VnShop pivots to leverage a 19-bank ecosystem as a springboard for multi-channel expansion with a return rate below 1%

VnShop pivots to leverage a 19-bank ecosystem as a springboard for multi-channel expansion, with a return rate below 1%. Effectiveness challenge: not chasing price wars, keeping the return rate under 1%. At the event, Mr. Cao The Anh, Chairman of VnShop, said that one of the platform's core differentiators today is the average order value (AOV) of more than VND 650,000, higher than the market average. Notably, the return rate has remained very low, under 1%. These figures arise from the platform's distribution channel characteristics. Thanks to direct integration with 19 banking applications (such as Vietcombank, BIDV, Agribank, VietinBank…) along with the VNPAY e-wallet, VnShop can directly access a potential customer base of over 62 million users. This broad integration also helped VnShop officially set Vietnam's record as 'the e-commerce platform integrated on the most banking apps in Vietnam.' VnShop's leadership candidly acknowledges the fierce reality of the sector: selling costs on e-commerce platforms today are very high; some margins reach as high as 34% yet retailers still incur losses. Therefore, the market is forcing a shift from growth by scale (burning cash) to growth by efficiency. Instead of luring customers with deep discounts or pushing inventory, VnShop commits that 100% of goods are genuine and issued with full invoices. In return, the vast majority of transactions on the platform today are customers paying 100% upfront from their bank balances, rather than relying on cash-on-delivery (COD), which carries significant risks. Expanding the customer file and sales channels: mixed drivers and challenges. Despite having a safe target customer base aged 25-50 with above-average incomes (more than 60% female), VnShop shows ambition to broaden its ecosystem. An interesting data point is that the 18-24 age group (including students) accounts for 20.4%. To maximize the potential of this digitally native customer segment, the platform proposes deeper cooperation with banks to offer more diverse financial services, notably credit card payments and Buy Now Pay Later. In addition to the core banking app channel, the company (which has rebranded and decided to focus 100% on e-commerce) is expanding access channels. The website vnshop.vn was launched in February 2026, together with plans to advance Affiliate marketing, Social Commerce, and Livestream. The move into multi-channel selling opens new growth space but requires the platform to maintain quality control — the factor that kept the return rate under 1% — as the scale and complexity of transactions increases. With a commitment to responsibility at every step, VnShop's next moves will test its ability to balance scaling with margin protection.