E-commerce in Vietnam 2020

E-commerce in Vietnam 2020 : Viet Nam

21 Sep, 2021

The E-commerce report in Vietnam shows us a comprehensive overview of eCommerce marketing and analyzes the consumers, markets, and the strong growth despite the prolonged pandemic. See the summary below or download the full version here.

E-commerce in Vietnam 2020
Table of contens

The Ecommerce report in Vietnam shows us a comprehensive overview of eCommerce marketing and comprehensively analyzes the consumers, markets, and the strong growth despite the prolonged pandemic. This report was based on exclusive data from eCommerceDB, the Statista Digital Market Outlook, and the Global Consumer Survey. This report is 75 pages long and divided into five parts, including the country snapshot and eCommerce market overview, the impact of COVID19 on eCommerce, the Consumers in Vietnam, the Vietnamese eCommerce market, and the top 100 Vietnamese stores.

1. Introduction

In 2020, the average population of Vietnam was estimated at 96.5 million people. The labor force aged 15 to 63 years was estimated at 66.8 million people, accounting for nearly 70% of the total population, with an urban population share of 36%.

The real GDP in Vietnam 2020 reached 329.5 billion US Dollars, and GDP per capita reached 3,493 USD. In the GDP growth rate of the whole economy in Vietnam 2020, the agriculture, forestry, and fishery sector increased by 2.68%, contributing 13.5% for the total GDP growth of the country; the industry and construction sector increased by 3.98%, contributing 53%; the service sector increased by 2.34%, contributing 33.5% to the GDP growth rate of the country - this is also the sector has the lowest growth rate of a decade due to the complicated development of the COVID-19 pandemic.

However, due to the well-controlled epidemic in the country, trade and consumer services still achieved a high increase in the last months of the year, domestic transport is gradually recovering. However, foreign transport and tourism still have many difficulties.


Vietnam's population reached 96.5 million people in 2019, with 46 million eCommerce users reaching an eCommerce penetration of 47%. 63% of Vietnamese people research on the internet before a purchase. The net sales in Vietnamese eCommerce in 2019 hit 4 billion USD. Electronics & Media is the biggest category that brings the most Vietnamese net sales. 

2. COVID-19 impact on eCommerce

Social distancing due to the COVID-19 pandemic has changed the long-standing habits of Vietnamese people, making even the elderly and consumers who are loyal only to traditional shopping consider shopping online. It can see that the e-commerce industry is increasingly providing more impetus for the economic recovery that the COVID-19 pandemic has severely impacted.


As of March 2020, due to consumers' focus on online shopping, Supermarkets are the segment that received the highest web traffic growth, accounting for 35% with a growth rate increase of 161% in March 2020 compared to the previous years. Sports equipment, retail tech, Cosmetics, Telecom, and Banks/insurance, are the following categories that attract online customer interests shifted during COVID-19. As mentioned above, Tourism was negatively affected by the pandemic and recorded a decrease of 57% of the web traffic on the market. 


57% of Vietnamese people convert to purchase products online more frequently, 21% less frequently, 9% rarely or never shopping online, and the last part, 14% is no change in shopping activity change. Food and Personal Care is expected to profit the most from Covid-19 in Vietnam, with additional growth reaching 19,1% in 2020. The forecast revenue hit 1.02 billion USD, an increase of 0.16 billion compared with the pre-covid19 period. Toys, Hobby & DIY, Fashion, Furniture & Appliances, Electronics & Media, are other categories that received good growth signs despite the pandemic in Vietnam.

3. Consumers in Vietnam

The report also shows us the deep look of the insight about shopper's interest, attitude and shopping patterns compared to other countries, including China, the biggest eCommerce market in Asia. 

Vietnamese online shopper characteristics


The number of eCommerce users is expected to grow by 47% to 67 million in Vietnam by 2024, accounting for approx. 67% of the Vietnam total population. 47% of Vietnamese people shop online. Clothing, Shoes, and Consumer electronics are the top 3 interests of online shoppers in Vietnam. 


33% of online shoppers in Vietnam have a high household income; the one in China is 36% of the total online shopper. In Vietnam, the online shoppers who have a middle and low-income account for 32% and 34%, respectively. There is no gender difference between online shoppers in Vietnam, with half male and half female. The one in China is 53% Male, and 47% of online shoppers are Female. Most online shoppers are aged 25 to 34 years, accounting for 31% in Vietnam and China, and 25% of online shoppers aged 35 to 44 years old. The number of online shoppers aged 55-64 years in Vietnam and China is 8% and 7%, respectively.

The top 3 interests of online shoppers categories


According to a Statista Global Consumer Survey as of November 2020 of 1,030 online shoppers in Vietnam, 77% of respondents in the study said they bought Clothing products, 45% are Male, and 55% are Female. More than half of respondents said that they purchased Shoes and Consumer Electronics  (67%) or Food & Drinks (57%), or Household Appliances (50%) online. 45% respondents interested in Cosmetics & Body Care, 44% on Bags & Accessories. More than half of online shoppers in Vietnam research online before purchasing any products, 50% prefer express shipping.

4. The Vietnamese eCommerce market

While many other economic sectors struggled and struggled due to being heavily affected by the Covid-19 epidemic, e-commerce had bright spots and continued to record impressive revenue growth in Vietnam. Facing challenges in the context of complicated epidemic developments, in 2020-2021, Vietnam witnessed many changes in consumer behavior and shopping habits and online business models of domestic businesses throughout the country.


In Vietnam, according to the Statista Digital Market Outlook 2020, eCommerce revenues in Vietnam are predicted to be growing by 14% p.a. on average, reaching US$9 billion in 2024. Specifically, the data showed in 2019; this figure only reached 4.4 billion USD; by 2020, the revenue reached more than 6.0 billion USD, and in 2021, it is 7 billion USD. The e-commerce Country Report" eCommerce in Vietnam 2020" forecasts that Vietnam's e-commerce will reach about $8.5 billion in 2024 with a growth of 41.6% compared to 2020.

Electronics & Media and Fashion are the most significant categories in Vietnamese eCommerce


According to the report, Electronics & Media and Fashion are the most significant categories in Vietnamese eCommerce, with the revenue hitting 1,184 million US Dollars in 2019. The following categories with the high revenue include Fashion with 1,047.7 million USD, Furniture & Appliances with 815.2 million USD, Food & Personal Care approx. 700 USD and Toys, Hobby & DIY with 680 million USD revenue.

Online stores payment method


The report also shows that during the Covid-19 pandemic, the online payment industry continued to grow strongly. According to the eCommerceDB as of November 2020 survey based on the top 100 online stores by net sales in Vietnam, the card payment method accounts for the highest percentage of 80% of surveyed online stores. Followed are Bank transfers with 78%, COD with 75%, Invoice/Installment with 38%, and other payment methods with 9%. 75% of the top Vietnamese stores offer payment by Visa and Mastercard. Online shoppers use the most popular eWallet, including Paypal 7%, ZaloPay 4%, and VnPay 3%. 

Ecommerce and Social Media Platform

The report indicates that 95% of Vietnamese stores in the eCommerce DB survey in 2019 use social media networks to promote their selling activities, 38% use Twitter, and 48% use Instagram. 100% of online stores are offering Food & Personal care using Facebook and Instagram. 


In the Software industry, Magento is the most frequently used software shop used by the top 100 Vietnamese stores accounting for 26% of the total shop software. Other software shops frequently used by the top 100 Vietnamese stores, including 23% CS-Cart, 17% for Woocomerce, 10% Salesforce PrestaShop, Commerce Cloud, and ECSHOP and OpenCart, are equally at the rate of 3%.


5. Top 100 Vietnamese Stores


Belong to the Electronics & Media - the eCommerce category that has the most significant contribution to the growth of eCommerce revenue in Vietnam 2019 - Thegioididong.com lead the list of top 100 Vietnamese stores to gain 475 million USD net sales in 2019. The second rank is Fptshop.com.vn, with a net sales of 143 million USD, followed by Dienmayxanh with 142 million USD net sales. Cellphones.com.vn and Hoanghamobile.com are the following Vietnamese stores that have net sales of more than 100 million USD. Other rankings are Apple.com with 85 million USD, Phongvu.vn with 63 million USD, Nguyenkim.com with 55 million USD, Juno 37 million USD, and Didongthongminh.vn 33 million USD.


In the Fashion industry, Juno.vn - one of the most famous domestic brands, offers footwear, bags, and fashion accessories. With more than 90 stores nationwide, Juno has become a brand loved and preferred by Vietnamese women. According to the report of eCommerceDB, Juno.vn is the most significant player in the Fashion category that will reach 36.8 million US Dollars net sales in Vietnam in 2019. The following brands include PNJ (pnj.com.vn), with 23.9 million USD in net sales, Donghohaitrieu.com, with 18.7 million USD net sales.


The report ends with a list of 100 Vietnamese online stores and detailed information about store profiles in the Electronic and Media category.

6. Conclusion

In 2020, the pandemic broke out worldwide; many areas were blocked for a long time, causing people to restrict travel. Despite the disadvantages, this is an opportunity for e-commerce to "rise" more than ever. People stay at home and choose to shop online more than ever before. This reason has led to the growth of the e-commerce market over the past time. Besides, the strong development of logistics services and the trend of online payment are also increasingly popular. To have a comprehensive overview of the Vietnamese market and the development of eCommerce, download the full report here and share your thoughts with us.