Bananas market in Vietnam

Earlier Report Observations

Vietnamese banana production grew consistently from 2 087 thousand tonnes in 2018 to 2 639 thousand tonnes in 2023. Over the same period, export volumes rose sharply from 127 to 786 thousand tonnes, while domestic market size remained around 2 million tonnes before contracting to 1 855 thousand tonnes in 2023 as exports accelerated faster than production.

A pivotal development was the signing of the official fresh banana export protocol with China in 2022, which opened a major new market channel. This agreement incentivized farmers to adopt advanced cultivation techniques and expand planting areas, particularly in regions like Dong Nai, supporting the rise in both production and export value.

The industry's focus shifted toward quality and sustainability by 2024, with the introduction of disease-resistant banana varieties and increased investment in processing capacity. Efforts to diversify export markets beyond China and adopt eco-friendly packaging helped solidify Vietnam's position as a top global exporter, though growth in domestic consumption was tempered by competitive export demand.

Production bananas in Vietnam

In kind, 2017-2020, K t

Globally, Vietnam ranked as the 15th largest producer of bananas from 2017 to 2020.

Top producers of bananas, 2017-2020

World map of production of bananas, 2017-2020

Vietnam's banana production volume increased for the third consecutive year. In 2020, the country produced 2 268 thousand tonnes of bananas, marking a 3.3% rise compared to the previous year. Over the 2017-2020 period, production grew by 10.9%, with a compound annual growth rate of 3.5%.

Annual dynamics of production in Vietnam in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Vietnam's banana production value declined for the second consecutive year. In 2020, the output was valued at 1 254 million US dollars, down by 16.9% year-over-year. From 2017 to 2020, production value decreased by 13.1%, with a compound annual growth rate of 4.6%. The highest value was recorded in 2018 at 1 700 million US dollars, which also saw the largest increase of 17.8%.

Annual dynamics of production in Vietnam in value, 2017-2020, M $ US

Exports bananas from Vietnam

Exports in kind, K t

Banana exports from Vietnam increased for the third consecutive year. In 2020, exports totaled 292.5 thousand tonnes, representing a strong 14.8% rise over the previous year. Over the 2017-2020 period, exports surged by 225.1%, with a compound annual growth rate of 48.1%.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, K t

From 2017 to 2020, China was the primary buyer of bananas from Vietnam, accounting for 86.2% of total exports in volume, while a diverse group of other countries made up the remainder.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Vietnam in kind, 2017-2020

Exports in value, M $ US

After two years of growth, Vietnam's banana export value declined. In 2020, exports amounted to 161.7 million US dollars, showing a reduction of 7.7% compared to the previous year. Over the 2017-2020 period, export value increased by 154.7%, with a compound annual growth rate of 36.6%. The peak value was recorded in 2019 at 175.2 million US dollars, which also experienced the largest increase of 68.9%.

Annual dynamics of product's exports from Vietnam in value, 2017-2020, M $ US

From 2017 to 2020, the export pattern in value terms was dominated by China, which held an 86.5% share of total flows, while other partners accounted for relatively minor portions.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Vietnam in value, 2017-2020

Imports bananas to Vietnam

Imports in kind, K t

The data shows irregular changes, indicating a volatile market environment. Imports reached their lowest point in 2017 and peaked in 2019, with a 5.5-fold difference between these years. In 2020, foreign banana supplies to Vietnam totaled 20.9 thousand tonnes, down by 70.1% compared to the previous year. The highest volume was recorded in 2019 at 69.8 thousand tonnes, while the largest increase occurred in 2018 at 181.5%.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, K t

From 2017 to 2020, Cambodia accounted for 76.5% of total banana imports in volume, with the remaining flows distributed among a broad group of smaller countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Vietnam in kind, 2017-2020

Imports in value, M $ US

There were noticeable fluctuations in market performance during this period. Imports hit their lowest point in 2017 and peaked in 2019, showing a 5.3-fold swing. In 2020, cross-border banana shipments to Vietnam totaled 15.2 million US dollars, reflecting a sharp drop of 69.4% year-over-year. The maximum value was recorded in 2019 at 49.8 million US dollars, and the largest increase occurred in 2018 at 196.9%.

Annual dynamics of product's imports to Vietnam in value, 2017-2020, M $ US

From 2017 to 2020, Cambodia remained the leading supplier of bananas to Vietnam, with 76.2% of total imports in value terms, while the rest was spread across many other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Vietnam in value, 2017-2020