In a recent report submitted to the Ministry of Finance, the ministry noted that e-commerce sales grew 25–28% over the past three months, bringing average Q3 growth to 27.67%—nearly 6 percentage points above earlier projections.
For the first eight months of the year, the business-to-consumer (B2C) market rose 25–27%, exceeding previous forecasts by 3–7 points.
Upward Revision for 2025 Targets
Given this momentum, growth projections for Q4 and the full year have been revised upward. Average growth for the last three months of 2025 is now expected to reach 33.67%, nearly 8 points higher than the earlier scenario.
The ministry has also raised its 2025 target to 25.5%, compared with the 20–22% forecast set at the start of the year.
Officials highlighted that year-end consumer demand and seasonal shopping campaigns have consistently fueled e-commerce, making the revised outlook both data-driven and realistic.
Market Performance and Consumer Behavior
According to research firm YouNet ECI, the combined gross merchandise value (GMV) of Vietnam’s four leading online platforms—Shopee, TikTok Shop, Lazada, and Tiki—reached VND 222.1 trillion (approx. USD 8.9 billion) in the first half of 2025, up 23% year-on-year.
“This level of growth outside the sector’s peak season reflects the stability of consumer online shopping behavior,” said Nguyễn Phương Lâm, Director of Market Analytics at YouNet ECI.
Essential categories such as health, food & beverages, and mother & baby products recorded double-digit growth, reinforcing e-commerce as a long-term consumption channel and a key driver of retail expansion.
Platforms Gear Up for Year-End Shopping Festivals
Major platforms are already capitalizing on this momentum. Shopee reported that orders on its official marketplace (Shopee Mall) during the September 9 “9.9” promotion were six times higher than on regular days. Orders placed via Shopee Live increased 50-fold, while Shopee Premium saw an 18-fold rise.
“This was a strong kickoff for sellers and brands to accelerate into the year-end season,” said Trần Tuấn Anh, Managing Director of Shopee Vietnam.
Similarly, Lazada reported double-digit growth across categories such as fashion, personal care, collectibles, and figurines in Southeast Asia. In Vietnam, idol merchandise sales surged more than 43% compared with the same period last year.
