YouNet ECI and YouNet Media have just released the report “Forecasting Growth Trends of Vietnam’s E-commerce Market 2025–2028.” The report provides e-Commerce revenue data by industry and analyzes consumers’ online shopping behavior to lay the strategic foundation for businesses over the next five years. Download the full report here.
Since mid-2023, the emergence of TikTok Shop and the growth of the shoppertainment trend – shopping combined with entertainment – have been completely changing consumers’ shopping habits and their spending on E-commerce.
According to research by YouNet ECI and YouNet Media, these factors could drive Vietnam’s E-commerce market growth forecast up to a maximum 35% CAGR (compound annual growth rate) from 2024 to 2028, more optimistic than any previous forecasts from other sources. Specifically, YouNet ECI and YouNet Media project that the total E-commerce transaction value in Vietnam could reach USD 49.9 billion per year by 2028, if the country fully captures the emerging growth opportunities.
Mr. Nguyen Phuong Lam, Market Analysis Director at YouNet ECI, further explained: “The basis for our optimistic forecast comes from three clear growth opportunities identified from the data: first, rising incomes among Vietnamese consumers will lead to increased E-commerce spending over the next five years; second, the shoppertainment trend stimulates consumption; and third, high-value industries are shifting significantly from offline channels to E-commerce.”
1. Two out of three digital consumers place online orders weekly
According to a survey by YouNet Media of 700 consumers from various cities in Vietnam, 62.8% of digital consumers currently make purchases on E-commerce platforms at least once a week.
Deeper analysis shows a clear correlation between income level and both the frequency of online shopping and the size of shopping baskets. In particular, consumers earning 30 million VND/month or more tend to shop almost independently of platform promotions, buying whenever they have a need.
By age group, Gen Z (53.4%) and Millennials (46.6%) are the two leading generations in online shopping trends. Although their spending levels and favorite product categories differ, both show significant potential for increasing purchase frequency and basket value if approached correctly.
“The developments in E-commerce over the past year have created new needs and expectations among consumers. By identifying and addressing these drivers, brands can elevate consumer spending and loyalty to a new level,” affirmed Mai Cam Linh, Sales Director at YouNet Media.
2. 51% of Gen Z are influenced by social media trends when choosing new products
Gen Z, representing the digital era, leads in creating and adapting to new trends. According to YouNet Media’s survey, the products they frequently buy on E-commerce mainly fall into fashion, beauty, and personal care categories, reflecting their interest in self-care and in finding products that match a modern lifestyle.
2.1 Market Potential from Gen Z
- Basket Growth: The average basket value for fashion, beauty, and personal care categories is forecasted by YouNet ECI to increase 2.3 times from 2023 to 2028, reaching 28.8 USD per basket.
- Total Spending Surge: Online spending by Gen Z is expected by YouNet ECI to rise from 4.5 billion USD (2023) to 20.3 billion USD (2028) if businesses successfully meet Gen Z’s demand for shoppertainment experiences.
2.2 Distinctive Consumer Behaviors
- Micro-influencers Driving Purchase Decisions: 55% of Gen Z consult reviews from micro-influencers (10,000–100,000 followers) before buying, especially in fashion and beauty.
- Shoppertainment: 51% of Gen Z choose to buy new products on E-commerce based on viral social media trends, while 35% rely on discount codes and promotions.
2.3 Effective Engagement Strategies
- Collaborate with Influencers: Connect with micro-influencers whose style aligns with the target audience to create authentic content such as product reviews, unboxing videos, and interactive livestreams.
- Personalize Experiences: Focus on exclusive offers, limited edition products, and creative entertainment content to increase appeal and customer retention.
- Leverage Social Media Power: Keep up with emerging trends to quickly bring products to the right Gen Z audience.
3. Gen Millennials – High-Value Purchases and Demanding After-Sales Expectations
According to YouNet Media’s survey, Gen Millennials (born 1981–1995) shop online more frequently than Gen Z, about 1-3 times per week. The average order value for Millennials reaches 125 USD, significantly higher than Gen Z. Beyond personal care products such as fashion and beauty, Millennials also spend heavily on home appliances and consumer electronics.
3.1 Growth Potential from Millennials
- Spending Surge: YouNet ECI forecasts that total online spending by Millennials will increase from 6.9 billion USD in 2023 to 29.7 billion USD in 2028 if brands meet their expectations.
- Balanced Lifestyle: 82% of Millennials prioritize work-life balance. This creates opportunities for premium Sports and Entertainment Technology brands, as well as products that enhance home convenience.
3.2 Distinctive Consumer Behaviors
- High Service Expectations: According to YouNet Media, the top three factors influencing Millennials’ purchase decisions include:
- Clear return and warranty policies.
- Convenient payment methods within a single platform.
- Flexible delivery time options.
- Price is Not a Deciding Factor: While Gen Z is attracted by promotions, price and discount codes rank only 5th and 10th in Millennials’ priorities.
3.3 Effective Engagement Strategies
- Invest in Quality Service: Establish clear after-sales policies, convenient payment, and flexible delivery to build long-term trust.
- Develop Online Communities: Sponsor events, competitions, or interest groups to increase engagement with this segment.
- Focus on Home Convenience Technology Products: Meet their demand for modern convenience to encourage investment in advanced devices through online channels.
Nguyen Phuong Lam – Market Analysis Director, YouNet ECI – shared: “Sustainable growth on E-commerce today depends on deeply understanding consumer behavior. We believe data is not just a tool but the foundation for strategic decision-making.”
Download the full report here.
Research Methodology:
YouNet Media conducted an online survey of 700 digital consumers across various ages and genders from cities in Vietnam.
YouNet ECI continuously collected revenue, pricing, and review data from 3.9 million stores and 16,000+ brands selling on E-commerce platforms Shopee, Lazada, Tiki, and TikTok Shop, then processed and analyzed the data following the E.M.D.A. framework.
