The Southeast Asia e-commerce market report 2025, recently released by Singapore-based investment firm Momentum Works, indicates that Shopee maintained its leading position in Vietnam's multi-category online retail platform market last year. Shopee achieved a gross merchandise value (GMV) of over 11,8 billion USD, accounting for 58% of the market share.
TikTok Shop followed closely, capturing 39% of the market's GMV, equivalent to nearly 8 billion USD. Lazada and Tiki collectively shared the remaining 3%.
Although the rankings of the two market leaders remained unchanged, the gap between them significantly narrowed by half in just one year. In 2024, Shopee and TikTok Shop held 65% and 28% of the market share respectively, a difference of 37 percentage points. However, this gap reduced to 19 percentage points last year.
A similar trend was observed in a report released by YouNet ECI in March. The e-commerce growth consulting firm's calculations show Shopee's market share in Vietnam in 2025 at 57,5%, while TikTok Shop reached 39,6%. This shift is attributed to the substantial difference in GMV growth rates between the two platforms.
YouNet ECI noted, "While Shopee maintains its position as the market-leading e-commerce platform, its expansion rate has entered a more stable growth phase (6%). Conversely, TikTok Shop recorded growth exceeding 90% for the second consecutive year."
Across five countries, including Indonesia, Thailand, Philippines, Malaysia, and Vietnam, TikTok Shop's pursuit of Shopee shows a similar trend, with market share differences ranging from 15-20 percentage points, according to Momentum Works.
In Singapore, Shopee dominates with 52% of the market share, followed by Lazada and Amazon, with TikTok Shop holding 6%.
Overall in Southeast Asia, Shopee continued to lead, securing 53% of the market last year, equivalent to 83,2 billion USD in GMV. This was achieved through continuous efforts to defend its position against increasing competition from its closest rival.
TikTok Shop more than doubled its GMV in 2025. The market share gap with the 'orange platform' (Shopee) narrowed further by year-end. Both leading platforms are actively investing in content commerce, utilizing video formats and livestreaming.
"With TikTok Shop's breakthrough and Shopee's increased investment, content is no longer just a marketing channel but has become a primary driver of demand", the Momentum Works report stated.
Meanwhile, Lazada shifted its focus to official brand stores, showing positive initial results in Singapore, Thailand, and Philippines.
Momentum Works reported that the Southeast Asia e-commerce platform market in 2025 reached a size of 157,6 billion USD, a 22,8% increase compared to 2024. Regional growth was led by Thailand and Malaysia, with growth rates of 51,8% and 47,6% respectively.
Vietnam, Philippines, and Singapore all experienced growth exceeding 20%, while Indonesia remained the largest market (accounting for 37%) but expanded by only 2,2%. Notably, Philippines (21,1 billion USD) surpassed Vietnam (20,4 billion USD) to become the third-largest market in the region, after Indonesia (57,7 billion USD) and Thailand (35,5 billion USD).
Vien Thong
