Vietnam: Market for Salts Of Acetic Acid 2024

Market Size for Salts Of Acetic Acid in Vietnam

The Vietnamese salts of acetic acid market declined markedly to $X in 2022, waning by -22.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a mild increase. As a result, consumption reached the peak level of $X, and then declined rapidly in the following year.

Exports of Salts Of Acetic Acid

Exports from Vietnam

In 2022, overseas shipments of salts of acetic acid decreased by -7.4% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a abrupt curtailment. The growth pace was the most rapid in 2014 when exports increased by 99%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, salts of acetic acid exports rose modestly to $X in 2022. Over the period under review, exports recorded a pronounced decline. The most prominent rate of growth was recorded in 2020 when exports increased by 81% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for salts of acetic acid exports from Vietnam, with a 97% share of total exports. It was followed by Hong Kong SAR (X kg), with a 1.6% share of total exports. The third position in this ranking was taken by Thailand (X kg), with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-41.1% per year) and Thailand (-13.6% per year).

In value terms, the United States ($X) remains the key foreign market for salts of acetic acid exports from Vietnam, comprising 96% of total exports. The second position in the ranking was held by Thailand ($X), with a 2.2% share of total exports. It was followed by South Korea, with a 0.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-6.4% per year) and South Korea (-31.7% per year).

Export Prices by Country

In 2022, the average salts of acetic acid export price amounted to $X per ton, with an increase of 10% against the previous year. Over the period under review, the export price continues to indicate moderate growth. The growth pace was the most rapid in 2013 when the average export price increased by 189%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Hong Kong SAR ($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 (+27.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Salts Of Acetic Acid

Imports into Vietnam

In 2022, the amount of salts of acetic acid imported into Vietnam declined to X tons, reducing by -12.6% against the previous year. In general, imports, however, posted moderate growth. The most prominent rate of growth was recorded in 2019 when imports increased by 100%. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, salts of acetic acid imports dropped markedly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 91% against the previous year. As a result, imports reached the peak of $X, and then fell notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of salts of acetic acid to Vietnam, accounting for a 69% share of total imports. Moreover, salts of acetic acid imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sixfold. The third position in this ranking was held by Canada (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+8.0% per year) and Canada (+38.3% per year).

In value terms, China ($X) constituted the largest supplier of salts of acetic acid to Vietnam, comprising 51% of total imports. The second position in the ranking was taken by India ($X), with a 19% share of total imports. It was followed by Canada, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+19.3% per year) and Canada (+44.3% per year).

Import Prices by Country

In 2022, the average salts of acetic acid import price amounted to $X per ton, reducing by -12.9% against the previous year. In general, the import price showed a pronounced reduction. The pace of growth was the most pronounced in 2021 when the average import price increased by 24% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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