Competition in Vietnam's e-commerce market is entering a new stage.

According to the "2026 Q3 Vietnam E-commerce Market Report" released by YouNet ECI, in the first nine months of this year, major Vietnamese e-commerce platforms reached a GMV of about 411.8 trillion VND, up 22% year on year.

Of that, first-half GMV was 264.8 trillion VND, up 19% year on year; third-quarter GMV alone was about 147 trillion VND, with year-on-year growth further rising to 27%.

The overall market continues to expand, while platform rankings are also changing. TikTok Shop has still not overtaken Shopee, but the gap between the two is narrowing rapidly. In Q3 alone, TikTok Shop's GMV was only about 4.3 trillion VND (around USD 166 million) less than Shopee's.

This means Vietnam's e-commerce market, previously dominated by shelf-based search and price promotions, is now facing a more direct impact from content commerce.

Shopee still ranks first, but TikTok Shop is growing faster

Based on cumulative data for the first nine months of this year, Shopee remains the No. 1 platform in Vietnam's e-commerce market, accounting for about 53% of GMV market share; TikTok Shop follows closely with around 45%.

Together, the two platforms account for 98% of market share, further squeezing the space of platforms such as Lazada and Tiki.

However, although market share has not yet reversed, growth rates have clearly diverged.

In the first nine months of this year, Shopee's GMV grew 12% year on year, still expanding but noticeably below the overall market. TikTok Shop's GMV grew 38% year on year, significantly higher than both Shopee and the overall Vietnamese e-commerce market growth of 22%.

This growth gap is steadily narrowing the transaction size difference between the two.

Especially in Q3, TikTok Shop's GMV was only about 4.3 trillion VND behind Shopee. For a market with quarterly GMV of about 147 trillion VND, that is no longer a distant gap.

TikTok Shop is relying on short videos, livestreaming, creator content and platform promotions to keep converting content traffic into orders.

Content commerce is changing the purchase path

Shopee's advantage still comes from its mature shelf-based e-commerce system: rich product supply, strong search mindshare and a mature pricing system. When consumers have clear needs, they often search, compare prices and place orders directly on the platform.

TikTok Shop has taken a different path.

It does not rely entirely on consumers searching for products with clear needs. Instead, through short videos, livestream rooms, creator recommendations and content interaction, it lets users discover products, develop interest, and then complete purchases while browsing.

This model is especially effective for categories that are easier to display and promote, such as beauty, apparel, home goods and FMCG.

From the data, fast-moving consumer goods are becoming an important growth driver of online consumption in Vietnam. In the first nine months of this year, FMCG GMV grew 26% year on year, and Q3 growth reached 36%, making it the fastest-growing segment among the industries tracked by YouNet ECI.

Meanwhile, fashion accessories GMV grew 22% year on year in the first nine months, accounting for 28% of market share; beauty and personal care grew 17%, accounting for about 13% of market share. These are exactly the categories where content display, livestream explanations and creator recommendations are most effective.

Consumers are willing to spend, but no longer focus only on low prices

The other side of Vietnam's e-commerce growth is recovering consumer confidence.

The report shows that Vietnam's online consumer confidence index, eCCI, rose from 122 points in Q2 to 141 points in Q3. 58% of consumers were optimistic about current income, up from 45% in the previous quarter; 69% of respondents had positive expectations for future income.

Improved consumer expectations are also reflected in Q4 purchase plans. About 70% of millennial consumers and 65% of Gen Z consumers expect to increase spending on e-commerce platforms. As year-end promotions, festive spending and gift demand are released, purchasing power in Vietnam's e-commerce market is expected to continue strengthening in Q4.

However, it is worth noting that consumers' decision-making logic is changing.

The report shows that 74% of consumers regard product quality as an important consideration when shopping online, up sharply from 53% in Q2; price remains the second-largest factor, with 67% of consumers focusing on it.

For sellers, this means that relying solely on low prices, subsidies and promotions to win orders is becoming less likely to build a stable advantage.

Q4 competition may become more intense

From market trends, Vietnam's e-commerce sector is still expected to maintain relatively fast growth in Q4. YouNet ECI expects that, driven by improving income expectations and year-end shopping demand, Q4 e-commerce platform purchasing power may grow more than 20% year on year.

For Shopee, the focus will be how to defend its scale advantage and stabilize core merchants and consumer mindshare.

For TikTok Shop, the gap of only about 4.3 trillion VND with Shopee in Q3 sends a strong signal: content commerce is no longer just a supplementary channel, but has grown into a core force in the Vietnamese market capable of challenging traditional shelf-based e-commerce.

For cross-border sellers, opportunities in the Vietnamese market are still growing, but product selection, content, pricing and fulfillment capabilities must be improved at the same time.

Seller Home Review

The duopoly in Vietnam's e-commerce market is taking shape faster. TikTok Shop is growing far faster than Shopee. Sellers should move quickly to build TikTok content operations while guarding against the risk of over-reliance on a single platform.

Source: Cross-border Southeast Asia
Original link: https://www.amz123.com/t/1bdoACy0