Vietnam: Wine Market 2024

Wine Market Size in Vietnam

The Vietnamese wine market was finally on the rise to reach $X in 2021, after two years of decline. In general, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Wine consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Wine Production in Vietnam

In value terms, wine production fell to $X in 2021 estimated in export price. Overall, production recorded measured growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 128%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Wine Exports

Exports from Vietnam

In 2021, overseas shipments of wine decreased by -52.5% to X litres, falling for the second year in a row after three years of growth. Over the period under review, exports, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 310%. The exports peaked at X litres in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, wine exports declined rapidly to $X in 2021. Overall, exports, however, continue to indicate a mild increase. The growth pace was the most rapid in 2014 with an increase of 224% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X litres) was the main destination for wine exports from Vietnam, accounting for a 57% share of total exports. Moreover, wine exports to Hong Kong SAR exceeded the volume sent to the second major destination, France (X litres), sixfold. China (X litres) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to +55.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+40.9% per year) and China (+13.0% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for wine exports from Vietnam, comprising 61% of total exports. The second position in the ranking was taken by China ($X), with an 8% share of total exports. It was followed by Lao People's Democratic Republic, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR stood at +31.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+14.3% per year) and Lao People's Democratic Republic (+15.5% per year).

Export Prices by Country

In 2021, the average wine export price amounted to $X per litre, surging by 36% against the previous year. In general, the export price, however, recorded a slight decrease. The export price peaked at $X per litre in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Vietnam

Wine imports into Vietnam soared to X litres in 2021, picking up by 53% against 2020. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -15.2% against 2019 indices. Imports peaked at X litres in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, wine imports soared to $X in 2021. Overall, total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 44%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Italy (X litres), France (X litres) and Chile (X litres) were the main suppliers of wine imports to Vietnam, together accounting for 65% of total imports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +30.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wine suppliers to Vietnam were Italy ($X), France ($X) and Chile ($X), with a combined 55% share of total imports.

Among the main suppliers, Italy, with a CAGR of +26.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wine import price stood at $X per litre in 2021, with a decrease of -13.8% against the previous year. In general, the import price recorded a mild setback. The growth pace was the most rapid in 2018 an increase of 24%. Over the period under review, average import prices attained the peak figure at $X per litre in 2020, and then shrank in the following year.

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 the United States ($X per litre), while the price for Hungary ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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