Revenues of TiktokShop increase by 110.6% in the third quarter. (Photo: AFP/VNA)

TiktokShop and Shopee revenues increased by 110.6% and 11.3% in the quarter, respectively.

In comparison, Lazada revenues dropped by 70.5%, Tiki by 32.1% and Sendo by 65.3%.

Meanwhile, statistics from the Vietnam E-commerce and Digital Economy Agency under the Ministry of Industry and Trade showed that Shopee was the top favourite e-commerce platform for Vietnamese consumers in 2023 (81% of Internet users), followed by Lazada (42%), Tiktok (34%) and Sendo (8%).

This demonstrated that the shares of e-commmerce platforms are changing rapidly.

According to Mordor Intelligence, Vietnam is one of 10 countries with the highest e-commerce growth rates in the world, ranking first in Southeast Asia with more than 10% growth annually.

Dao Cam Thuy from the Vietnam National University, Hanoi said that the Vietnamese market is full of potential for e-commerce platforms. The market will witness increasingly fiercer competition while foreign platforms penetrate and expand in Vietnam to capitalise on a market with a population of 100 million.

E-commerce revenue is expected to reach more than 27 billion USD this year, up from 20.5 billion USD in 2023. Revenues are predicted to hit 35 billion USD in the next few years./.