Viet Nam's e-commerce market is experiencing a period of "contradiction." On the one hand, statistics show a strong boom, with total revenue across the four major platforms (Shopee, TikTok Shop, Lazada, Tiki, etc.) reaching nearly 306 billion VND in the first nine months of 2025, an increase of over 34% compared to the same period. On the other hand, a worrying "lull" is emerging as the number of sellers is sharply declining. By the end of Q2 2025, only about 537,900 shops were active, a decrease of 6.25%.

This raises a big question: Why, as the market expands, does the "space" for sellers seem to shrink?

Despite the market continuously setting records with double-digit growth, a fierce wave of elimination is sweeping through e-commerce platforms, forcing sellers lacking internal strength to accept defeat and withdraw.

Natural selection and pressure from new "rules of the game"

The decline of over 35,000 sellers in just one year is not simply a statistic, but the result of a natural yet painful process of elimination. According to Ms. Ho Thi Quyen, Deputy Director of the Ho Chi Minh City Trade and Investment Promotion Center (ITPC), e-commerce is no longer a "secondary channel" for experimentation but has become a crucial pillar of business. As the market professionalizes, shops operating in a rut, failing to meet operational standards, or lacking the capital to sustain increasingly expensive advertising costs are quickly pushed out of the race.

In a quick exchange with reporters, Mr. Tran Tien Thanh, a home appliance retailer on Bach Mai Street who recently decided to close his shop on two major platforms after 3 years of operation, confided: "Before, all I needed to do was import goods, take nice photos, and I'd get orders. Now, if I don't livestream for 8 hours a day, or spend money on advertising during prime time, my shop is practically 'invisible'. Platform fees are increasing, shipping fees are rising, and on top of that, I have to compete with huge warehouses selling at factory prices. Small business owners like us are really struggling." Mr. Thanh's opinion reflects the shared concerns of thousands of individual business owners facing the pressure of operating costs and the constant algorithm changes from these platforms.

The shift in market share also reflects the fierce competition among the "giants." While Shopee maintains its leading position with 56% market share, the rapid rise of TikTok Shop (accounting for 41% market share) has completely changed shopping habits. The shift from "shopping based on needs" to "shopping based on emotions and content" has transformed e-commerce platforms into fiery livestreaming arenas. In these arenas, sellers who lack the ability to create content or adapt to short-video sales methods will lose opportunities to reach customers.

Content creation and the "empathy economy ": The golden key to survival.

In a context where retail sales are declining but revenue is increasing, the market is now dominated by those who know how to tell their brand story. Khương Sao Mai, a scriptwriter and digital content creator, argues that identifying today's customers goes beyond simply selling what they need; it's about finding common ground in shared values. This is the concept of "empathy economics"—where lasting trust is built on content scripts that align with brand identity and the sharing of expertise.

From the perspective of strategic consultants, Mr. Tran Manh Hung advises businesses not to blindly invest in expensive livestreaming equipment without a professional operational mindset. A common mistake today is the mismatch between infrastructure and content, inappropriate lighting and sound, or a lack of interaction skills among the host team, leading to low conversion rates despite high viewership. To survive, businesses need to analyze their organizational structure and personnel in a systematic way, from technical and logistics departments to post-livestream order processing, to ensure a seamless customer experience.

"The wave of decreasing online shops is actually a good sign for the sustainable development of e-commerce in Viet Nam. It eliminates opportunistic sellers who lack responsibility towards consumers and violate copyright. Instead, the market will be led by businesses that adhere to platform policies and invest seriously in brand reputation," Mr. Hung emphasized, noting that identifying and preventing inaccurate content or violations of advertising policies is not only a legal responsibility but also a shield protecting the safe operation of businesses in the digital space.

The end of the year, especially the Lunar New Year (Tet) in 2026, is a strategic period for remaining sellers to solidify their position. Key promotional campaigns are predicted to continue driving e-commerce revenue. However, only those who are well-prepared in terms of both technical infrastructure and content strategies can capitalize on this enormous purchasing power. The decline in the number of sellers serves as a stark warning that e-commerce is no longer a fertile ground for everyone, but only for those willing to transform themselves towards professionalism and transparency.
 

Source: VTV