Vietnam: Beef Market 2025

Beef Market Size in Vietnam

After three years of decline, the Vietnamese beef market increased by 0.3% to $X in 2021. In general, consumption, however, saw a abrupt downturn. Beef consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Beef Production in Vietnam

In value terms, beef production declined slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

In 2021, the average yield of beef (cattle meat) in Vietnam was estimated at X kg per head, increasing by 7.4% against the previous year's figure. The yield figure increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 19% against the previous year. The beef yield peaked in 2021 and is likely to continue growth in years to come.

In 2021, number of animals slaughtered for beef production in Vietnam rose significantly to X heads, picking up by 7% against the year before. This number increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, the number of producing animals reached the peak level and is likely to continue growth in the immediate term.

Beef Exports

Exports from Vietnam

For the fifth year in a row, Vietnam recorded decline in overseas shipments of beef (cattle meat), which decreased by -9% to X tons in 2021. In general, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 204% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, beef exports shrank to $X in 2021. Over the period under review, exports, however, enjoyed pronounced growth. The pace of growth was the most pronounced in 2014 when exports increased by 136%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for beef exports from Vietnam, accounting for a 69% share of total exports. Moreover, beef exports to Malaysia exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), fourfold. China (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia stood at +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+44.9% per year) and China (-11.3% per year).

In value terms, Malaysia ($X) remains the key foreign market for beef (cattle meat) exports from Vietnam, comprising 52% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 24% share of total exports. It was followed by China, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia amounted to +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+58.3% per year) and China (-12.2% per year).

Export Prices by Country

The average beef export price stood at $X per ton in 2021, falling by -4.8% against the previous year. Overall, the export price showed a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 9.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+9.3%), while the prices for the other major destinations experienced mixed trend patterns.

Beef Imports

Imports into Vietnam

In 2021, supplies from abroad of beef (cattle meat) was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2013 when imports increased by 93% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, beef imports reached $X in 2021. In general, imports, however, continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 97%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of beef to Vietnam, accounting for a 53% share of total imports. Moreover, beef imports from India exceeded the figures recorded by the second-largest supplier, Australia (X tons), fourfold. The third position in this ranking was held by Hong Kong SAR (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from India stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+2.3% per year) and Hong Kong SAR (-23.0% per year).

In value terms, India ($X) constituted the largest supplier of beef (cattle meat) to Vietnam, comprising 55% of total imports. The second position in the ranking was taken by Australia ($X), with a 17% share of total imports. It was followed by Canada, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from India amounted to +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+1.1% per year) and Canada (+61.4% per year).

Import Prices by Country

The average beef import price stood at $X per ton in 2021, picking up by 8.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2020 when the average import price increased by 16%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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