It is revealed in a new report from YouNet ECI, an e-commerce channel development consulting and analysis company.
The Gross Merchandise Volume (GMV) on the four largest platforms, Shopee, TikTok Shop, Lazada and Tiki, reached VND87.37 trillion (US$3.6 billion) in the second quarter of this year, up 10.4% over the previous quarter.
In particular, Shopee continued to maintain its leading position with a huge revenue of VND62.38 trillion, accounting for 71.4% of the GMV market share.
TikTok Shop ranked second with VND19.24 trillion, equivalent to 22% of the market share.
In total, these two platforms accounted for 93.4% of the GMV market share, up from 91.25% in the first quarter.
While Shopee expanded its market share, the remaining platforms such as Lazada and Tiki witnessed a decline, with only 5.9% and 0.7% market share, respectively.
This development shows that the online retail market is now a 'two-horse race' between Shopee and TikTok Shop.
The e-commerce market was gradually changing, with the need to professionalise at every point of customer interaction, said Nguyen Phuong Lam, Director of market analysis at YouNet ECI.
Capturing data and analysing it to develop new strategies was a must for success, he added. In the long term, the main trends including daily online shopping habits, shopping for high-value items and developing shoppertainment would be the main drivers of growth for Vietnam's e-commerce.
