Coconut, palm kernel or babassu oil and fractions market in Vietnam

Earlier Report Observations

Between 2018 and 2019, market volume rose from 161.3 thousand tonnes to 184.1 thousand tonnes. This expansion was supported by ongoing research and development in oil crops, including the supply of coconut seedlings and commercialization of virgin coconut oil. In 2019, a sharp 28% increase in coconut oil prices made domestic sales more attractive, which likely contributed to a dramatic drop in exports and redirected supply toward local consumption.

The COVID‑19 pandemic disrupted supply chains and dampened demand in 2020, pulling the market down to 166.4 thousand tonnes. As the health crisis eased, the market began to recover, reaching 171.1 thousand tonnes in 2021.

From 2022 onward, free trade agreement (FTA) commitments lowered import duties on vegetable oils, facilitating raw material imports. At the same time, growing consumer interest in nutrition spurred product innovation and portfolio adjustments. Major players such as KIDO and Vocarimex also influenced the market through ownership changes and business activities. These elements helped lift market volume to 175.2 thousand tonnes in 2022 and further to 182.2 thousand tonnes in 2023.

Production coconut, palm kernel or babassu oil and fractions in Vietnam

In kind, 2017-2020, K t

Globally, Vietnam ranked as the 6th largest producer of coconut, palm kernel, or babassu oil and fractions between 2017 and 2020.

Top producers of coconut, palm kernel or babassu oil and fractions, 2017-2020

World map of production of coconut, palm kernel or babassu oil and fractions, 2017-2020

Following a two-year period of growth, Vietnam's production of coconut, palm kernel, or babassu oil and fractions declined. In 2020, the country produced 176.7 thousand tons, marking a 1.4% decrease from 2019. Over the entire 2017-2020 period, production increased 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, palm kernel or babassu oil and fractions from Vietnam

Exports in kind, t

The data shows irregular fluctuations, reflecting a volatile market environment. Export volumes reached their lowest point in 2019 at 270 tons, before surging to a peak of 15 651 tons in 2020—a staggering 58-fold increase. In 2020, exports grew by 5,696.6% compared to the previous year. The largest decline was recorded in 2019 at 98.0%.

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

From 2017 to 2020, the United States and Canada accounted for the majority of Vietnam's exports of coconut, palm kernel, or babassu oil and fractions in volume terms, while other markets played smaller individual roles.

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

In 2020, Vietnam's exports of coconut, palm kernel, or babassu oil and fractions in value terms totaled 30 996 thousand US dollars, representing a sharp increase of 46.9% from the previous year. Over the 2017-2020 period, exports grew by 24.3%, with an average annual rate of 7.5%. The lowest value was recorded in 2019 at 21 099 thousand US dollars, when the largest decline of 31.4% occurred.

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

Between 2017 and 2020, the United States, Canada, and China were the top three markets, collectively absorbing 85.3% of Vietnam's total export value for coconut, palm kernel, or babassu oil and fractions.

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, palm kernel or babassu oil and fractions to Vietnam

Imports in kind, t

Vietnam's imports of coconut, palm kernel, or babassu oil and fractions increased for the third consecutive year. In 2020, import volume reached 5 373 tons, up 6.3% from 2019. From 2017 to 2020, imports rose by 66.9%, with a compound annual growth rate of 18.6%.

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

From 2017 to 2020, India, Indonesia, and Malaysia were the largest suppliers of coconut, palm kernel, or babassu oil and fractions to Vietnam in volume terms, accounting for 23.1%, 22.6%, and 22.5% of imports, respectively. Together, they made up 68.2% of 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's imports of coconut, palm kernel, or babassu oil and fractions in value terms amounted to 7 675 thousand US dollars, a 15.1% increase from the previous year. Over the 2017-2020 period, imports grew by 14.2%, with an average annual rate of 4.5%. The lowest value was recorded in 2019 at 6 671 thousand US dollars, while the peak was in 2018 at 7 681 thousand US dollars. The largest decline occurred in 2019 at 13.2%.

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

Between 2017 and 2020, India, Indonesia, and Malaysia were the top three suppliers, collectively accounting for 68.3% of Vietnam's total import value for coconut, palm kernel, or babassu oil and fractions.

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

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