Tiki, Thegioididong and Sendo ranked sixth, seventh and eighth, respectively, by average monthly web traffic.
The two others in the top ten which were also conducting business in Vietnam were Lazada (first) and Shopee (second).
According to the report, Lazada and Shopee were international corporations with operation in multiple markets which made their positions in the list less of a surprise; the three Vietnamese e-commerce companies’ inclusion was concrete evidence of the size and potential of e-commerce in Vietnam.
“Even though Sendo, Tiki and Thegioididong are only available for consumers within Vietnam, their traffic numbers are still impressive enough to put them within the regional top 10, even above JD Group of China, which is now operating in both Thailand and Indonesia,” said the report.
The most remarkable entry was Thegioididong. The company was the only merchant in the top ten to focus on only one product category - electronic devices. Even with such a narrow business scope, Thegioididong still managed to gain an average of 29 million visits per month, according to the report.
Other names in the top ten included Tokopedia, Bukalapak, Blibli, JD and Qoo10.
“Online shopping is now greatly popular among Vietnamese consumers and the e-commerce market size of Vietnam will keep increasing in the near future,” iPrice Group predicted. “2019 promises to be a very exciting year for Vietnamese e-commerce.”
In 2018, Vietnamese e-commerce companies were able to acquire a significant amount of foreign funding.
At the beginning of 2018, Tiki received investment form JD.com in a round of series C funding which made JD become one of the largest shareholders in Tiki.
In the first six months of 2018, Shopee Vietnam received VND1.2 trillion in the form of authorised capital from SEA, their Singaporean parent company.
To counter Shopee’s expansion in Southeast Asia, in March, Alibaba decided to invest another US$2 billion in Lazada to improve the company’s competitiveness.
In 2018, Sendo.vn, the ecommerce subsidiary of FPT Corporation, also received $51 million from the Japanese SBI Holdings and other investors.
This constant stream of capital had created interesting developments in the market, iPrice said.
Shopee Vietnam witnessed the most formidable improvement, iPrice said, adding that the company began the year in third place in terms of web traffic, but in seven months rose to the top position in Vietnam.
In Vietnam, Shopee was followed by Thegioididong, Lazada, Tiki, Sendo, FPTshop and Dienmayxanh.