Vietnam: Vegetable Product Market 2024

Vegetable Product Market Size in Vietnam

After five years of decline, the Vietnamese vegetable product market increased by 2.4% to $X in 2022. Overall, consumption, however, continues to indicate a noticeable setback. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Vegetable Product Production in Vietnam

In value terms, vegetable product production totaled $X in 2022 estimated in export price. In general, production, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2016 with an increase of 67%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

The average yield of vegetable products in Vietnam shrank to X tons per ha in 2022, waning by -2.1% on the previous year. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 4.1%. Over the period under review, the average vegetable product yield reached the maximum level at X tons per ha in 2018; however, from 2019 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of vegetable products in Vietnam rose significantly to X ha, with an increase of 5.9% on the year before. In general, the harvested area, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2017 when the harvested area increased by 9.7%. The vegetable product harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Vegetable Product Exports

Exports from Vietnam

In 2022, overseas shipments of vegetable products decreased by -30.6% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2016 with an increase of 218%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank notably in the following year.

In value terms, vegetable product exports shrank rapidly to $X in 2022. In general, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 244% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for vegetable product exports from Vietnam, with a 54% share of total exports. Moreover, vegetable product exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+29.0% per year) and South Korea (+22.8% per year).

In value terms, the largest markets for vegetable product exported from Vietnam were China ($X), the United States ($X) and Thailand ($X), together comprising 77% of total exports.

Thailand, with a CAGR of +46.6%, saw the highest rates of growth with regard to 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

The average vegetable product export price stood at $X per ton in 2022, rising by 4.6% against the previous year. In general, the export price, however, recorded a pronounced contraction. The most prominent rate of growth was recorded in 2019 when the average export price increased by 20% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Canada ($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 Indonesia (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Product Imports

Imports into Vietnam

In 2022, supplies from abroad of vegetable products increased by 2.6% to X tons, rising for the second year in a row after two years of decline. Overall, imports posted a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by 398%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, vegetable product imports skyrocketed to $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by 473%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Spain (X tons) and Cambodia (X tons) were the main suppliers of vegetable product imports to Vietnam, together accounting for 92% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Cambodia (with a CAGR of +100.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of vegetable products to Vietnam, comprising 60% of total imports. The second position in the ranking was held by Cambodia ($X), with a 19% share of total imports. It was followed by Spain, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +50.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+92.8% per year) and Spain (-3.2% per year).

Import Prices by Country

The average vegetable product import price stood at $X per ton in 2022, growing by 13% against the previous year. Overall, the import price showed a moderate increase. The pace of growth appeared the most rapid in 2016 when the average import price increased by 98% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Algeria ($X per ton), while the price for Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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