STRATEGIC MANAGEMENT COURSE MIDTERM REPORT TOPIC STRATEGIC ANALYSIS OF SHOPEE AND SUGGESTION FOR FURTHER DEVELOPMENT

FOREIGN TRADE UNIVERSITY HO CHI MINH CAMPUS

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STRATEGIC MANAGEMENT COURSE
MIDTERM REPORT
TOPIC: STRATEGIC ANALYSIS OF SHOPEE AND
SUGGESTION FOR FURTHER DEVELOPMENT
Lecturer: Le Thi Thanh Ngan
Class: K55CLC1

Ho Chi Minh, April 2019

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SUPERVISOR’S REMARKS
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Ho Chi Minh City, April, 2019
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TABLE OF CONTENTS
EXECUTIVE SUMMARY................................................................................................................... 1
CHAPTER 1: INTRODUCTION TO SEA LIMITED COMPANY AND E-COMMERCE

PLATFORM SHOPEE......................................................................................................................... 2
1.1. SEA Limited................................................................................................................................. 2
1.2. Shopee e-commerce platform.................................................................................................. 2
CHAPTER 2: ANALYSIS AND EVALUATION OF SHOPEE’S STRATEGY IN
VIETNAM................................................................................................................................................ 4
2.1. Shopee’s strategy in Vietnam................................................................................................... 4
2.1.1. External Analysis................................................................................................................... 4
2.1.2. Internal Analysis:.................................................................................................................. 8
2.1.3. SWOT analysis and Shopee’s general business model .................................................. 11
2.2. Evaluation of Shopee’s strategy............................................................................................ 12
CHAPTER 3: PROPOSED STRATEGIES FOR SHOPEE VIETNAM IN 5 YEARS......14

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TABLE OF FIGURES
No.
1.2.1

Basic statistics of Shopee as of August 2016

1.2.2

Mapping of Vietnam’s leading e-commerce players by 20

2.1.1

GDP composition of Vietnam in 2017 (%)

2.1.2

Vietnamese’s preference for payment methods in 2017 (%

2.1.3

Analysis of Internet use in Vietnam in 2018

2.1.4

Overview of Vietnamese’s e-commerce industry in 2018

2.1.5

SEO score of Shopee.vn computed by SEO Check Rank

2.1.6

SEA’s report of Shopee in the last quarter of 2018

2.2.1

Percentage of shipping costs in Shopee’s total expenses

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EXECUTIVE SUMMARY
This report provides an analysis and evaluation into the strategy of Shopee Vietnam as well as
a suggestion of objectives to develop in the next five years. This is achieved through analyses
of the business-level strategy of Shopee through the PESTEL, Five forces models, value chain
and SWOT analysis.
Results found that even though the growth of the Vietnamese e-commerce industry is high and
Shopee has the strength and resources as one of the leaders, the business still recorded massive
loss in 2018, due to intensive investment in marketing and sales in an attempt to catch up with
the key players, such as Lazada, Tiki or Sendo who have infiltrated the industry much earlier.
The report finds that Shopee’s current strategy is quite solid and able to help it become a
major force in the e-commerce industry in just a few years. However, there are still issues
which need to be addressed if Shopee wants to remain at the top in the long-term.

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CHAPTER 1: INTRODUCTION TO SEA LIMITED COMPANY AND ECOMMERCE PLATFORM SHOPEE
1.1. SEA Limited
Formerly known as Garena Interactive Holding Limited and established in May 2009 by
current Chairman and Group CEO, Forrest Li, SEA is an internet company based in Singapore
and is one of the leaders in digital entertainment, e-commerce as well as digital financial
services across Greater Southeast Asia.
Some of the group’s most notable products consist of Garena, a digital entertainment platform
for users to access mobile and PC online games as well as participate in eSport events; Shopee
e-commerce platform, a mobile-centric marketplace that offers integrated payment and
logistics infrastructure and seller services and digital financial services to both individuals and
businesses, including e-wallet and payment services through AirPay, etc.
The group’s name, SEA, is inspired by its home region of South East Asia and symbolizes the

vast sea that connects the entire region together.
SEA’s vision is “Connecting the dots”. With this, the company aims to establish connections
between Internet users all across its home region with its products: connecting online game
players through Garena, connecting buyers and sellers through Shopee and enabling payment
process through AirPay, which also fits perfectly with the group’s name.
In accordance with its vision, the mission SEA has taken upon itself is “to better the lives of
the consumers and small businesses of Greater Southeast Asia with technology.” So far, the
company has carried out this mission successfully with two of its products, Shopee and
Garena, being well-received across the Southeast Asia region.
In October 2017, SEA is publicly listed on the New York Stock Exchange, with price ranging
from 21,50 to 24,65 USD within the month of March 2019.
1.2. Shopee e-commerce platform
Shopee is the leading e-commerce platform in Greater Southeast Asia. It is a platform tailored
for the region, providing both buyers and sellers with an easy, secure and fast online shopping
experience through strong payment and logistical support.
With a wide selection of product categories ranging from consumer electronics to home &
living, health & beauty, baby & toys, fashion and fitness equipment, Shopee aims to
continually enhance its platform and become the region’s e-commerce destination of choice.
Shopee’s vision is to continuously enhance its platform to deliver a seamless and enjoyable
shopping experience for all users and be the region’s e-commerce platform of choice. In order
to do so, it set a mission to create a simple and secure mobile marketplace for everyone to buy
and sell, anytime, anywhere.
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Figure 1.2.1. Basic statistics of Shopee as of August 2016
By the end of 2018, in a ranking of e-commerce businesses based on their average quarterly
traffic, Shopee was the top e-commerce platform in the Vietnamese market and was generally

placed among the top three in other Southeast Asia countries.

Figure 1.2.2. Mapping of Vietnam’s leading e-commerce players by 2018
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CHAPTER 2: ANALYSIS AND EVALUATION OF SHOPEE’S STRATEGY
IN VIETNAM
2.1. Shopee’s strategy in Vietnam
2.1.1. External Analysis
PESTEL analysis of Vietnamese market
Political and Legal factor
Vietnam enjoys a fairly stable political environment with only one political party, the
Communist Party of Vietnam, in control with no major opposing forces vying for control and
influence; therefore, regimes and policies rarely vary greatly over the year. Terrorism also
rarely, if never, happen in the country.
In an attempt to attract foreign investment into the country, Vietnam government imposed very
little restrictions on import, export and taxation. For example, the government have announced
a series of policies in order to attract more foreign direct investment which include tax
holidays and preferential corporate income tax rates. They also improve the taxation rate in
order to further the economy such as the decreasing the standard corporate income tax rates to
20% from January 2016.
Besides that, Vietnam is also a member of WTO and ASEAN as well as having established
trade relationship with more than 200 countries and being member of more than 8 FTA by the
end of 2016.
Economic factor
According to Global Edge, Vietnam had the following statistics up to 2017:
GDP, PPP (current international): $647.4 billion, in which the service sector composed

of 40.92% of the total.
GDP per capita, PPP (current international): $6,776
GDP growth rate (annual %): 6.8%

Figure 2.1.1. GDP composition of Vietnam in 2017 (%)
It also spotted an unemployment rate of 2.1%, inflation rate of 3.5%, real interest rate of 3.1%
and FDI inflow of $14.1 billion in the same year.
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Socio-cultural factor
By 2017, Vietnam was estimated to have 95.5 million people, in which approximately 70% were within
the working age group. This is considered as a major strength for the industrialization and
modernization of the country, if the abundant labor force could be fully utilized.

Concerning cultural aspects, Vietnam is a collectivist society in which the needs of the group
are often placed over the individual. Family and community concerns will almost always come
before business or individual needs. In addition, they employ a hierarchical structure based on
age and status in which the eldest person is always respected and possesses the most influence.
Moreover, Vietnam is a high-context communication culture so they will depend heavily on
non-verbal clues to assess meaning.
Furthermore, education is considered as one of the most important issues to which the country
has to pay great attention. In fact, the literacy rate of the total population had reached 94.5% of
the total population by 2015, increasing by more than 4% in comparison with the year of
1999. Nevertheless, there still existed the problem of the degradation in social ethics of
students, due to weak emphasis on the teaching of humanities, which can be proved by many
cases of students or young people committed violent crimes.
Last but not least, Vietnamese consumers have a tendency to prefer foreign brands to domestic

ones, and in recent year, they also gain a preference for healthy products or “green” products
that protect the environment. As for payment method, cash-on-delivery is still the dominant
solution with approximately 88% of Vietnamese do this in 2017.

Figure 2.1.2. Vietnamese’s preference for payment methods in 2017 (%)
Technological factor
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By 2018, the number of Internet users in Vietnam has reached 64 million people, accounting
for approximately 67% of the total population. And this number is predicted to continue
increasing sharply in the coming years.
Mobile, especially smartphones, has also become an intergral part of Vietnam’s society with
72% of people reported that they owned at least one smartphone, in which 64% of them
actively connected to the Internet through their mobiles.

Figure 2.1.3. Analysis of Internet use in Vietnam in 2018
In terms of development, there is already a project running in Vietnam which will serve to narrow the
scientific and technological gap between Vietnam and the rest of the world in some key fields by 2020.
According to the project, the Government will focus on scientific and technological renovation to
sharpen the competitive edge of local products and assisting businesses to purchase patents in some
prioritized areas: biotechnology, information technology, new materials technology - nano technology ,
manufacturing technology and automation.

Environmental factor
Viet Nam is blessed by nature, with a great ecological and hydrological diversity. The country
is made up of equatorial lowlands, high, temperate plateaus and cooler mountainous areas. It
also has a diverse wildlife, with rare and precious fauna such as elephants, rhinoceros, tiger,

leopard, black bear, snub-nosed monkey, crocodile and turtle. Forest area accounts for 2% of
total forests in East Asia and Pacific. Fish catch is among the 10 highest countries in the
world, with 1,451,800 tons per year.
On the other hand, Vietnam is also among the countries that can be seriously affected by
climate change and natural disasters. Total value of damage caused by natural disasters in
2011 was estimated at over 10 trillion VND.
Moreover, the rapid development and urbanization has caused significant pressure for its own
environment, according to a report by the World Bank. In fact, air pollution has become a huge

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concern for Vietnamese people as more than 60,000 deaths in 2016 in Vietnam were linked to
air pollution, according to WHO. In an effort to counter this, locals have begun to invest in
rooftop solar panels in increasing numbers. The issues with motorbikes and cars are also being
slowly addressed with subway constructions and emission standard enforcement being two
suggested solutions.
Five Forces analysis of e-commerce industry
Vietnam is a potential ground for e-commerce to flourish with high Internet penetration of
67% that was ranked as the 17 th highest in the world. In addition to this, the number of people
owning digital devices and making purchases online has also increased in recent years. By
2018, there were approximately 49.8 online shoppers, increasing by 2.6 percent in comparison
to 2017. In the same year, the e-commerce industry had contributed a total revenue of $2.26
billion to GDP of Vietnam, rising by 29.4% compared to the year before.

Figure 2.1.4. Overview of Vietnamese’s e-commerce industry in 2018
Threat of new entrants
The barrier to entry is moderately high in the e-commerce industry of Vietnam. This is

because of the substantial amount of capital needed to invest in the required technology,
human resources and marketing. Not only that, even if one has enough fund to start, the
difficulty of building a trustworthy brand image with the customer is also a big challenge to
overcome. Therefore, the threat of new entrants is rather low.
Rivalry among existing competitors
The level of rivalry in the industry is high because there already exists many players in Vietnam. Some
big names that claim the majority of online traffic include Lazada Vietnam, Tiki, Sendo, The Gioi Di
Dong, Adayroi, FPT Shop; along with many more smaller e-commerce companies.

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Brands are always trying to earn a competitive advantage through low prices, better quality of
products or through a better overall customer experience.
Bargaining power of buyers
With the prevalent of both small and big brands, the bargaining power of buyers in
Vietnamese e-commerce industry is fairly high. There is hardly any switching cost for the
customers who are now quite well informed and have most information available at a single
click, making it easier for relatively price-sensitive Vietnamese to change brands.
Bargaining power of suppliers
Even though the suppliers have more options now with the growing number of e-commerce
businesses, their bargaining power is only moderate. This is due to the high caution exercised
by e-commerce brands regarding their supplier relationships, setting an extensive code of
conduct related to quality, labor and wages as well as sustainability.
Threat of substitutes
There are two main threats in terms of substitutes for e-commerce brands: competing e-retail
businesses and physical retailers. The customers have relatively no switching costs and they
can easily switch from one e-retailer to another or from e-commerce to physical retail, so the

threat of substitutes is quite high.
2.1.2. Internal Analysis:
Primary activities
Inbound and outbound logistics
Since Shopee is an e-commerce business, its inbound logistics involves the attracting of
sellers, its suppliers, to post product lists on its site and outbound logistics is when the sellers
and buyers are able to successfully meet and negotiate transactions.
Operations
Shopee is a mobile-focused business which acts as an intermediary information marketplace
in order to match the sellers and buyers of common interests. The main operation of Shopee is
the gathering and organizing information of sellers and distributing of said information to
buyers through its mobile application in order to initiate transactions. It also allows for
interactive shopping through the form of online chat in case both parties wish to negotiate on
their own prices and terms of sales.
Marketing and sales
At the beginning, Shopee chose to focus on word of mouth advertising, which gradually expanded to
social networks with an intention to engage communities on Facebook, Instagram, Youtube… Shopee is
particularly talented at following latest trends. For example, it invited Son

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Tung MTP, the most famous singer in Vietnam, to become its brand ambassador; cooperated with the
hit-singer Bao Anh and Bui Tien Dung of U23 fame to participate in the video clip with the catchy song
“Baby Shark”, or most recently, Shopee celebrated its birthday with the Korean band Blackpink… and
many other viral marketing activities that had left an impact in its customers.

In contrast, SEO management of Shopee is not very good. A brief check on several SEO

checking tools yielded an average score of approximately 50.

Figure 2.1.5. SEO score of Shopee.vn computed by SEO Check Rank
Regarding sales, according to SEA’s annual report in 2018, Shopee has achieved a total of $3.4
billion of gross merchant value and 206.9 million gross orders, earning SEA an adjusted
revenue of $126.9 million, increasing by 1262% in comparison to 2017. It has also recorded
more than 80 million downloads by 2017, wherein Vietnam comprised of more than 5 million.

Figure 2.1.6. SEA’s report of Shopee in the last quarter of 2018
On the other hand, due to heavy investment made by SEA on Shopee, the group has reported a
record loss of $700 in 2018. The cause for this was cited to be due to intensive investment in
marketing and sales as well as promotions, especially subsidies for shipping for Shopee users.
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Service
The core value Shopee provides its customers is an easy, secure and fast online shopping
experience through strong payment and logistical support. Augmenting that core is a variety of
additional values, including:
Personalized customer’s experience and interactive shopping through the application of
Shopee Feed and Shopee Live Chat.
Shopee Mall was launched in 2017 as a dedicated in-app space that showcases Official
Brands and Shopee’s Top Sellers.
Shopee Guarantee was also set up to protect buyers by withholding payment to sellers
until the buyer receives their orders in an agreed-upon condition.
Dedicated team of delivery, mostly from Giaohangtietkiem, however there are still
outsourced forces from various reliable delivery service companies including Viettel
Post, Vietnam Post, Giaohangnhanh. In addition, the fast delivery service of Shopee

24H and 4H were introduced to help sellers conduct their orders within a short time.
Support activities
Infrastructure
According to reviews on Glassdoor, Shopee has a dynamic, fast-paced working environment
with plenty of opportunities for learning. Its slogan is said to be “We empower each other” and
the overall theme is to connect among employees with friendly colleagues. However, it is
stated that the management is relatively top-down and work can be demanding at times.
As for facility, Shopee possesses one of the most beautiful and modern offices in Vietnam, locating
on the 17th and 18th floors of the Saigon Center Building. Its primary color is orange, a optimistic
and energetic color, which is said to convey the message of “We always find a way.”

Human resources and management
All employees at Shopee are extremely skilled and talented. One of the reasons behind this is
cited to be due to their rigorous hiring process with a high hiring bar to make sure they find
the best fit.
Moreover, Shopee is always trying to scout out talents among the local prestigious universities
such as Ho Chi Minh University of Economics, Foreign Trade University, RMIT,…through
promotion and career fairs to add to its growing list of employees. In addition, Shopee also
organizes its own exclusive Global Leaders Program, a highly selective 2-year program,
comprising four 6-month rotations in different business functions in order to search for young
talents in Vietnam.
Training new employees is mostly carried out by senior executives in the same department.
Management team from Vietnam will also have the opportunity to participate in training
program organized in the parent company located in Singapore.
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Technology

Shopee is one of the largest and fastest mobile content delivery networks in Southeast Asia
region. The technology underlying Shopee accelerates the loading of millions of product
photographs and descriptions on web pages delivered to millions of users and offers them a
fast and smooth mobile shopping experience.
Shopee’s proprietary database management system is one of the largest database systems for
mobile online transaction processing in the region. It runs on servers and can be scaled up to
hundreds of nodes to achieve scalability. Moreover, it plays a critical role in supporting
transaction processing in the marketplaces in a cost-efficient manner.
On the other hand, Shopee Vietnam’s process of setting up a shops for sellers is still rather
simple and does not require any verification of bank accounts or identities, which is a factor
that counterfeits and frauds can take advantage of.
Procurement
Shopee has more than 800 thousand suppliers, which are also its customers, selling a variety
of products from fashion, cosmetics to electronic devices through its platform ranging
between quality and reliability. Due to this, management of sellers is rather difficult.
Furthermore, Shopee also established contracts with three of the top delivery companies in
Vietnam by 2018, which are Vietnam Post, Giaohangnhanh, Viettel Post.
2.1.3. SWOT analysis and Shopee’s general business model
SWOT analysis
Strengths
Clean interface, easy-to-use
design and quick links to each feature
of Shopee.
Strong brand name.
Viral marketing activities, easy to
leave impression on customers
Faster and cheaper shipping than
competitors.
Large number of suppliers
offering a wide range of products.

Weaknesses
- High cost incurred in marketing
and shipping.
- Supplier management
difficulty.
Security and fraud still pose a
major problem.
- Weak SEO management.

Dynamic working environment,
talented workforce and modern facilities.

Large database management
system.
Opportunities
E-commerce is one of the fast
growing industries of Vietnam.

Threats
- Relatively high inflation rate.
- Education is still limited,
especially
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- Number of Internet mobile users is high

and has the tendency to increase in the
future.
Political stability, few restrictions on
FDI and relatively low taxation.
- High GDP growth rate and increase in
consumer demand.
Abundant labor force.
- Relatively high barrier of entries.
Business model
Shopee Vietnam utilizes a differentiation business model, evident in the various services it
offers the customers for the best shopping experience such as Shopee Mall for the most
reliable, top-quality vendors on Shopee or Shopee 24H for a fast shipment that will reach
customers within the day with no additional charges.
One example of their effort to differentiate is that Shopee realizes shipping fee is a hurdle to
overcome in order to convince buyers to switch to online shopping. Consequently, it tries to
capitalize on this by supporting sellers in setting up their own shipping discounts with a view
to attracting more buyers.
Another instance of this is the gamification of customer experiences in the form of Shopee
Coin. Users can participate in social activities on the app to win these coins and use them to
offset the costs with sellers on the platform.
2.2. Evaluation of Shopee’s strategy
Overall, Shopee Vietnam has built a quite solid business-strategy which has helped it earn its
position as one of the leading players in the e-commerce industry despite entering rather late
in comparison with big names like Lazada, Tiki, Sendo. However, that does not mean there is
no room for improvement in some of its performance and operation.
The following are some key points that have been noted regarding Shopee’s strategy:
2.2.1. Shopee has a very viral marketing strategy through the use of hot trends and celebrities.
However, it seems to have neglected its SEO management.
Shopee spends a majority of its expense on marketing. This is not inappropriate considering the highly
competitive nature of the e-commerce market and the fact that Shopee itself is still a relatively young

player in the field, comparing to other big names like Lazada, Tiki or Sendo.
While it is quite successful in its viral marketing by staying on top of the trends and cooperating with
celebrities to advertise its image, Shopee does not seem to do that well regarding its SEO

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management. In fact, its own site rarely comes up as the top result in Google when keywords
regarding e-commerce or online shopping are used, and only about 26.4% of Shopee’s site
total visits are linked to search engine.
2.2.2. Shopee already has its own shipping force in Giaohangtietkiem and established
contracts with other big delivery names. However, it appears to not consider Now (formerly
DeliveryNow) as a possible partner.
Shipping cost is an important problem that Shopee has to take into consideration. In 2018,
sales and marketing expenses, in particular subsidies for shipping for Shopee users, equaled
85.3% of SEA’s total revenue. Shipping cost alone contributed to approximately 30% of
Shopee’s total expenses, forcing Shopee to put a limit on its policy of free shipping in order to
cut down on costs.

Figure 2.2.1. Percentage of shipping costs in Shopee’s total expenses.
Due to this, having Giaohangtietkiem as part of Shopee’s own workforce has contributed to
keeping expenses down. However, in order to satisfy customers with a variety of shipping
choices, Shopee still formed contracts with several outside delivery companies. Despite this, it
does not appear to make any move to cooperate with Now’s delivery team which, as part of
the same parent company, will be relatively cheaper than outsourcing.
2.2.3. The problem of counterfeit products and fraud remain a major concern since Shopee
still relies mainly on customer’s reports or reviews to detect.
Currently, Shopee does not apply any in-depth verification of sellers regarding bank accounts

or identities. This allows Shopee to boast a very large and varied selections of online shops;
however, this also makes it one of the main targets for counterfeit products and fraud. This
problem is offset partially through the review and report functions but these are not viable
solutions in the long-run as Shopee’s brand name will be seriously affected.

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CHAPTER 3: PROPOSED STRATEGIES FOR SHOPEE VIETNAM IN 5 YEARS
Based on the evaluation observed in Chapter 2, a strategy plan for Shopee Vietnam for the next 5 years
has been proposed as follows, in which there are three key suggestions being discussed: create a better
SEO management, cooperate with the delivery force of Now to reduce costs and install a verification
system in order to better screen out counterfeits and frauds.

Strategy
Reasons
and
purposes

Better SEO
management

Indication

of success

KPIs
Reasons

and
Purposes

Year 1-2

- Shopee Vietnam’s
site is always among the top ten search results relating
to e-commerce
within Vietnam.
- Number of visits
to Shopee through
search engine increase to at least
35% on average.

cooperating
with Now

Indication
of success

- Number of visits
to Shopee through
search engine increase to at least
50% on average.

- Shopee Vietnam
usually appears in
the top three search
results relating to ecommerce within
Vietnam.

- Number of visits
to Shopee through
se-arch engine are
kept stable above
50% on average.

To reduce the costs arising from outsourcing delivery team by
cooperating with the force from Now.

- Redirect through
marketing to raise
the number of orders placed with
Now’s delivery service by at least 5%.

% of successful

KPIs

- Shopee Vietnam
always appears in
the top five search
results relating to
e-commerce
within Vietnam.

SEO analysis, % of traffic records through search engine.

for shipping goods.

duction by

After year 5

To increase the rank of Shopee in search engine result, attract
more customers to the site.

- Integrate Now as
one of the options
Shipping
cost re-

Year 3-4

orders being

placed.

-

Raise the
number of
orders
placed with
Now’s
deli-very
service to
at least
10%.
Gradually

reduce
reliance on outside
delivery force
- Cut down on
shipping expenses
by at least 5%.

- Raise the number
of orders placed
with Now’s delivery service to at
least 12%.
Gradually
reduce
reliance on outside
delivery force
- Cut down on
shipping expenses
by at least 8%.

%
of successful orders
being placed, % of shipping
expenses reduced
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Reasons
and
Purposes

Managemen
t measures
installment
to reduce
counterfeits
and frauds

Indication
of success

KPIs

To manage the products being sold on Shopee’s platform,
minimizing the risks of counterfeits and frauds, preserving the
brand image of Shopee.
- Integrate a verification method
into shop registration step to screen
out potential fraudsters.
- Perform a check
on established
shops to pinpoint
counterfeits and
frauds, at least 30%
of sellers must be
verified.
- Number of counterfeits and frauds
reported reduce by
at least 15%
%

of sellers having their accounts
verified, % of counterfeits and frauds
reported

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REFERRENCES
“The Map of E-commerce in Vietnam” Iprice insight, January
2019, />“Vietnam: Economy” globalEDGE,
/>
Le, Duc. “Vietnam Digital Landscape 2018” Slideshare, 26 February 2018,
/>Duong, Tan. “Vietnam’s e-commerce landscape in 2018” Vietnam Investment Review, 7
January 2019, />Dam, Van. “Tổng lượng hàng hoá giao dịch lên tới gần 3 tỷ USD mỗi quý, Shopee tự
khẳng định mình đang giữ ngơi vương ở Đơng Nam Á dù chưa có lãi” Cafebiz, 2
January 2019,
/>Nguyen, Phuong. ““Thánh bắt trend” Shopee ngày một cao tay khi hợp tác với
Blackpink cho ngày sinh nhật” Advertising Vietnam, 29 November 2018,
/>G.L. “Shopee việt nam đã có hơn 800.000 gian hàng” Vn Review, 13 March 2018,
/>Bui Minh, Phuong. “Ghé thăm văn phòng Shopee – một trong những văn phòng đẹp
nhất Việt Nam” Worker’s resort, 10 September 2018,
/>“Annual report 2018 form-20F” SEA,
/>Vu, Huy. “Shopee giảm tốc” Nhịp cầu đầu tư, 24 May 2018,
/>
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