- TikTok Shop has surged in Vietnam, surpassing Shopee as the top e-commerce player.
- Vietnam’s digital economy is booming.
- TikTok’s early physical presence in Vietnam has given it a competitive edge.
TikTok Shop has taken Vietnam by storm, tripling its merchant base and average sales in the past year.
Vietnamese shoppers are embracing online shopping, snapping up everything from VinFast motorcycles to Samsung phones on the popular app.
Vietnam’s digital economy boom
Vietnam’s digital economy is one of the fastest-growing in the region, according to the 2023 e-conomy SEA report.
The country’s estimated gross merchandise value is expected to skyrocket 31% from US$23 billion in 2022 to US$49 billion by 2025, driven by a thriving e-commerce sector.
TikTok Shop has become a central revenue contributor for the company’s business in Southeast Asia, boasting 67 million users in Vietnam as of early 2024.
Setting up shop, setting apart from the rest
TikTok’s success in Vietnam can be attributed to its strategic decision to establish a physical office in the country five years ago, setting it apart from competitors like Facebook and YouTube.
However, the app continues to face challenges in the US, where concerns over the Chinese government’s influence have raised the possibility of a ban.
To read the original article: https://www.techinasia.com/tiktok-shop-unseats-shopee-vietnam-top-ecommerce-player
