Vietnam: Virgin Olive Oil Market 2025

Virgin Olive Oil Market Size in Vietnam

In 2022, the Vietnamese virgin olive oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Virgin Olive Oil Exports

Exports from Vietnam

Virgin olive oil exports from Vietnam surged to X tons in 2022, growing by 46% compared with 2021 figures. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 438% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports amounted to $X in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 412% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia (X tons) was the main destination for virgin olive oil exports from Vietnam, accounting for a approx. 98% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cambodia amounted to +68.8%.

In value terms, Cambodia ($X) also remains the key foreign market for virgin olive oil exports from Vietnam.

From 2012 to 2022, the average annual growth rate of value to Cambodia totaled +71.6%.

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, dropping by -27.4% against the previous year. Overall, the export price saw a abrupt decrease. The pace of growth was the most pronounced in 2021 an increase of 49% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Cambodia.

From 2012 to 2022, the rate of growth in terms of prices for Cambodia amounted to +1.7% per year.

Virgin Olive Oil Imports

Imports into Vietnam

In 2022, imports of virgin olive oil into Vietnam soared to X tons, jumping by 18% against 2021 figures. Over the period under review, imports recorded a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 74% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports amounted to $X in 2022. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 71% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X tons), Spain (X tons) and Greece (X tons) were the main suppliers of virgin olive oil imports to Vietnam, with a combined 85% share of total imports. Japan, Hong Kong SAR and the United States lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +67.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to Vietnam were Italy ($X), Spain ($X) and Greece ($X), together comprising 87% of total imports. Japan, Hong Kong SAR and the United States lagged somewhat behind, together accounting for a further 9.8%.

The United States, with a CAGR of +32.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, falling by -8.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 17% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Greece ($X per ton) and Italy ($X per ton), while the price for Hong Kong SAR ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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