Beef and buffalo meat market in Vietnam

Earlier Report Observations

From 2018 to 2020, Vietnam's beef and buffalo meat market volume grew from 337.3 thousand tons to 395.4 thousand tons. This expansion was driven by local government initiatives that promoted commercial livestock farming and encouraged farmers to relocate and scale up their herds, transitioning from using animals for draft power to meat production as agricultural machinery became more common.

The market continued to grow through 2022, reaching 442.1 thousand tons. Increased international cooperation in trade and research, alongside significant imports from countries like Australia and the United States to meet domestic demand, supported this rise. State policies further encouraged the adoption of high-tech solutions such as IoT and artificial intelligence in cattle breeding to enhance productivity.

By 2023, market volume stabilized at 443.2 thousand tons as the industry faced pressure from low selling prices that squeezed farmer profits. This prompted a structural shift from small household farms toward larger, professionally linked value chains. In 2024, herd numbers trended downward due to low economic returns and increased competition from other meats like pork.

Production beef and buffalo meat in Vietnam

In kind, 2017-2020, K t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

Vietnam's beef and buffalo meat production has grown for the third year in a row. In 2020, the country produced 309.2 thousand tons, marking a 2.7% increase from the previous year. Looking at the period from 2017 to 2020, production rose by 13%, with an average annual growth rate of 4.2%.

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

In value, 2017-2020, M $ US

In 2020, the value of beef and buffalo meat production in Vietnam reached 1 429 million US dollars, up 14.3% from the year before. From 2017 to 2020, production value increased by 29.6%, translating to an annualized growth rate of 9.0%. The highest value was recorded in 2018 at 1 439 million US dollars, following a 30.5% increase that year. In 2019, however, there was a significant decline of 13.1%.

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

Exports beef and buffalo meat from Vietnam

Exports in kind, t

Vietnam's beef and buffalo meat exports have declined for the third consecutive year. In 2020, export volume fell to 208 tons, a sharp decrease of 55.1% compared to the previous year. Over the 2017-2020 period, exports dropped by 72.6%, with an average annual decline of 35.0%.

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

From 2017 to 2020, the main destinations for Vietnam's beef and buffalo meat exports in volume terms were China, Japan, and Cambodia. China accounted for 48.7% of exports, Japan for 25.6%, and Cambodia for 16.6%. Together, these three countries made up 90.9% of total export flows.

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

The value of beef and buffalo meat exports from Vietnam has fallen for the third year in a row. In 2020, exports were valued at 1.0 million US dollars, down 50.0% from the previous year. Between 2017 and 2020, export value decreased by 68.5%, with an average annual decline of 32.0%.

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

From 2017 to 2020, China, Japan, and Cambodia were the top markets for Vietnam's beef and buffalo meat exports in value terms. Collectively, they accounted for 90.8% of total export value.

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

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

Imports beef and buffalo meat to Vietnam

Imports in kind, t

Vietnam's beef and buffalo meat imports have increased for the third consecutive year. In 2020, import volume reached 86 443 tons, a 21.8% rise year-over-year. Over the 2017-2020 period, imports grew by 119.4%, with an average annual growth rate of 29.9%.

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

From 2017 to 2020, the primary sources for Vietnam's beef and buffalo meat imports in volume terms were India, the United States, and Australia. India supplied 50.9% of imports, the United States 21.3%, and Australia 19.9%. Together, these three countries accounted for 92.0% of total import flows.

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

Vietnam's beef and buffalo meat imports have risen for the third year in a row. In 2020, imports were valued at 447.7 million US dollars, showing a sharp increase of 28.3% from the previous year. From 2017 to 2020, import value surged by 143.2%, with an average annual growth rate of 34.5%.

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

From 2017 to 2020, India, Australia, and the United States dominated Vietnam's beef and buffalo meat imports in value terms. India led with 49.9% of import value, followed by Australia at 21.5% and the United States at 20.7%. Combined, these three countries represented 92.0% of total import flows.

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

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