Across Shopee, TikTok Shop, Lazada and Tiki, nine-month GMV reached about US$15.8 billion, yet sales volume has been roughly flat for four straight quarters, so growth mainly reflects higher prices. Retail sales of goods and services rose 13.4% over nine months, or 7.8% after adjusting for inflation, below GDP growth of 9.01%, suggesting cautious sentiment and higher savings. Average inflation for the first nine months was 4.52%, above Thailand (2.8%), Malaysia (1.9%) and Singapore (2.3%), driven by domestic costs such as administrative procedures and logistics, while transport costs rose 11.67% last month. Brent crude topped US$115 per barrel, UOB expects full-year inflation of about 4.7%, and FMCG GMV grew 36% in the third quarter. Chinh Le of BSA said omni-channel selling is returning as last-mile delivery costs fall below 10%.
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Original headline: Người tiêu dùng thận trọng chi tiêu
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retailinflationoil pricese-commerce
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VNINDEX
▼ Likely negativeRelevance: medium
| Market | Vietnam stocks |
|---|---|
| Close on 10/23/2026 | 1,774.15 |
| Change that session | +0.77% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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