Two platforms, one market
Vietnam’s ecommerce market has consolidated to a point where describing it as a multi platform market is no longer accurate. Shopee and TikTok Shop together account for 97% of the country’s online platform GMV, based on tracking data from Metric, a Vietnamese ecommerce data provider. Lazada and Tiki, once meaningful competitors, have fallen to a combined share of around 3%. Tiki’s own revenue reportedly dropped by roughly 80% during 2025.
The gap between the two leaders is narrowing, but the total held by the pair is not. Shopee’s Vietnam GMV grew 21% year on year to USD 7.29 billion, a solid pace. TikTok Shop grew 83% to USD 5.96 billion, closing what was a wider gap a year earlier. Vietnam is not a market where a brand chooses among several platforms and hedges its bets. It is a market where the only real decision is how to split budget between two.
Indonesia is moving the same direction
Indonesia has not reached Vietnam’s level of concentration, but the trend line points that way. Shopee, TikTok Shop combined with Tokopedia following their 2024 merger, and Lazada together hold a large majority of platform GMV in Indonesia. The exact figure varies by tracker and by month, reported anywhere from roughly 80% up toward the high 90s depending on scope, but every source checked for this piece agrees on direction: concentration is rising, not falling.
Indonesia’s market carries more structural complexity than Vietnam’s. Distribution and fulfillment infrastructure remains concentrated around Jakarta, regardless of what national penetration numbers suggest about reach into secondary cities. A national concentration percentage understates how localized the actual buying behavior still is outside the capital region.
What this changes for platform strategy
A diversified multi platform strategy, spreading budget evenly across three or four platforms to hedge risk, only works where concentration is genuinely low. In markets like Vietnam, or increasingly Indonesia, that hedge produces very little protection. A third platform holding 3% share does not meaningfully reduce dependency risk on the two platforms holding the other 97%.
Rank all six major SEA markets by two platform concentration, not by total GMV size, when setting platform budget allocation. A market with lower total GMV but higher concentration, Vietnam being the clearest example, rewards a focused two platform strategy more directly than a larger, more fragmented market does.
In a high concentration market, the platform relationship functions as the channel strategy itself. Account management, algorithm changes, fee structure shifts and campaign calendar alignment with the platform carry more weight than they would in a market with five viable options. There is no third platform to shift budget toward if the relationship with either of the two leaders deteriorates.
Tracking Indonesia going forward
Indonesia’s concentration trend is worth checking on a monthly cadence rather than an annual one, since the trajectory is moving toward Vietnam’s pattern rather than away from it. A brand currently running a four or five platform strategy in Indonesia should treat that spread as a temporary hedge, not a permanent structure. It should plan for a narrower allocation as the smaller platforms continue losing share.
The conditional recommendation
For a brand entering or already operating in Vietnam, allocate budget as a two platform decision from day one. Building a third platform relationship as a hedge wastes budget that could compound faster on Shopee or TikTok Shop directly. For Indonesia, keep a secondary platform in the mix for now, since concentration has not reached Vietnam’s level, but check the monthly share numbers before renewing any annual platform commitment, since the market that supported a three or four platform spread a year ago may not support the same spread by the time that commitment renews.
Research Ledger (5 claims)
| Entity | Claim | Source | Status |
|---|---|---|---|
| Vietnam | Shopee and TikTok Shop together account for 97% of the country’s online platform GMV | Metric (Vietnam ecommerce data provider), cited in theinvestor.vn and kr-asia.com coverage of Vietnam’s ecommerce duopoly | VERIFIED |
| Vietnam | Shopee holds 53% share with GMV up 21% year on year to USD 7.29 billion, TikTok Shop holds 44% share with GMV up 83% to USD 5.96 billion, Lazada and Tiki combined fell to around 3% | Metric data via theinvestor.vn | VERIFIED |
| Indonesia | Shopee, TikTok Shop with Tokopedia, and Lazada combine for a large majority of platform GMV, with figures across trackers ranging from roughly 80% to 98.8% depending on scope and date | Magpie IQ Indonesia ecommerce 2026 analysis, Momentum Works SEA 2026 report summary | INFERRED (directional concentration confirmed, the specific 80.6% figure from the original source could not be independently reproduced from a single primary table) |
| Southeast Asia | Shopee, Lazada and TikTok Shop (including Tokopedia) collectively hold around 98.8% of the region’s platform ecommerce GMV in 2025 | Momentum Works, “Ecommerce in Southeast Asia 2026” | VERIFIED |
| APJII | Publishes an annual Indonesia internet penetration and usage survey referenced by regional platform concentration analyses | APJII survey program, standard annual publication | INFERRED (survey series existence confirmed, the specific concentration figure attributed to it in the original post was not independently located in this pass) |