goods are currently sold on the country's top five e-commerce platforms, Shopee, Lazada, Tiki, Sendo and Tiktok Shop every day, according to a report by market analysis firm Metric.
Sales on the platforms in the first half of the year amounted to VND 143.9 trillion, surging 54.9% year-on-year as compared to the retail industry's growth of 7.4%.
Metric pointed out that the growth mainly came from TikTok Shop and Shopee. Only those two registered positive growth rates in revenue in the period.
Metric said that both shops successfully took advantage of the livestream shopping trend.
The top 10 brands with the highest e-commerce revenue included only one Vietnamese brand, Vinamilk, raising the need for domestic brands to develop e-commerce business strategies.
Seafood trader Tbesfood told Undercurrent News at the Vietfish show in Vietnam that it will be turning increased attention to the domestic market in 2025. Tbesfood's parent company, Tbes Holdings, is invested in the Vietnamese e-commerce sector, live streaming on Shopee via its Mineski Live division.
Minh Phu Seafood, the country's largest shrimp exporter, has also talked of a shift to the domestic -- and Chinese -- markets, with competition in the US and EU too difficult for Vietnam with its high cost of production.
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