This information was highlighted in the 6th annual report, "Southeast Asia Food Delivery Platforms," recently released by Singapore-based venture capital firm Momentum Works. Vietnam's online food delivery market saw a 19% growth in 2025 compared to 2024.

Of the $2.1 billion spent by Vietnamese consumers across the three platforms, ShopeeFood and GrabFood were the two main channels, each capturing 48% of the market share. Meanwhile, beFood held 4%, and Xanh SM Ngon, a recent entrant, had not yet recorded sales.

A delivery driver waits to pick up drinks at a cafe on Nguyen Thi Minh Khai street, TP HCM, in March 2025. *Photo: Dy Tung*

Momentum Works noted that GMV calculations include orders placed through these food delivery apps but exclude direct orders with restaurants and canceled orders.

Earlier, the "e-Conomy 2025" report by Google, Temasek, and Bain & Company estimated Vietnam's ride-hailing and online food delivery market size reached $5 billion last year, a 20% increase from 2024, with a forecast to grow to $9 billion by 2030.

A 2025 survey by Decision Lab found that ordering food via apps has become a common habit for many consumers, especially in Hanoi, TP HCM, and Da Nang. German data firm Statista attributed the market's strong growth to widespread smartphone adoption, busy lifestyles, and a preference for convenience in dining.

This market, however, has also seen fierce competition. In 2023, six platforms were active in the space: ShopeeFood, GrabFood, beFood, GoFood, Baemin, and Loship. Baemin ceased operations in Vietnam in December 2023. By September 2024, Gojek withdrew, leading to GoFood's exit. Local platform Loship also exited the market at the end of 2024.

The market share split between ShopeeFood and GrabFood is likely to remain dynamic, especially with Xanh SM Ngon's entry in June 2025, leveraging its growing electric two-wheeler ride-hailing service.

Recently, to attract users, GrabFood introduced features like group ordering and solutions for solo diners, alongside selling in-restaurant dining vouchers. Meanwhile, ShopeeFood has utilized AI in affiliate marketing and livestreaming to stimulate demand.

In Southeast Asia, Vietnam has the smallest online food delivery market among the countries surveyed by Momentum Works, ranking behind Indonesia, Thailand, the Philippines, Malaysia, and Singapore. The total market size for these six countries last year reached $22.7 billion. Thailand recorded the strongest growth at 22%, reaching a market size of $5.1 billion.

Jianggan Li, Founder and CEO of Momentum Works, noted that Southeast Asia's food delivery industry continues to expand significantly in both scale and consumer base. Platforms have intensified initiatives focused on affordability to broaden their mass-market user base.

These platforms are also expanding their business beyond delivery, particularly through dine-out services and advertising. According to Momentum Works, by accumulating richer data from both deliveries and offline consumption, platforms can transition from transaction channels to "demand orchestrators" within the F&B ecosystem.

Vien Thong