Vietnam and Thailand are the fastest-growing e-commerce markets in Southeast Asia, according to a new report by OpenGov Asia.
The report also highlights Vietnam’s ascent past the Philippines to become the third-largest e-commerce market in the region.
Last year, the total gross merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached US$114.6 billion, marking a 15% year-on-year increase. The Southeast Asian e-commerce has been continuously growing, with this year’s GMV predicted to be double that of 2020.
Vietnam and Thailand saw their GMVs increasing by 52.9% and 34.1%, respectively, over the same period last year. Vietnam’s e-commerce market has had an average annual growth rate of 16-30% over the past four years, the highest in the world.
In ASEAN, Shopee dominates with a total GMV revenue of $55.1 billion last year, with a 48% market share. TikTok Shop is now the second-largest platform in the region, following its acquisition of Tokopedia.
In Vietnam, TikTok Shop holds a significant 24% market share, making it the second largest e-commerce platform in the nation.
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