Vietnam Digital Marketplace Market

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Vietnam Digital Marketplace Market by Platform (Desktop, Mobile, and Tablets), by Model Type (Business to Business (B2B), Business to Consumer (B2C), and Consumer to Consumer (C2C)), and by End Users (Commercial, and Personal)- Opportunity Analysis and Industry Forecast, 2024– 2030

Industry: ICT & Media | Publish Date: 29-Jun-2024 | No of Pages: 135 | No. of Tables: 101 | No. of Figures: 46 | Format: PDF | Report Code : N/A

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Vietnam Digital Marketplace Market Overview

The Vietnam Digital Marketplace Market size was valued at USD 10.57 billion in 2023, and is predicted to reach USD 18.23 billion by 2030, at a CAGR of 8.0% from 2024 to 2030. Digital marketplace market, also known interchangeably as online marketplaces or digital commerce platforms, function as virtual hubs where individuals engage in transactions involving the purchase or sale of goods, services, or information. These platforms serve as intermediaries, facilitating transactions between various parties, including buyers and sellers, within a centralized online environment specifically designed for effortless product discovery, purchasing, and delivery. Prominent examples of online marketplaces include well-established e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr.

Utilizing sophisticated technology, these platforms streamline transaction processes, ensuring prompt and secure payment processing while safeguarding the financial data of all involved parties. Moreover, they enhance user experiences by offering features such as customer reviews, ratings, and mechanisms for resolving transaction-related issues. Consequently, online marketplaces leverage technology to enhance the overall online shopping experience, making it more convenient and secure for both buyers and sellers. They play an indispensable role in the modern economy by bridging the gap between businesses and consumers across different geographic locations, thereby enabling seamless and convenient global commerce.

Government Initiatives for Driving E-commerce Expansion Boosts the Vietnam Digital Marketplace Market Growth

The initiatives undertaken by the government to expand the e-commerce industry in Vietnam significantly propel the digital marketplace market in the country. For example, in July 2023, the Department of E-Commerce and Digital Economy, operating under Vietnam's Ministry of Industry and Trade (MoIT), spearheaded an initiative to establish a unified e-commerce platform encompassing all 63 cities and provinces. 

This endeavor aims to streamline and enhance the e-commerce landscape nationwide, facilitating smoother online transactions, increasing accessibility for businesses and consumers, and fostering economic growth by leveraging digital technologies to broaden e-commerce opportunities. The proactive engagement of the government fuels the growth and competitiveness of the market in Vietnam, positioning it as a pivotal driver of economic development and innovation in the nation.

 

Initiatives by Key Market Players is Propelling the Market Growth

The increasing initiatives by key market players, such as LUSH, a renowned handmade cosmetics brand from the UK, to introduce online shopping websites tailored for Vietnamese beauty enthusiasts, are driving the digital marketplaces market in the country. For instance, in December 2023, LUSH officially launched an online shopping website, Lushvietnam.com, offering direct purchase features and regular updates on the latest products and news.

This online platform complements LUSH's three official stores in Vietnam, enhancing the shopping experience for customers and reinforcing the brand's presence in the Vietnamese market. This initiative not only extends LUSH's market reach but also stimulates competition and innovation within the market trends in Vietnam.

Challenges Arising from Cybersecurity Threats and Consumer Trust Issues Limit Market Expansion

Obstacles stemming from cybersecurity threats and consumer trust issues hinder the expansion of the market. When consumers perceive online platforms as vulnerable to cyberattacks, they hesitate to share personal information or conduct transactions due to concerns about privacy breaches or financial harm. 

This leads to reduced usage of digital marketplaces and reluctance to engage in online shopping, thus impeding Vietnam digital marketplace market growth. Additionally, occurrences of data breaches or fraudulent activities tarnish the reputation of online marketplaces, dissuading both consumers and businesses from active participation in the online marketplace environment.

 

Integration of Augmented Reality (AR) and Virtual Reality (VR) Technologies in Online Marketplaces Presents Opportunity for the Market

The integration of AR and VR technologies offers an opportunity for online marketplaces to enhance user experiences. By incorporating AR and VR, digital marketplaces provide users with immersive and interactive shopping experiences. These technologies enable consumers to visualize products in real-world settings, virtually try them before making a purchase, and explore dynamic virtual environments.

Such immersive experiences not only enhance customer engagement and foster brand loyalty but also drive sales. Moreover, AR and VR empower businesses to effectively showcase their products by offering detailed information and personalized recommendations to users. Thus, the integration of AR and VR technologies transform the future of online marketplaces by delivering innovative and compelling shopping experiences.

 

Competitive Landscape

The key market players operating in the Vietnam digital marketplace industry include Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd. and others.

Vietnam Digital Marketplace Market Key Segments

By Platform

  • Desktop

  • Mobile

  • Tablets

By Model Type

  • Business to Business (B2B)

  • Business to Consumer (B2C)

  • Consumer to Consumer (C2C)

By End-User

  • Commercial

  • Personal

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 10.57 Billion

Revenue Forecast in 2030

USD 18.23 Billion

Growth Rate

CAGR of 8.0% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • Government initiatives for driving e-commerce expansion boosts the market growth.

  • Market players' initiatives drives the growth of industry.

Companies Profiled

15

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Amazon.com, Inc.

  • Walmart Inc.

  • eBay Inc.

  • Alibaba Group Holding Limited

  • Rakuten Group, Inc.

  • Sea Limited

  • MercadoLibre, Inc.

  • JD.com, Inc.

  • Etsy, Inc.

  • Allegro.eu

  • Kogan.com

  • SEEK

  • Carsales

  • REA Group Ltd.

  • Airtasker Ltd.

Bar chart Pie chart Pie chart

Frequently Asked Questions

The key market players operating in the Vietnam online marketplace market are Amazon.com, Inc., Walmart Inc., eBay Inc., Alibaba Group Holding Limited, Rakuten Group, Inc., Sea Limited, MercadoLibre, Inc., JD.com, Inc., Etsy, Inc., Allegro.eu, Kogan.com, SEEK, Carsales, REA Group Ltd., Airtasker Ltd., Freelancer Ltd., and Hipages Group.

According to the Next Move Strategy Consulting, the size of the Vietnam digital marketplace market is estimated at USD 10.57 billion in 2023.

The integration of Augmented Reality (AR) and Virtual Reality (VR) Technologies is expected to create opportunities for the Vietnam digital marketplace market.

Cybersecurity and customer trust issues related to digital commerce platforms acts as restraining factors to the growth of Vietnam digital marketplace market.

According to the Next Move Strategy Consulting, the size of the Vietnam digital marketplace market is estimated to be at USD 18.23 billion in 2030.

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