Insights into the growth of Vietnam e-commerce profiling payment methods, target audiences, marketing, social media, economy and logistics
Vietnam is home to 96.4 million people with a total GDP of US$194 billion. GDP per capita is currently US$3943 and is expected to reach US$5873 by 2025. Vietnam is ranked 141st by the World Bank GDP per capita rankings.
Digital User Insights
There are currently 51.8 million e-commerce users in Vietnam, with an additional 18 million users to be shopping online by 2025. These 70 million e-commerce users will represent 58% of the total population. The average user spends US$135 online.
In 2020, 31.5% of users is 25-34 years old.
Total e-commerce revenue across all product categories is US$7 billion , expected to reach US$8.7 billion USD by 2025. Electronics is currently the leading product category, accounting for US$1.8 billion market share. Fashion is second, accounting for US$1.6 billion.
By 2025, Electronics will still lead, valued at US$2.4 billion. Fashion will also remain second place, reaching US$2.1 billion.
Preferred Online Payments
A significant number of payments for online purchases are made offline via Cash on Delivery (30% of Vietnamese shoppers chose this method in 2021). Alternate payment methods include: bank transfers, payment cards, eWallets or scratched cards.
Where does Vietnam buy from?
Internet and Device Usage
Vietnamese online shoppers mainly divide their purchasing between smartphones and desktops. 18% made their most recent online purchase via smartphone, while 71% made their most recent purchase via desktop.
Marketing spend in Vietnam reached US$1.2 billion in 2018 (latest data) and is predicted to reach US$1.43 billion by 2022. TV advertising has been growing constnatly in Vietnam although digital advertising is steadily increasing and reached 20.5% share of total media advertising in 2018, predicted to reach over 24% by 2022. Mobile advertising is also increasing, with reached 55% share of total digtial advertising spend in 2018, predicted to reach 68.4% by 2022.
For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.
*Insights derived from eShopWorld data, Statista, WorldBank, OECD and other industry sources.