Vietnam’s e-commerce sector is entering 2025 with unprecedented momentum. Bolstered by a young, tech-savvy consumer base and supportive digital infrastructure, online commerce in Vietnam is booming. The market has seen double-digit growth annually, reaching new heights in sales volume and value.

For foreign investors eyeing Southeast Asia, Vietnam stands out as a high-growth e-commerce frontier – but success requires understanding the latest trends, market segments, regional context, and regulatory landscape. This guide provides a comprehensive look at Vietnam’s e-commerce trends in 2025, tailored to the needs of international investors.

Vietnam E-Commerce Market 2025: Size and Growth

Vietnam’s e-commerce market has grown rapidly in recent years, as shown by the rising sales on major online platforms (Source: Metric research).

Vietnam’s e-commerce market continued its impressive expansion in 2024, laying a strong foundation for 2025. According to the Ministry of Industry and Trade, online retail sales in Vietnam surpassed $25 billion in 2024, an increase of about 20% from 2023. This puts e-commerce at roughly 9% of the nation’s total retail goods and consumer services revenue. Vietnam is now among the top 10 fastest-growing e-commerce markets worldwide. In fact, the country’s e-commerce sector grew an estimated 18–25% annually in recent years – a pace that few markets can match.

Several indicators highlight Vietnam’s e-commerce scale and trajectory:

• Marketplace Sales: The combined gross merchandise value (GMV) of Vietnam’s five largest e-commerce platforms (Shopee, Lazada, TikTok Shop, Tiki, Sendo) hit ₫318.9 trillion ($12.54 billion) in 2024, up 37.4% year-on-year. This figure is projected to climb to ₫387.5 trillion ($15.23 billion) in 2025, reflecting continued growth of ~22%.
  

• Overall GMV: A report by Google, Temasek and Bain estimates Vietnam’s e-commerce GMV (consumer goods only) at $22 billion in 2024, up from $19 billion in 2023. By 2030, this could reach $63 billion if current trends persist. Vietnam’s broader digital economy (including e-commerce, ride-hailing, online travel, etc.) was about $36 billion in 2024.
  

• Global Ranking: With a 2023 e-commerce market size around $20.5 billion, Vietnam now ranks among the top 3 e-commerce markets in Southeast Asia (after Indonesia and roughly on par with Thailand). Projections by Vietnam’s government even envision the market doubling to $40–45 billion by 2025, though more conservative estimates place 2025 GMV closer to the high-$20s billions.
  
  

Crucially, this growth is not just about raw numbers – it’s underpinned by strong consumer demand and increasing digital adoption. Vietnam’s population of 100 million is rapidly coming online: internet penetration stood at about 79% (nearly 80 million users) by early 2025, and the majority are smartphone users. Mobile commerce dominates: nearly 57% of online purchases in Vietnam are made on mobile devices, as consumers take advantage of user-friendly shopping apps.

A youthful demographic fuels this trend – over 51% of Vietnamese are under 35, a generation highly comfortable with online shopping and digital services.

Digital Consumer Behavior and Payment Trends

Vietnamese consumers are embracing e-commerce for its convenience, variety, and value. Several trends define consumer behavior in 2025:

• Mobile & Social Shopping: The ubiquity of smartphones and social media is reshaping how people shop. Platforms like Facebook, Instagram, and TikTok have evolved into shopping channels, blurring the line between socializing and buying. Shoppers discover products via social feeds and live streams, then purchase with a few taps. This “shoppertainment” model (exemplified by TikTok Shop) is particularly popular among young consumers.

• Convenience & Trust: E-commerce offers the 24/7 convenience Vietnamese consumers want. No traffic jams or crowded malls – with a click, goods arrive at the doorstep. The pandemic period boosted trust in online shopping, and those habits have stuck. In Q1 2024 alone, 766 million products were bought online, a staggering 83% increase over the same period a year prior, indicating how rapidly Vietnamese consumers shifted online.

• Brand Engagement: Shoppers are gravitating towards official brand stores and reliable sellers. On major marketplaces, “Mall” shops (authenticated brand storefronts) contributed 26.7% of total sales in early 2025 despite being only 3% of sellers. Consumers value authenticity and after-sales support, so they often choose official brand channels or top-rated vendors.
  
  

In tandem with changing shopping habits, Vietnam’s payment landscape is transforming fast. Cash-on-delivery (COD) – once the dominant payment method – is gradually giving way to digital payments:

• Cashless Payments Surge: By 2024, over 63% of transactions in Vietnam were cashless (paid via cards, e-wallets, bank transfer, etc.), marking a decisive shift from cash. Mobile wallet apps such as MoMo, ZaloPay, and Moca have tens of millions of users, and instant bank transfers and QR code payments are now commonplace.
  

• QR Codes & E-Wallets: QR code payment usage exploded by nearly 900% recently, thanks to QR scan-and-pay being enabled everywhere from street food stalls to e-commerce checkout pages. The State Bank’s national QR standard and incentivized consumer campaigns have accelerated this adoption. E-wallet transactions similarly have grown exponentially, boosted by promotions and the convenience of linking wallets to bank accounts for one-tap pay.
  

• Government Push: Vietnam’s government actively promotes a cashless society as part of its Digital Transformation program. In 2023, the country recorded 3.5 billion cashless transactions in total (valued at an astonishing $2.64 trillion including interbank transfers). Initiatives like mandating e-invoices, rolling out real-time payment systems, and fintech sandboxes have modernized the payment infrastructure. While cash is still used, especially in rural areas or for COD orders, its share is shrinking year by year.
  

For foreign investors, these trends signal a maturing consumer market. Shoppers in Vietnam are digitally savvy, expect smooth mobile experiences, and increasingly favor electronic payments. An e-commerce business entering Vietnam in 2025 must prioritize mobile-friendly design, integrate local e-wallets/QR payments, and build consumer trust through authentic branding and reliable service.

B2C E-Commerce: The Online Retail Boom

B2C (Business-to-Consumer) e-commerce – online retail of goods and services to individual consumers – remains the powerhouse of Vietnam’s digital economy. The B2C segment has seen explosive growth and continues to expand in 2025:

• Marketplace Dominance: Vietnamese consumers primarily shop on marketplaces, and a few platforms capture the bulk of traffic. Shopee is the market leader, commanding about 62–68% of e-commerce GMV, followed by Lazada, local players Tiki and Sendo, and newcomer TikTok Shop.
  

• Rising Competition: 2024–2025 brought a shake-up in the pecking order. Notably, TikTok Shop surged in popularity, leveraging its social video content to drive commerce. In Q1 2025, TikTok’s e-commerce sales in Vietnam jumped 113.8% year-on-year, raising its market share from 23% to 35% of the major platforms’ GMV.
  

• Consumer Electronics & Fashion Lead: The top-selling categories for B2C are often electronics (especially smartphones and gadgets), fashion and beauty products, home appliances, and FMCG (fast-moving consumer goods like groceries). Vietnamese consumers have shown a willingness to buy even big-ticket electronics online, given competitive pricing and fast delivery options.
  

• Logistics Improvements: A critical factor in B2C success is logistics, and Vietnam’s delivery networks have made strides. Nationwide 3PL (third-party logistics) providers and last-mile delivery startups ensure that even second-tier cities and rural areas are reachable. 

The result of these factors is robust growth: online retail sales jumped ~40% in 2024 for the top platforms, and the trend continues upward into 2025. B2C e-commerce in Vietnam is highly competitive but also rich with opportunities for brands and retailers, as millions of new shoppers come online and existing customers spend more frequently. Foreign investors partnering with or selling on established marketplaces will find a ready infrastructure and huge customer pools, but must differentiate themselves through product quality, local marketing, and customer service to thrive in this bustling online bazaar.

B2B E-Commerce: Early-Stage but High Potential

While Vietnam’s e-commerce story has so far been driven by B2C, the B2B (Business-to-Business) e-commerce segment is an emerging frontier with significant upside for investors. As of 2025, B2B e-commerce in Vietnam is still in relatively early stages compared to B2C, but several factors point to its growing potential:

• Manufacturing Hub Advantage: Vietnam has risen as a global manufacturing hub in industries like electronics, garments, footwear, furniture, and consumer goods. This industrial base provides a fertile ground for B2B e-commerce platforms that can connect Vietnamese manufacturers/suppliers with domestic retailers or international buyers. Vietnam’s position in the “China plus one” strategy – where multinationals diversify production beyond China – is drawing more sourcing interest to Vietnamese suppliers. An efficient B2B online marketplace or procurement platform can capitalize on this by aggregating Vietnam’s supplier offerings for easier discovery and transaction by overseas importers or local businesses.
  

• Free Trade Agreements (FTAs): Vietnam’s integration into global trade networks bolsters cross-border B2B e-commerce. Landmark FTAs like the EU–Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP) reduce tariffs and streamline trade procedures. These agreements make Vietnamese goods more competitive and encourage businesses to engage in export/import via online channels. A European company, for instance, can source products from Vietnam through a B2B e-commerce portal with more confidence now that tariffs are lower and standards are aligned under an FTA.
  

• Domestic B2B Adoption: Within Vietnam, businesses are gradually digitizing their procurement and distribution. Wholesalers and distributors are creating online portals for their retailers, and startups are launching B2B platforms for sectors like agriculture or fast-moving consumer goods. The government’s push for digital transformation in enterprises (including small and medium-sized enterprises) is encouraging B2B e-commerce adoption for efficiency and cost-saving.
  

• Cross-Border Platforms: Global B2B platforms have seen growing participation from Vietnamese exporters, especially in consumer goods and handicrafts. Likewise, regional players (for example, Thailand’s Thaitrade or Indonesia’s Bizzy) could serve as models or partners for Vietnam-specific B2B marketplaces.
  
  

For foreign companies, navigating these legal requirements is critical. It’s advisable to incorporate locally (establish a Vietnamese entity) if planning substantial operations, as this helps in obtaining the necessary e-commerce licenses and in coordinating with regulators. Indeed, a foreign investor will typically need to register company in Vietnam (set up a local business, likely as a foreign-owned LLC) to conduct e-commerce or to invest in Vietnamese online retail ventures. This process involves getting an Investment Registration Certificate and an Enterprise Registration Certificate, with specific business lines for e-commerce. 

(Pro tip: Keeping abreast of regulatory changes is much easier with local support. Engaging professional advisors for matters like licensing, import/export compliance, or tax advisory services in Vietnam can save new entrants from costly missteps as rules continue to be refined.)

Beyond the big marketplaces, Vietnam’s e-commerce ecosystem is witnessing a rise in Direct-to-Consumer (D2C) models, where brands sell directly to customers (often via their own website or social channels) rather than through third-party retailers. Several trends are driving D2C growth:

• Local D2C Success Stories: Homegrown Vietnamese brands are embracing D2C e-commerce to build their brand identity and customer relationships. For example, Coolmate (a Vietnamese men’s apparel startup) and An Phuoc (fashion) have developed their own online stores and social media sales channels to reach consumers directly.
  

• Youthful, Digital-First Consumers: Vietnam’s young population (as noted, over half under 35) is very receptive to D2C brands, especially those that align with their values and lifestyle.
  

• Personalization and Niche Offerings: D2C allows companies to cater to specific customer niches with personalized products or experiences. In Vietnam, we see this in areas like custom-fit fashion, organic or wellness products, and tech gadgets. 

E-Commerce Regulations and Legal Updates in 2025

As Vietnam’s e-commerce sector expands, the government has been actively updating laws and regulations to foster sustainable growth and protect consumers. Foreign investors entering Vietnam’s digital market must navigate these regulatory requirements. Some key legal and regulatory updates in 2025 include:

• New E-Commerce Law (Draft): Vietnam is working on its first comprehensive E-Commerce Law, expected to update and integrate rules currently in decrees. The draft (circulated in early 2025) seeks to tighten the responsibilities of e-commerce platforms and sellers. Notably, it would impose stricter accountability on online marketplaces for issues like counterfeit goods and consumer protection. The law is also looking to close loopholes regarding foreign e-commerce platforms – requiring that overseas platforms register locally or establish a representative office in Vietnam if they do significant business with Vietnamese consumers. In short, foreign e-commerce companies will likely need a local presence and licensing under the new law, leveling the playing field with domestic platforms.

• Taxation of Digital Platforms: From April 2025, a new decree on tax administration for e-commerce takes effect, introducing major tax compliance obligations for digital platforms. Online marketplaces (both domestic and foreign) are now required to verify seller tax IDs, withhold taxes on seller income, and report transaction data to authorities. For example, if a seller on a platform makes sales in Vietnam, the platform must withhold value-added tax (VAT) and personal income tax at source before remitting funds to that seller. This shifts the onus of tax compliance onto platform operators, ensuring the government can effectively collect taxes from the booming online sector. Foreign platforms (like global e-marketplaces or app stores) are not exempt – if they have Vietnamese users or revenue, they must comply, often via a local tax agent or the government’s online portal. To manage these obligations, many companies may seek professional tax services in Vietnam to handle filings and ensure full compliance with local tax laws.

• E-Invoicing and Digital Tax Registration: Vietnam has mandated electronic invoicing (e-invoices) for businesses, and as of mid-2025, this extends to foreign e-commerce suppliers without a local establishment. Under Decree 70/2025, overseas companies providing services or goods online to Vietnam (such as cross-border e-commerce sellers) who register for Vietnamese VAT must issue local e-invoices for their transactions. This move improves transparency and tax oversight. Additionally, since 2022 Vietnam operates a portal for foreign digital service providers (e.g., Google, Netflix) to register and pay taxes; by 2025 over 115 foreign companies had registered. This “non-resident” tax scheme brings foreign players formally into Vietnam’s tax net, indicating Vietnam’s seriousness in taxing the digital economy.

• Customs and Import Rules for Online Goods: Given the spike in cross-border e-commerce (Vietnamese consumers buying from abroad and businesses exporting), authorities are updating customs regulations. A new customs decree (expected 2025) will streamline import/export procedures for e-commerce parcels, including requiring electronic data interchange for orders. Importantly, Vietnam is changing its de minimis rules on low-value imports: previously, orders under 1 million VND (≈ $40) were exempt from import duty and VAT, but starting February 2025 even low-value e-commerce imports will be subject to VAT/duties. This policy aims to “level the playing field” between foreign online sellers and local retailers, and prevent tax evasion on the flood of small parcels. Foreign e-commerce logistics providers will need to adjust to new paperwork and possibly slightly longer clearance times as every package gets properly declared and taxed.

• Data Governance and Cybersecurity: Vietnam’s new Personal Data Protection decree (effective July 2023) and existing Cybersecurity Law have implications for e-commerce firms in 2025. Companies collecting consumer data (addresses, purchase history, etc.) must follow stricter rules on data consent, retention, and cross-border transfers. For instance, certain sensitive personal data might require consent to share, and user data may need to be stored on servers in Vietnam for security (as per cybersecurity regulations). E-commerce platforms must also comply with content regulations – for example, promptly remove illegal or banned goods listings, and verify the identity of merchants – or face penalties. Foreign investors should be aware that Vietnam’s regulators are increasingly vigilant about data privacy and online content control, reflecting a global trend of tighter tech regulation.

Engaging a professional corporate services firm like InCorp Vietnam can significantly smooth the path for foreign investors entering Vietnam’s e-commerce arena

Conclusion: Winning in Vietnam’s E-Commerce – The InCorp Advantage

Vietnam’s e-commerce market in 2025 presents a dynamic and rewarding opportunity for foreign investors. The country offers a potent mix of high growth rates, a large and youthful consumer base, and increasing digital infrastructure readiness. From booming B2C marketplaces to promising new frontiers in B2B, D2C, and social commerce, Vietnam has a rich digital commerce ecosystem waiting to be tapped. However, succeeding in this market requires more than just enthusiasm – it demands local insight, regulatory compliance, and a solid business foundation on the ground.