Vietnam: Salt Market 2024

Salt Market Size in Vietnam

The Vietnamese salt market declined to $X in 2022, which is down by -3.7% against the previous year. In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +82.9% against 2013 indices. Salt consumption peaked at $X in 2021, and then declined slightly in the following year.

Salt Production in Vietnam

In value terms, salt production reduced to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +32.7% against 2018 indices. The growth pace was the most rapid in 2015 when the production volume increased by 27%. Over the period under review, production attained the maximum level at $X in 2021, and then fell in the following year.

Salt Exports

Exports from Vietnam

Salt exports from Vietnam expanded markedly to X tons in 2022, picking up by 7.4% against 2021. Over the period under review, exports showed a pronounced increase. The most prominent rate of growth was recorded in 2017 when exports increased by 63% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, salt exports fell to $X in 2022. Overall, exports recorded a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 46%. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced slightly in the following year.

Exports by Country

The United States (X tons), South Korea (X tons) and Canada (X tons) were the main destinations of salt exports from Vietnam, together comprising 78% of total exports. Japan, Kuwait, Cambodia and Qatar lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +90.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Canada ($X) and South Korea ($X) appeared to be the largest markets for salt exported from Vietnam worldwide, with a combined 58% share of total exports. Japan, Qatar, Cambodia and Kuwait lagged somewhat behind, together comprising a further 24%.

In terms of the main countries of destination, Qatar, with a CAGR of +86.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average salt export price stood at $X per ton in 2022, reducing by -9.4% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, salt export price increased by +73.0% against 2018 indices. The pace of growth appeared the most rapid in 2020 an increase of 32% against the previous year. The export price peaked at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to South Korea ($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 South Korea (-0.4%), while the prices for the other major destinations experienced a decline.

Salt Imports

Imports into Vietnam

In 2022, salt imports into Vietnam reached X tons, picking up by 6.6% on the previous year. Over the period under review, imports showed a noticeable increase. The pace of growth was the most pronounced in 2017 when imports increased by 137%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, salt imports fell to $X in 2022. Overall, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +6.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 39%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main suppliers of salt imports to Vietnam, together accounting for 94% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +16.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest salt suppliers to Vietnam were China ($X), India ($X) and Australia ($X), with a combined 82% share of total imports.

In terms of the main suppliers, China, with a CAGR of +11.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average salt import price amounted to $X per ton, which is down by -11.6% against the previous year. Overall, the import price showed a pronounced contraction. The growth pace was the most rapid in 2020 when the average import price increased by 60%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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