Vietnam’s Online Food Delivery Market Sees Significant Growth
Vietnam’s online food delivery market grew by 26% last year, reaching US$1.8 billion, according to a study by Momentum Works. GrabFood and ShopeeFood led the market with shares of 48% and 47%, respectively.
Increased convenience and discounts have driven Vietnamese consumers to order ready-made food through apps. Platforms are competing through discount programs, service upgrades, and entertainment features. Despite this growth, Vietnam’s market remains smaller than those in Indonesia, Thailand, the Philippines, Singapore, and Malaysia.
Momentum Works’ CEO, Jianggan Li, noted that leading platforms are now well-positioned for sustainable expansion, with potential disruption from TikTok’s entry into the market.
In 2024, Southeast Asia’s food delivery market reached US$19.3 billion, marking a 13% year-on-year growth. Vietnam and Indonesia led this expansion with 26% and 18% increases, respectively. Grab maintained its dominance while ShopeeFood overtook Gojek as the third-largest player. TikTok’s entry into Local Services, starting with vouchers for food and beverage merchants, could challenge existing platforms.
Customer segmentation initiatives have shown positive results, increasing the customer base, profitability, and volume. However, there is still potential for further growth in rider segmentation and operational efficiency.
For detailed analysis, refer to Momentum Works’ Food Delivery Platforms in Southeast Asia 5.0 report.
Source : Momentum | VN Express International