This growth far exceeds the nine-percent increase in overall retail sales and services reported by the General Statistics Office earlier this year.

The report highlighted that Shopee and TikTok Shop dominated the market, capturing 66.7 percent and 26.9 percent of the market share, with transaction values of $9.3 billion and $3.8 billion, respectively.

Shopee posted a 41-percent increase in revenue compared to 2023, while TikTok Shop experienced staggering 99-percent growth over the same period.

The final quarter of 2024, traditionally the peak shopping season, recorded transactions totaling VND97.96 trillion ($3.9 billion).

Source: TUOITRENEWS