Vietnam’s e-commerce market reached US$16.3 billion in gross merchandise value (GMV) in 2025 across its four largest platforms (Shopee, TikTok Shop, Lazada, and Tiki) up 34.8 per cent year-over-year, according to Metric.vn. That’s US$44.5 million transacted daily, with 3.9 million items sold, a 15.2 per cent increase.
The numbers paint a brutal picture of Southeast Asia’s e-commerce consolidation. Vietnam’s total eclipses Singapore’s estimated US$9.4 billion market by 73 per cent, while trailing Indonesia’s US$62 billion juggernaut by a factor of nearly four.
Yet per capita, Vietnam’s spending punches above its weight: roughly US$162 per person versus Singapore’s US$1,550 and Indonesia’s US$220.
TikTok’s rampage, Lazada’s fade
Shopee retained dominance at 56 per cent market share, down from 64 per cent in 2024, while TikTok Shop exploded from 29 per cent to 41.3 per cent. Lazada and Tiki combined scraped by with just 3 per cent, halved from the prior year. This shift underscores TikTok’s live-streaming blitzkrieg, which has eroded Shopee’s lead and marginalised legacy players.
Vietnam’s seller base tells a Darwinian story: 601,800 active shops on these platforms, down 7.4 per cent from 2024’s end, despite revenue growth. A mid-year low of 537,900 sellers rebounded by 63,900 by December, but the net cull reflects ruthless platform algorithms weeding out underperformers. “Weaker sellers were filtered out,” Metric noted.
Compare that to Indonesia, where Shopee and TikTok Shop also lead (roughly 50 per cent and 25 per cent shares), but with a vastly larger seller ecosystem supporting 270 million consumers. Singapore, by contrast, hosts a more mature but stagnant market dominated by Shopee (45-50 per cent) and Lazada (20-25 per cent), with fewer high-velocity disruptions due to its smaller scale.
Category wars: Beauty reigns, health surges
Beauty led Vietnam’s categories at 29.5 per cent of sales (US$4.8 billion), followed by home and living (US$2.3 billion) and women’s fashion (US$2.2 billion). Mid-price items (US$4-8) captured 25 per cent of value, aligning with affordability trends across the region.
Fastest growers — health (up to 80 per cent), children’s fashion, and stationery — mirror Singapore and Indonesia, where post-pandemic wellness and family spending booms persist. Singapore’s beauty category similarly dominates (25-30 per cent), while Indonesia’s fashion and electronics lead, but Vietnam’s growth velocity outpaces both.
Also Read: Then vs now: A look back at Vietnam’s changing e-commerce battleground
Urban concentration is stark: 83 per cent of revenue from Ho Chi Minh City and Hanoi, akin to Jakarta’s 60-70 per cent grip on Indonesia’s market and Singapore’s near-total urban focus.
Southeast Asia’s e-commerce reckoning
Vietnam’s 34.8 per cent growth crushes Singapore’s projected 8-10 per cent and Indonesia’s 15-20 per cent, driven by a young, mobile-first population of 100 million and aggressive social commerce. Yet scale gaps persist: Indonesia’s sheer volume (US$62 billion) makes it the undisputed king, while Singapore’s high-income consumers yield superior average order values (US$50-60 vs. Vietnam’s US$12-15).
The seller shakeout signals maturation. Platforms are prioritising quality over quantity, squeezing margins for small operators, a trend accelerating region-wide amid fee hikes and algorithm tweaks. TikTok’s ascent, now challenging Shopee everywhere from Hanoi to Jakarta, forces incumbents to double down on logistics and live commerce.
Also Read: Vietnam leads SEA in e-commerce optimism despite regulatory frictions
For startups eyeing Southeast Asia, Vietnam emerges as the high-growth wildcard: explosive upside, but cutthroat competition where only the algorithm-favoured survive. Singapore offers stability; Indonesia, scale. Vietnam? Raw velocity.
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