Southeast Asian e-commerce market hit $157 billion in 2025

On April 14, Momentum Works released the fourth edition of its E-commerce in Southeast Asia report, offering an in-depth analysis of market size, competitive dynamics, and the structural shifts redefining e-commerce across the region.

The report pointed out that platform e-commerce GMV grew 22.8 per cent on-year in 2025, with Thailand and Malaysia leading at 51.8 per cent and 47.6 per cent on-year growth, respectively.

Vietnam, the Philippines, and Singapore all registered double-digit gains exceeding 20 per cent, while Indonesia remained the largest market (37 per cent share), though growth slowed to 2.2 per cent following Bukalapak’s exit and Tokopedia’s GMV rationalisation.

Southeast Asia is now effectively a three-player market. Shopee, Lazada, and TikTok Shop (including Tokopedia) collectively controlled 98.8 per cent of the region’s platform e-commerce market in 2025. Competition is intensifying at the top, while smaller and single-country players continue to exit or pivot away from marketplace models.

Content commerce is now core infrastructure as it generated an estimated $49.7 billion in GMV, accounting for 32 per cent of platform GMV. Led by TikTok Shop’s rapid rise and Shopee’s increasing investments, content is now a core driver of demand.

The report also estimated that non-platform channels (such as brand.com, multi-brand retailers, social platforms, etc.) contributed about $27.8 billion, bringing Southeast Asia’s total e-commerce GMV to $185.5 billion, with platforms accounting for 85 per cent of the total market.

Another finding is that e-commerce in Southeast Asia has not yet reached its true price floor. Despite intense competition, much of today’s affordability is still driven by subsidies, vouchers, and discounts funded by platforms, sellers, and brands, rather than structurally lower costs, the report noted.

Cross-border players also continue to expand their footprint in Southeast Asia by lowering friction and improving access to overseas supply. While regulations are tightening, larger and more committed players are better positioned to adapt and benefit.​​​​​

Vietnam emerges as Southeast Asia’s cross-border e-commerce hub Vietnam is rapidly emerging as a regional powerhouse in cross-border e-commerce, driven by strategic initiatives from global players and backed by supportive government policies.

Vietnam's retail market tops $269 billion in 2025 amid e-commerce boom Vietnam's retail market recorded a five-year high in revenue, reaching $269 billion in 2025, according to the Vietnam Domestic Market Report 2025 released by the Ministry of Industry and Trade.

Shopee and TikTok Shop account for 8 per cent of Vietnam’s retail market In 2025, transaction value on Shopee and TikTok Shop exceeded $16.3 billion, equivalent to nearly 8 per cent of Vietnam’s total retail market.