In Southeast Asia, the Winning E-Commerce Decisions Are Local
Across the five markets where Passport now tracks marketplace sales - Indonesia, Malaysia, the Philippines, Thailand and Vietnam - retail e-commerce sales reached USD167.5 billion in 2025, up 19% from the previous year. The combined market is now more than 2.5 times its 2020 size. Yet growth alone does not tell the full story. Understanding Southeast Asia means looking beyond how fast e-commerce is growing to understand where that growth is happening, which platforms are capturing it and where opportunities are emerging.