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More than 96% of Vietnam's e-commerce market is currently controlled by cross-border platforms, leaving limited space for domestic players to grow in the way they had hoped. The rapid expansion of foreign platforms has also pushed some domestic businesses to withdraw or fade from the market within just a few years.
As of the end of 2025, only two foreign platforms—Shopee and TikTok Shop—had nearly captured Vietnam’s e-commerce market, accounting for about 96% of the market, up from 83% at the end of 2024, according to Metric.vn. Metric.vn aggregates data from four platforms: Shopee, TikTok Shop, Lazada, and Tiki.
While the figures may not fully capture the entire market, they highlight the scale of pressure from cross-border platforms and the challenge domestic platforms face in competing for customers.
Responding to VnEconomy, Mr. Tran Minh Tuấn, CEO of Metric, said Vietnamese enterprises still have opportunities. He pointed to China’s market, where beyond major players such as Alibaba and Taobao, hundreds of smaller platforms serve niche segments that the giants have not optimized. He suggested Vietnamese e-commerce could follow a similar pattern.
VnShop leadership also emphasized a cautious, manageable approach. At a strategy and positioning launch on April 15, VnShop Chairman Cao The Anh said: “The VnShop platform does not position itself to directly confront the giants; there are always niches.”
He added that competing by “burning money” is not a sustainable path, stating that the foundation for growth is customer trust. He also argued that e-commerce platforms currently do not place enough emphasis on trust.
According to Mr. Cao The Anh, VnShop’s key difference is that it does not chase low-price trends. He said the platform’s average order value (AOV) is currently above 650,000 dong, placing it among the market’s top, while the return rate is less than 1% and the upfront payment rate is nearly absolute.
He further stated that VnShop strictly controls its supply chain, ensuring “100% authentic products and 100% invoiced products,” and that counterfeit goods are a market pain the platform aims to address.
Despite choosing a different approach, VnShop leaders acknowledged that the competitive environment remains difficult. They said that if VnShop does not integrate into the VNPAY ecosystem and into digital banks, it will be hard to compete effectively at present.
The platform, which has been recognized in Vietnam’s records for presence on 19 banking apps plus VNPAY, can reach more than 62 million users.
In a market with room to grow, Metric’s CEO suggested that a domestic platform’s success depends on three factors: (1) building trust, offering diverse products, ensuring quality and competitive pricing; (2) maintaining regular customer traffic; and (3) ensuring consistent service quality, covering delivery policies, after-sales care, and warranties.
He noted that there is still significant development potential in areas where current e-commerce platforms do not fully meet consumer needs—particularly products that require installation, warranty, or after-sales care.
With major platforms already established, new entrants may need a disruptive angle rather than simply imitating existing models. The content also cited forecasts that Vietnam’s e-commerce market will continue to expand, growing at least 20% annually and reaching a scale of about 70–72 billion USD by 2030.
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