A duopoly has emerged in the battle for Vietnam’s digital wallet. The Online Retail Platform Market Report 2025 confirms this shift. It reveals that Shopee and TikTok Shop now control a staggering 97% of the market share.
Shopee retains the crown with roughly 56% of the market. Meanwhile, TikTok Shop has surged to 41%. Consequently, it has cemented its position as a formidable challenger. In contrast, legacy players like Lazada and Tiki have collapsed. Their combined share is now just 3%. This marks the end of the "four-horse race" era in Vietnamese e-commerce.
A $16.3 Billion Duopoly
The report reveals significant data. Specifically, the total Gross Merchandise Value (GMV) for these platforms reached $16.3 billion in 2025.
- Shopee: Remains the leader for search-based shopping and high-trust transactions.
- TikTok Shop: Continues to dominate "shoppertainment." It grows aggressively, rising from 29% market share last year.
- The "Exit" Trend: However, the number of active sellers dropped by 7.5% despite this revenue boom. Small merchants are exiting the market. They cannot compete with rising ad costs. Furthermore, the duopoly demands higher levels of professionalization.
The Looming Crackdown: July 1, 2026
The market is consolidating. Simultaneously, the regulatory environment will tighten significantly. The Vietnamese government passed a new Law on E-Commerce. It takes full effect on July 1, 2026.
This law is not a minor adjustment. Instead, it is a fundamental overhaul. It treats digital sellers exactly like brick-and-mortar businesses.
1. End of the "Lump-Sum" Tax Era Historically, many small online sellers operated as "household businesses." They paid a low, flat tax rate with minimal oversight. Starting in 2026, the Ministry of Finance mandates a shift. Sellers must now use declaration-based taxation. Therefore, they must:
- Maintain full accounting books.
- Issue electronic invoices for every transaction.
- Pay taxes based on actual revenue and profits. Consequently, this significantly increases the compliance burden.
2. Platform Liability & Data Sharing The new law obligates platforms to share seller data. Shopee and TikTok Shop must send granular information to tax authorities in real-time. Thus, the days of flying under the radar are over. Suppose a seller crosses the revenue threshold (often ~500 million VND). In that case, the platform may withhold taxes automatically. Alternatively, it might flag the account for audit.
3. Strict Origin & Transparency Rules The new law imposes strict requirements on product origin transparency. This measure combats counterfeit goods. Additionally, cross-border sellers will face tighter scrutiny at customs. Authorities will rigorously enforce the removal of VAT exemptions for low-value goods.
The "Wild West" days of Vietnam e-commerce are finished. Now, the market shifts toward professionalization.
- Consolidation: We expect more informal sellers to exit the market in 2026. Tax compliance will erode their thin margins.
- Brand Dominance: Shopee and TikTok Shop hold 97% market share. Consequently, sellers possess no alternative leverage. They must play by the platforms' rules. Moreover, they must follow the government's new tax laws.
Vietnam is tightening its tax and customs regulations. Therefore, "grey market" shipping is no longer a viable option. Linktrans offers fully compliant cross-border logistics solutions. We ensure your duties are paid. Furthermore, we guarantee your paperwork is audit-ready. Contact us to prepare for the July 2026 regulatory shift.
20 Jan, 2026
