HÀ NỘI Việt Nam’s e-commerce sector experienced notable shifts in the first half of 2025. Shopee’s growth rate declined, accompanied by a reduction in market share, while Lazada and Tiki recorded significant decreases in sales. In contrast, TikTok Shop achieved substantial growth, reflecting the increasing competitiveness of content-driven shopping platforms.

According to Metric’s mid-year market report and third-quarter forecast, the combined gross merchandise value of the four leading platforms — Shopee, TikTok Shop, Lazada and Tiki — reached VNĐ202.3 trillion (approximately US$8 billion) in the first six months of the year, representing a year-on-year increase of 42 per cent. This growth was primarily driven by large-scale promotional campaigns during the summer and mid-year sales events. May and June saw sales increase by 44.5 per cent and 46.5 per cent respectively, while April recorded a stable growth rate of 32 per cent.

TikTok Shop recorded the highest growth, with sales rising by 68.6 per cent and a market share increase to 39 per cent. Shopee reported a 16.1 per cent increase in sales, although its market share declined to 58 per cent. Meanwhile, Lazada and Tiki experienced sharp declines, with sales decreasing by 48 per cent and 63 per cent, respectively, compared to the same period in 2024. 

These developments indicate a shift in market dynamics, with increased momentum towards integrated content-commerce platforms. Shopee’s slower growth and reduced market share, alongside Lazada and Tiki’s contractions, suggest heightened competition from platforms with strong content and user engagement strategies.

Meanwhile, e-commerce activities are being subjected to increased regulatory oversight. Recent policies focus on enforcing tax declaration and payment obligations for online sellers. Platforms are also being required to enhance transparency in transactions and assume greater responsibility for tax collection. These measures aim to promote fair competition, prevent revenue losses and safeguard consumer interests.

A key trend highlighted in the report is the sharp decline in the number of active sellers. The number of shops generating orders fell by approximately 80,000 compared to the first half of 2024, and by 55,000 compared to the second half of that year. This decline is mainly attributed to stricter Government measures against counterfeit and substandard goods, which have led many sellers to suspend or cease operations.

Additionally, rising platform fees have placed further pressure on small-scale sellers. Thin profit margins and a lack of clear financial planning have caused many individuals and small to medium-sized enterprises (SMEs) to exit the market. This has created space for more established sellers and larger businesses to expand. Notably, official brand stores (Shop Mall) recorded substantial growth, with Shopee and TikTok Shop reporting increases of 63.3 per cent and 107.3 per cent, respectively. 

Looking ahead, Metric forecasts that platform sales in the third quarter of 2025 will reach VNĐ122.8 trillion, with an estimated 1.23 billion units sold. These figures represent quarter-on-quarter growth of 21 per cent in value and 27 per cent in volume. The anticipated increase is attributed to seasonal promotions such as mega sales events and 'back to school' discounts, as well as sustained consumer interest in online shopping.

Spending is expected to concentrate on essential goods, including fast-moving consumer products, food, household items and health-related merchandise, reflecting continued demand for practicality and quality. E-commerce platforms are projected to continue investing in logistics infrastructure, expanding livestream selling formats and offering enhanced shipping incentives to improve order conversion rates during the peak season.

Based on these findings, Metric recommends that sellers focus on offering products with verified origins and consistent quality to build consumer trust. Diversifying sales channels — particularly by combining e-commerce platforms with social media — may also improve customer reach. Products aligned with sustainability and environmental standards are expected to attract growing consumer interest. VNS