Along with the strong recovery of the national economy, Vietnam’s e-commerce market was also promising in the first quarter. According to Metric, revenue of the five largest e-commerce platforms in Vietnam increased by 78.69 percent compared with the same period last year to VND71.2 trillion.

The figure was much higher than previous forecasts, which said revenue of the e-commerce market in 2024 would grow by 35 percent compared with 2023.

The reported figure did not include revenue from livestream sessions, which means that the actual revenue of e-commerce platforms might be higher.

Also according to Metric, 766.7 million product units were delivered to consumers in the last three months, up 83.21 percent.

Enterprises have become increasingly confident in the development of an online retail market. However, this is a crowded market. If clients want to buy a product, they will find  hundreds of sellers. Therefore, with the number of businesses on the rise, the struggle on e-commerce platforms will become more complicated.

Local businesses have taken great strides in the e-commerce market. The total sales of localities not belonging to the top 10 have witnessed growth rates of over 50 percent.

E-commerce now is not only for businesses in large cities, but has become popular in other cities and provinces.

Pham Bao Trung from Metric said beauty care products are among the sectors with the highest revenue. In the first three months of 2024, revenue of the sector reached VND11.25 trillion (statistics from five largest e-commerce platforms). Skincare products were the most popular products with revenue of VND3.223 trillion for 22.32 million products sold.

The first quarter also witnessed a high growth rate of household appliances with a sale growth rate of 146.8 percent.

Metric predicted that revenue in the second quarter would reach VND84.87 trillion with 882.12 million products sold, up 19.2 and 13.57 percent, respectively, over the first quarter.

Trong Dat