Vietnam: Unwrought Silver Market 2025

Unwrought Silver Market Size in Vietnam

In 2021, the Vietnamese unwrought silver market decreased by -19.7% to $X for the first time since 2013, thus ending a seven-year rising trend. In general, consumption, however, enjoyed a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced sharply in the following year.

Unwrought Silver Exports

Exports from Vietnam

In 2021, exports of silver, unwrought or in powder form from Vietnam soared to X tons, rising by 20% against the previous year's figure. Overall, exports, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2019 when exports increased by 154%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, unwrought silver exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 142%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X kg) was the main destination for unwrought silver exports from Vietnam, with a 67% share of total exports. Moreover, unwrought silver exports to Canada exceeded the volume sent to the second major destination, Germany (X kg), fourfold. The third position in this ranking was taken by Cambodia (X kg), with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to Canada amounted to +26.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+14.6% per year) and Cambodia (0.0% per year).

In value terms, Canada ($X) remains the key foreign market for silver, unwrought or in powder form exports from Vietnam, comprising 71% of total exports. The second position in the ranking was taken by Germany ($X), with a 19% share of total exports. It was followed by South Korea, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to Canada totaled +69.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+23.6% per year) and South Korea (+61.1% per year).

Export Prices by Country

In 2021, the average unwrought silver export price amounted to $X per ton, jumping by 27% against the previous year. In general, the export price, however, saw a pronounced setback. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+34.0%), while the prices for the other major destinations experienced more modest paces of growth.

Unwrought Silver Imports

Imports into Vietnam

In 2021, supplies from abroad of silver, unwrought or in powder form decreased by -27.4% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports, however, recorded a temperate expansion. The growth pace was the most rapid in 2019 when imports increased by 48% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, unwrought silver imports shrank to $X in 2021. Overall, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2017 when imports increased by 40% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020, and then contracted in the following year.

Imports by Country

Japan (X tons), South Korea (X tons) and Germany (X tons) were the main suppliers of unwrought silver imports to Vietnam, together accounting for 50% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +65.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest unwrought silver suppliers to Vietnam were South Korea ($X), Germany ($X) and Switzerland ($X), together comprising 51% of total imports.

Germany, with a CAGR of +73.4%, recorded 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 unwrought silver import price stood at $X per ton in 2021, picking up by 18% against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, unwrought silver import price increased by +63.0% against 2019 indices. The pace of growth was the most pronounced in 2020 an increase of 38%. Over the period under review, average import prices reached the maximum in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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