Coconut oil and fractions market in Vietnam

Earlier Report Observations

The Vietnamese coconut oil market began the period with notable growth in production and consumption. The adoption of advanced cold-press production lines improved product quality and enhanced the value of pure coconut oil for export. This technological upgrade coincided with the implementation of Decree No. 15/2018/ND-CP, which clarified food safety procedures and technical standards, providing a clearer regulatory framework for manufacturers. Concurrently, a growing consumer preference for natural and environmentally friendly products boosted domestic demand. Many companies also diversified their offerings into products like pure coconut oil and coconut-based cosmetics, helping to capture both local and export markets.

The market faced a contraction in 2020 as the global COVID-19 pandemic disrupted supply chains and dampened worldwide demand for coconut products. However, recovery began the following year, supported by the persistent trend toward green and organic consumption. Vietnamese producers focused on building certified raw material areas and adopting cleaner production to meet international food safety standards, which strengthened their export position. A reduction in global coconut oil supply due to climatic and disease factors in 2021 created further export opportunities and supported price increases. These elements facilitated a steady expansion of domestic market volume through 2023, alongside continuous product diversification and technological application within the industry.

Production coconut oil and fractions in Vietnam

In kind, 2017-2020, K t

Between 2017 and 2020, Vietnam ranked as the world's fourth-largest producer of coconut oil and fractions, establishing itself among the global leaders in this sector.

Top producers of coconut oil and fractions, 2017-2020

World map of production of coconut oil and fractions, 2017-2020

Vietnam's production of coconut oil and fractions experienced a decline after two years of growth. In 2020, the country produced 176.7 thousand tons, marking a 1.4% decrease compared to the previous year. Over the period from 2017 to 2020, production rose by 4.6%, which translates to an average annual growth rate of 1.5%. The peak production volume was recorded in 2019 at 179.3 thousand tons, with the largest annual increase of 4.9% also occurring that year.

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

Exports coconut oil and fractions from Vietnam

Exports in kind, t

The export market for coconut oil and fractions from Vietnam showed significant volatility during this period. In 2019, exports hit their lowest point at 259 tons, representing a 98.1% decline from the previous year. By contrast, 2020 saw the highest export volume of 15,641 tons, which was a dramatic increase of 5,944.3% year-over-year. This resulted in a 60-fold difference between the two years.

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

From 2017 to 2020, the United States and Canada dominated Vietnam's exports of coconut oil and fractions in volume terms, together accounting for 84.0% of the total. The remaining exports were distributed among a variety of other countries.

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, K $ US

Vietnam's exports of coconut oil and fractions in value terms reached 30,989 thousand US dollars in 2020, reflecting a 46.9% increase from the previous year. Over the 2017-2020 period, exports grew by 24.2%, averaging an annual rate of 7.5%. The lowest value was recorded in 2019 at 21,092 thousand US dollars, which represented a 31.4% decline from the year before.

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

In terms of value, the United States, Canada, and China were the primary destinations for Vietnam's coconut oil and fractions exports from 2017 to 2020. The United States accounted for 49.3% of exports, Canada for 30.5%, and China for 5.5%, collectively making up 85.3% of the 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 coconut oil and fractions to Vietnam

Imports in kind, t

Vietnam's imports of coconut oil and fractions in volume terms increased for the third consecutive year in 2020, reaching 4,914 tons, up by 6.3% from 2019. Between 2017 and 2020, imports surged by 88%, with an average annual growth rate of 23.4%.

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

Throughout 2017-2020, India, Indonesia, and the United States were the key sources for Vietnam's imports of coconut oil and fractions in volume terms. India contributed 26.2% of imports, Indonesia 25.2%, and the United States 19.7%, together accounting for 71.0% of the total import volume.

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, K $ US

In 2020, Vietnam imported coconut oil and fractions worth 7,163 thousand US dollars, a 15.6% increase from the previous year. Over the 2017-2020 period, imports rose by 23.9%, averaging 7.4% annually. The largest decline occurred in 2019 with an 8.3% drop, while the largest increase was in 2018 at 16.9%.

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

From 2017 to 2020, India, Indonesia, and the United States were the top contributors to Vietnam's imports of coconut oil and fractions in value terms. India accounted for 26.6% of imports, Indonesia for 25.3%, and the United States for 18.7%, jointly representing 70.6% of the total import value.

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

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