Competition in Vietnam’s E-commerce Market Intensifies
Jayson 10 Oct 2024 10:20
The iOS version of 1688 (Alibaba's wholesale e-commerce platform) recently added Vietnamese language support, making it easier for Vietnamese users to access and register accounts.
The login screen, product recommendations, payment, promotions and other interfaces are all available in Vietnamese, but some users still encounter difficulties in the selection and checkout stages because these links are still in Chinese interfaces and do not currently support Vietnamese Dong payments.
If the 1688 platform can fully support Vietnamese and simplify the payment process, it will intensify competition in Vietnam's e-commerce market. Currently, the main e-commerce platforms in Vietnam include Shopee, TikTok Shop, Lazada and Tiki.
According to the YouNet ECI report, in the second quarter of 2024, Shopee ranked first with a market share of 71.4%, followed by TikTok Shop with a market share of 22%, and Lazada and Tiki each accounted for the remaining market share.
Overall, Shopee and TikTok Shop accounted for 93.4% of the market share in the second quarter of 2024, up from 91.25% in the first quarter. In addition, Reuters reported that Indonesian users will soon be able to purchase products through Shopee links on YouTube. YouTube Shopping already operates in South Korea and the United States, and plans to expand to Southeast Asian markets including Vietnam.
The login screen, product recommendations, payment, promotions and other interfaces are all available in Vietnamese, but some users still encounter difficulties in the selection and checkout stages because these links are still in Chinese interfaces and do not currently support Vietnamese Dong payments.
If the 1688 platform can fully support Vietnamese and simplify the payment process, it will intensify competition in Vietnam's e-commerce market. Currently, the main e-commerce platforms in Vietnam include Shopee, TikTok Shop, Lazada and Tiki.
According to the YouNet ECI report, in the second quarter of 2024, Shopee ranked first with a market share of 71.4%, followed by TikTok Shop with a market share of 22%, and Lazada and Tiki each accounted for the remaining market share.
Overall, Shopee and TikTok Shop accounted for 93.4% of the market share in the second quarter of 2024, up from 91.25% in the first quarter. In addition, Reuters reported that Indonesian users will soon be able to purchase products through Shopee links on YouTube. YouTube Shopping already operates in South Korea and the United States, and plans to expand to Southeast Asian markets including Vietnam.
