Vietnam: Soybean Oil Market 2024

Soybean Oil Market Size in Vietnam

In 2022, the Vietnamese soybean oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Soybean Oil Production in Vietnam

In value terms, soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced decline. The pace of growth was the most pronounced in 2017 when the production volume increased by 22%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from Vietnam

In 2022, overseas shipments of soybean oil decreased by -33.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 204% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports dropped significantly to $X in 2022. Overall, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2021 when exports increased by 366%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for soybean oil exports from Vietnam, with a 64% share of total exports. Moreover, soybean oil exports to South Korea exceeded the volume sent to the second major destination, Malaysia (X tons), sixfold. India (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-11.9% per year) and India (+4.3% per year).

In value terms, South Korea ($X) remains the key foreign market for soybean oil exports from Vietnam, comprising 66% of total exports. The second position in the ranking was taken by India ($X), with an 11% share of total exports. It was followed by Malaysia, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to South Korea amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+5.2% per year) and Malaysia (-14.9% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, with a decrease of -8.6% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 53%. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Vietnam

In 2022, after four years of growth, there was significant decline in supplies from abroad of soybean oil, when their volume decreased by -10.1% to X tons. In general, imports, however, saw noticeable growth. The most prominent rate of growth was recorded in 2015 with an increase of 57%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, soybean oil imports fell to $X in 2022. Overall, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 75%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Thailand (X tons), Argentina (X tons) and Malaysia (X tons) were the main suppliers of soybean oil imports to Vietnam, together accounting for 88% of total imports. Brazil, Taiwan (Chinese), the United States and China lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of soybean oil to Vietnam, comprising 58% of total imports. The second position in the ranking was held by Argentina ($X), with a 20% share of total imports. It was followed by Malaysia, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value from Thailand stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+3.0% per year) and Malaysia (+3.1% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, waning by -3.9% against the previous year. In general, the import price, however, showed a slight expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 34%. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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