Vietnam, together with Thailand, are the two fastest-growing e-commerce markets in Southeast Asia in 2023, according to the latest report from Momentum Works.

The total gross merchandise value (GMV) of Vietnam reached $13.8 billion, a year-on-year increase of 52.9%, according to its "E-commerce in Southeast Asia 2024" report released on July 15.

Vietnam also overtook the Philippines as the third largest ecommerce market in the region.

Total GMV of Southeast Asia's 8 leading e-commerce platforms rose to $114.6 billion in 2023, up 15% from 2022, the report says.

The report also identified four key trends in Southeast Asia's e-commerce industry, including live commerce which is leading live selling key opinion leaders (KOLs) in Vietnam, Thailand and Indonesia have achieved multi-million dollar sales in single live sessions.

Momentum Works is a Singapore-headquartered venture outfit, builds, scales, and manages tech ventures across the emerging world.

The annual report offers in-depth insights into the region’s six core ecommerce markets, as well as competitive dynamics of leading ecommerce platforms and ecosystem players, including logistics.