Vietnamese e-commerce platform integrates into nearly 20 banking applications

VnShop was founded in 2016, initially as a shopping channel in the VnPay ecosystem. Recently, the platform has continuously expanded by being available in banking apps. At the announcement event on April 15, Mr. Niraan De Silva, Vice President of VnPay, said he does not aim to compete with large foreign platforms such as TikTok Shop and Shopee. Instead, they want to create a new shopping experience for users, promote transactions, and create an additional sales channel for reputable suppliers in Vietnam, with already authenticated customer files.

“The Vietnamese market is changing in a direction where authenticity is extremely important,” Mr. Silva said, referring to authenticity from the product, the supply chain, to the buyer.

According to Mr. Cao The Anh, President of VnShop, integration into banking applications helps the platform reach more than 62 million users in Vietnam. The scale of the platform is not mentioned, but according to 2025 statistics, the platform recorded an average order value (AOV) of over 650,000 VND, a return rate of less than 1% and an almost absolute prepayment rate. This unit also emphasizes strict control of product sources, ensuring genuine products and invoices.

VnShop is also expanding sales channels through websites, social networks and is in the process of expanding cooperation with other banking applications.

During the e-commerce event organized by VnPay on the same day, experts said that the e-commerce market is no longer stopping at increasing orders and “burning money” for hot growth, but trying to shift to optimizing efficiency, reducing return rates and improving the quality of customer files.

“Vietnam’s e-commerce is entering a selective growth phase. This is no longer a simple race to expand scale, but a game of operational capacity, strategy and the ability to optimize efficiency,” said Mr. Tran Minh Tuan, CEO of Metric.

According to him, in the current context, businesses are forced to look back at the growth problem, and only businesses that truly understand the market, have clear strategies and operate methodically can maintain sustainable growth. One of the prominent trends highlighted by experts is the change in consumer behavior, as they increasingly prioritize factors such as clear product origin, transparent shopping experience, secure payment and convenient after-sales service.

According to the e-Conomy SEA 2025 report published by Google, Vietnam’s digital economy is estimated to reach 39 billion USD in total value of goods, making it the second fastest growing digital economy in Southeast Asia. E-commerce continues to be the largest contributor, reaching about 25 billion USD.