The total gross merchandise value (GMV) of food delivery platforms in Vietnam hit $1.1 billion in 2022, up from $800 million in 2021, said Singapore-based venture outfit Momentum Works.
Of the total GMV, Grab accounted for the biggest share with 45%, followed by ShopeeFood 41%, Baemin 12% and Gojek 2%, the firm said in its latest report “Food delivery platforms in Southeast Asia,” which was issued in January.
Last year total GMV in Southeast Asia grew at a modest 5% to $16.3 billion, mainly driven by the relatively smaller markets of Malaysia, the Philippines and Vietnam, while larger markets – Indonesia, Thailand and Singapore – recorded declines, Momentum Works stated.
The three largest markets all recorded a GMV decline in 2022, due to various factors. For example, thepost Covid reopening of the ecoomy reopening in Singapore shifted food services demand offline, while in Thailand the withdrawal of government subsidies after October 2022 as well the floods in the second half of the year played significant roles.
Malaysia, the Philippines and Vietnam, the three smaller markets, have recorded significant growth, as players including Grab and ShopeeFood expanded their market penetration, according to the firm.
Grab has taken market share leadership in Malaysia and Vietnam from Foodpanda and ShopeeFood respectively, and now contributes 54% of the region’s total platform GMV.
ShopeeFood has reduced market-share-grabbing incentives, while Foodpanda/DeliveryHero is rumored to be in the process of exiting a few markets in the region, according to Momentum Works.