Vietnam: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Vietnam

The Vietnamese refined soybean oil market declined to $X in 2022, with a decrease of -10.5% against the previous year. Over the period under review, consumption saw a abrupt contraction. Refined soybean oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Vietnam

In value terms, refined soybean oil production reduced to $X in 2022 estimated in export price. Over the period under review, production faced a deep slump. The pace of growth was the most pronounced in 2021 when the production volume increased by 17% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from Vietnam

In 2022, refined soybean oil exports from Vietnam declined to X tons, which is down by -5.2% against 2021 figures. In general, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2013 with an increase of 56% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports fell rapidly to $X in 2022. Overall, exports saw a deep downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 67% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Lao People's Democratic Republic (X tons), Cambodia (X tons) and China (X tons) were the main destinations of refined soybean oil exports from Vietnam, with a combined 85% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +128.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from Vietnam were Lao People's Democratic Republic ($X), Cambodia ($X) and China ($X), together accounting for 87% of total exports.

Lao People's Democratic Republic, with a CAGR of +128.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, declining by -14.5% against the previous year. Over the period under review, the export price saw a mild slump. The pace of growth was the most pronounced in 2021 when the average export price increased by 44% 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.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lao People's Democratic Republic ($X per ton) and Japan ($X per ton), while the average price for exports to Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Vietnam

In 2022, purchases abroad of refined soybean oil and its fractions decreased by -16.7% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 251%. Over the period under review, imports reached the peak figure at X tons in 2021, and then reduced dramatically in the following year.

In value terms, refined soybean oil imports fell rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 233% against the previous year. Imports peaked at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

In 2022, Thailand (X tons) constituted the largest refined soybean oil supplier to Vietnam, accounting for a 81% share of total imports. Moreover, refined soybean oil imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. Russia (X tons) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +75.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-8.0% per year) and Russia (+26.7% per year).

In value terms, Thailand ($X) constituted the largest supplier of refined soybean oil and its fractions to Vietnam, comprising 83% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 7.3% share of total imports. It was followed by Russia, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +72.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-12.0% per year) and Russia (+40.6% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with a decrease of -12% against the previous year. Over the period under review, the import price continues to indicate a slight contraction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 43% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Russia ($X per ton) and Thailand ($X per ton), while the price for Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+10.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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