Sendo surpassed rival Tiki to rank second among top 10 e-commerce sites in Vietnam with the highest monthly traffic numbers in Q3 of 2019, according to Malaysia-based market research firm iPrice's latest data released recently.

Sendo’s web visits reached 30.9 million per month in Q3, up 10.1 percent against Q2, just after Singapore-based Shopee, which remained in top position with 34.5 million, down 10.6 percent from Q2.

Thegioididong, e-commerce website of retail giant Mobile World, has replaced Lazada in third position with Q3 monthly web visits of 29.3 million, up 15.5 percent against Q2.

For long ranked second in Vietnam's e-commerce market, Tiki slipped to fourth place as its monthly web visits saw a decrease of 19.6 percent from Q2 to 27.1 million.

Singapore-based Lazada’s monthly web visits continued a downward trend, falling by 14 percent against Q2 to 24.3 million in Q3. This is also the first time Lazada has missed being among the top four e-commerce sites in Vietnam. It is ranked fifth now.

In terms of mobile app downloads, which shows how well players are acquiring new customers, Shopee also remained top in Q3, followed by Sendo, Tiki, Lazada and Chinese-based e-commerce platform Shein.

Tiki is in the process of raising capital for its D round. Ngo Hoang Gia Khanh, Tiki's director of finance and development, said at a recent press conference that the company's goal was to raise $50-100 million from strategic investment funds or financial investor groups.

Vietnam’s e-commerce market is estimated at $5 billion this year and is set to reach $23 billion in 2025, according to a recent report by Google, Singapore-based investment firm Temasek, and U.S.-based consultancy Bain.