Vietnam’s four leading e-commerce platforms recorded gross merchandise value (GMV) of VND411.7 trillion ($15.8 billion) in the first nine months of 2026, up 22% year-on-year, as consumers became more selective amid persistent inflation and rising living costs.
Data from YouNet ECI’s EcomHeat platform showed that GMV across Shopee, TikTok Shop, Lazada and Tiki grew steadily over four consecutive quarters, from Q4/2025 through Q3/2026.
Growth was driven largely by higher selling prices, which increased by over 20% each quarter, while growth in sales volume remained broadly flat.
The trend points to a shift in shopping behavior as consumers weigh product quality and affordability more carefully.
According to YouNet ECI’s eCCI index, 74% of consumers prioritized product quality, up 22 percentage points from Q2/2026. Meanwhile, 67% continued to prioritize price.
Vietnam’s economy expanded 9.95% year-on-year in the third quarter, the fastest pace recorded since the beginning of the year, according to the National Statistics Office. However, consumer price inflation remained a concern, with CPI at 5.1% in Q3.
Retail sales of goods and consumer services totaled more than VND5,900 trillion ($228.3 billion) in the first nine months, up 13.4% from a year earlier. After adjusting for inflation, growth stood at 7.8%, indicating that real purchasing power has not kept pace with the increase in nominal sales revenue.
Average consumer prices rose 4.52% in January-September. Essential expenses, including food, housing, electricity and water, transport and dining out, faced upward price pressure. With a larger share of household income going toward necessities, consumers are increasingly likely to cut back on or postpone non-essential purchases.
The shift toward more cautious spending is evident across product categories listed on the four e-commerce platforms.
In Q3, fashion and accessories generated sales of VND39.3 trillion ($1.52 billion), up 29% year-on-year, while beauty products recorded VND18.9 trillion ($731.37 million), up 28%. Both categories showed signs of slowing order volumes as shoppers became more price-sensitive.
Fast-moving consumer goods (FMCG), by contrast, emerged as a stronger performer by maintaining a more balanced contribution from prices and sales volumes.
The category recorded sales of VND29.4 trillion ($1.14 billion) in the Q3, up 36% year-on-year, the fastest growth among major product categories. Selling prices rose 17%, while sales volume increased 18%.
The figures suggest demand for daily essentials has remained relatively resilient despite cost-of-living pressures.
