Vietnam's E-Commerce Sales Surge 47% in Q1, to USD 5.64 Billion — Beauty Products Take the Top Spot, Menswear Grows Over 150%

Combined Q1 2026 GMV (gross merchandise value) across Vietnam's four major e-commerce platforms (Shopee, TikTok Shop, Lazada, and Tiki) reached VND 148.6 trillion (about USD 5.64 billion / about 847 billion yen), up 47% year on year, according to a tally by analytics firm Metric. About VND 1.7 trillion (about USD 63.3 million / about 9.5 billion yen) is spent on e-commerce per day, with about 13 million items purchased daily. Beauty products topped sales overall, while menswear recorded the fastest growth of any category, at over 150%.

The Full Picture for Q1 2026 — What's Behind the 47% Growth

The number of transactions reached 1.14 billion, up 20% year on year, but the growth in GMV (47%) was even larger — meaning the average order value also rose. Even so, about 25% of all transactions were concentrated in the VND 100,000-200,000 price range (about 380-760 yen), so the underlying structure of "low unit price, high frequency" remains the mainstream pattern.

The number of active sellers who placed orders reached about 491 thousand, up only 3.9% year on year. GMV grew 47% while the number of sellers grew less than 4% — a sign that sales are concentrating increasingly among top sellers. The market is expanding, but the competitive environment for new entrants is getting tougher.

Winners and Losers by Category

Beauty products led all categories by a wide margin, at VND 24.4 trillion (about USD 925.8 million / about 138.9 billion yen). Women's fashion and home and living followed. Healthcare-related products, meanwhile, were the sole "loser," with both sales and transaction volume falling below the previous year.

Menswear stood out in particular, with sales surging more than 150% year on year. Menswear sales through TikTok Shop's live commerce are seen as the spark, and the customer base of Vietnam's e-commerce market, historically centered on women, is beginning to shift.

Data by Platform and Category

*Exchange rate: 1 USD = about 150 yen, VND 10,000 = about 57 yen (as of May 2026)

Reaction locally and in the industry

Metric (e-commerce analytics firm) forecasts Q2 2026 GMV at VND 142.2 trillion (about USD 5.4 billion), a 4.3% decline from Q1. The view is that transaction volume will keep growing while unit prices fall further, reinforcing a "high volume, low value" trend.

A Vietnamese e-commerce seller commented, "Even as GMV grows, competition among sellers is fierce and margins are falling. TikTok Shop's fee hike is adding to the pressure."

A logistics industry insider pointed out, "Last-mile capacity to support 13 million deliveries a day is nearing its limit. Delivery costs to rural areas are squeezing profits."

What it means for Japanese companies

Vietnam's e-commerce market's 47% growth sends two signals to Japanese consumer goods makers. First, the overwhelming scale of the beauty category (about 138.9 billion yen in Q1 alone) is data that justifies entry via cross-border e-commerce for Japanese skincare and cosmetics brands. Second, menswear's growth of over 150% points to untapped demand, presenting an opportunity for Japanese menswear and accessory brands as well.

That said, it should not be forgotten that this is a "low unit price market," with about 25% of transactions concentrated in the VND 100,000-200,000 range (380-760 yen). Rather than bringing in premium Japanese-quality products as-is, SKUs need to be designed to fit Vietnam's price bands. As with the heatwave-driven surge in coconut demand in Vietnam, designing products to match local consumption trends is the key to success.

Ripple Effects Across the E-Commerce Industry

The rapid expansion of Vietnam's e-commerce market is accelerating three structural shifts. First, the entrenchment of the Shopee + TikTok Shop duopoly. The two companies together hold about 97% of market share, forcing Lazada and Tiki to differentiate just to survive. Second, the mainstreaming of live commerce. Partly in response to TikTok Shop's the Shopee x Meta partnership move, live commerce has become the single biggest driver of GMV growth. Third, pressure to invest in logistics infrastructure. To process about 13 million deliveries a day, capital investment in warehousing, last-mile delivery, and returns processing has become urgent.

Data Useful for Considering an E-Commerce Launch

Conclusion

Vietnam's e-commerce market recorded 47% growth in Q1 2026, reaching a scale where about 9.5 billion yen is spent per day. Beauty products are the mainstay of sales, and menswear has emerged as a new growth driver. At the same time, the low-price, high-frequency transaction structure and intensifying competition among sellers are squeezing profit margins. For Japanese companies considering entry into Vietnam's e-commerce market, the realistic starting point is to target the Shopee + TikTok Shop duopoly platforms, and design products around "Vietnam price bands" while also keeping in view fintech integration as symbolized by MoMo's IPO preparations.

Citations and references

• Vietnam’s E-commerce Sales Surge 47% to $5.64 Bln in Q1 – The Investor
• Vietnam’s Q1 E-commerce Revenue Jumps 47% – VietnamPlus
• Vietnam E-Commerce Sector Outlook – Vietnam Briefing
• Vietnam Social Commerce Market Report Q1 2026 – GlobeNewsWire