Vietnamese e-commerce represents potential market for Korean businesses

According to Shopee Korea, the scale of the Vietnamese e-commerce market in 2022 reached US$16.4 billion, equivalent to a triple increase over the past five years.

In the large-scale discount event "September 9 Super Shopping Day", the nation ranked first in terms of the number of orders and ranked second in sales among all markets where Shopee organised the event.

In line with this, US market research company eMarketer has also chosen the nation as one of the top 5 e-commerce growth countries in the world.

Shopee Korea clearly stated that Korean beauty products are the best-selling category on Shopee Vietnam. From January to August  the cumulative number of orders for beauty products surged by 90% compared to the same period from last year.

Not only long-standing brands, but also newly-launched brands also recorded high growth.

For example, domestic cosmetic brands that have just entered the market such as 'Torriden' and 'd'Alba' have recorded huge number of orders over the past eight months, marking respective increases of 28 and 20 times compared to last year’s corresponding period.

Right behind beauty products are products related to K-pop music. Indeed, by the end of August the number of cumulative orders and sales of this item increased by 109% and 278%, respectively, compared to last year.

Shopee Korea predicts that the demand for Korean products in the Vietnamese market, including beauty products, will continue this upward trend in the future.

Hanoi and Ho Chi Minh City are the two localities which are striving to promote the highest consumption of Korean products, with major customers typically being women aged 20 to 30 who are greatly influenced by the Korean Wave (Hallyu).