Yet the era of “easy growth” has passed, forcing brands into a far more rigorous phase of selection and competition.
This assessment is highlighted in the Vietnam E-commerce Revenue & Consumer Report 2025 released on February 11 by market data analytics firm YouNet ECI.
According to the report, total gross merchandise value (GMV) across four major platforms – Shopee, TikTok Shop, Tiki and Lazada – reached 458.16 trillion VND, equivalent to approximately 18.3 billion USD, up 26% year-on-year.
This pace outstripped the broader retail goods and consumer services sector, which expanded 9.2% according to the General Statistics Office.
GMV growth was broad-based across key categories.
Fast-moving consumer goods (FMCG) led with 38% growth, followed by fashion and accessories at 34%.
Despite rising platform fees in the second half of 2025, the FMCG segment maintained sales volumes comparable to the same period in 2024.
Purchasing everything from instant noodles to diapers online is no longer a trend. It has become a habit.
Warning signs in the fourth quarter: Higher prices, lower volumes
Although the overall 2025 picture remains positive, fourth-quarter data have sent the first warning signals.
Consumption volume on major platforms fell 8% year-on-year.
The main driver was a sharp increase in average selling prices across all four platforms, up 33% compared with the fourth quarter of 2024.
These price hikes were largely a response by sellers to consecutive platform fee increases throughout 2025.
At the same time, a consumer survey conducted by YouNet ECI and Buzzmetrics in the fourth quarter of 2025 showed growing price sensitivity among online shoppers.
The survey examined sentiment among Gen Y (Millennials) and Gen Z regarding the domestic economic outlook.
While 36% of Millennials expressed neutral views and 45% felt positive, Gen Z appeared more optimistic, with 64% expressing confidence in current economic conditions.
However, Gen Z’s purchasing power remains constrained, as 64% reported household incomes below 30 million VND per month, equivalent to roughly 1,200 USD.
“With higher prices amid cautious Millennials and financially constrained Gen Z consumers, it is unsurprising that sales volumes declined toward the year-end,” the report concluded.
Outlook for 2026: Stronger filtering, opportunities for authentic brands
In 2026, platform fee pressures are expected to continue weighing on pricing. Yet within these challenges lie opportunities. The market is witnessing the exit of small-scale sellers with limited capital or those trading in non-authentic goods.
The total number of revenue-generating sellers on platforms fell 5.6% year-on-year to around 672,000.
However, average revenue per seller rose 33%, underscoring an accelerating consolidation process.
Growth persists, but it is increasingly concentrated in the hands of major sellers, established brands and authorized distributors.
The withdrawal of smaller sellers opens a window for professional retailers and brands to capture their customer base.
It also creates potential to convert departing sellers into affiliate marketing partners.
Commenting on strategy for 2026, Nguyen Phuong Lam, Director of Market Intelligence and Consulting at YouNet ECI, noted that Vietnam’s e-commerce market is likely to maintain double-digit growth.
However, the increasingly complex behavior of Vietnamese consumers presents both opportunity and challenge.
“The era of easy growth fueled by pouring money into advertising has ended. Brands must now focus on synchronizing across channels and continuously tracking category movements, especially competitors and retail chains, to identify genuine growth opportunities,” Lam said.
Nhung Bui (Dau Tu)
