Dried shelled beans market in Vietnam

Earlier Report Observations

The market volume for dried shelled beans in Vietnam decreased substantially from 653 thousand tonnes in 2018 to 250 thousand tonnes in 2023. This contraction was led by a steep fall in imports, which plummeted from 482 thousand tonnes to 67 thousand tonnes in 2019, while domestic production saw a steady decline over these years.

By 2023, the market continued its downward trend as demand from the livestock industry weakened and adverse weather, including droughts and floods, reduced soybean yields, tightening the supply of soybean meal. During this period, the entry of the animal health firm Biogénesis Bagó, which established a regional office in Vietnam, signaled increasing foreign engagement in the sector. In 2024, imports recovered to 203 thousand tonnes, fueled by rising livestock consumption in the latter half of the year and the implementation of Decree 144/2024/ND-CP, which lowered the import duty on soybean meal from 2% to 1% starting in mid-December. Supply conditions were also affected by unstable weather in major global producing regions such as the United States, Brazil, and Argentina, contributing to price volatility.

Production dried shelled beans in Vietnam

In kind, 2017-2020, K t

Top producers of dried shelled beans, 2017-2020

World map of production of dried shelled beans, 2017-2020

Vietnam's production of dried shelled beans has declined for the second year in a row. In 2020, the country produced 161.4 thousand tons, marking a modest decrease of 4.1% compared to the previous year. The highest production level was recorded in 2018 at 179.0 thousand tons, which represented a significant increase of 10.0% from the year before. The most substantial decline occurred in 2019, with a drop of 6.0%.

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

In value, 2017-2020, M $ US

The value of dried shelled beans production in Vietnam has also fallen for the second consecutive year. In 2020, the output was valued at 171.9 million US dollars, showing a slight decline of 3.6% from 2019. Over the period from 2017 to 2020, production value grew by 14.2%, averaging an annual increase of 4.5%. The peak value was reached in 2018 at 193.7 million US dollars, which saw a sharp rise of 28.6%. The largest decrease occurred in 2019, with a drop of 7.9%.

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

Exports dried shelled beans from Vietnam

Exports in kind, t

The market showed considerable volatility over the observed period. Export volumes fluctuated significantly, with a 6.5-fold difference between the high in 2017 and the low in 2019. In 2020, Vietnam exported 8 292 tons of dried shelled beans, representing a dramatic increase of 185.1% compared to the previous year. The lowest export volume was recorded in 2019 at 2 909 tons, which marked a substantial decline of 63.0%.

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

From 2017 to 2020, China was the dominant destination for Vietnam's dried shelled beans exports in volume terms, accounting for 87.9% of the total. The remaining exports were distributed among a variety of smaller markets.

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 export market exhibited high instability throughout the timeframe. There was a 5.7-fold fluctuation between the peak in 2017 and the trough in 2019. In 2020, Vietnam's dried shelled beans exports were valued at 8.8 million US dollars, showing a strong gain of 186.7% from 2019. The minimum value was recorded in 2019 at 3.1 million US dollars, which reflected a sharp decline of 63.7%.

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

During the 2017–2020 period, China dominated Vietnam's dried shelled beans exports in value terms, holding an 87.1% share of total flows. Other markets contributed relatively minor shares.

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

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

Imports dried shelled beans to Vietnam

Imports in kind, t

Import volumes displayed an unstable trend over the years. There was a tenfold difference between the peak in 2018 and the low in 2017. In 2020, Vietnam imported 85 111 tons of dried shelled beans, indicating a steep increase of 27.2% year-over-year. The maximum import volume was recorded in 2018 at 481 647 tons, which saw an extraordinary surge of 902.4%. The largest decline occurred in 2019, with a drop of 86.1%.

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

From 2017 to 2020, the three largest sources for Vietnam's dried shelled beans imports in volume terms were Myanmar, China, and Australia. Together, they accounted for 84.6% of total imports.

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 imports of dried shelled beans have increased for the third consecutive year. In 2020, imports stood at 114.4 million US dollars, showing a gain of 34.9% from 2019. Between 2017 and 2020, import value rose by 91.2%, equating to an annualized growth rate of 24.1%.

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

In the 2017–2020 period, Myanmar, China, and Australia formed the main cluster of markets for Vietnam's dried shelled beans imports in value terms. Myanmar accounted for 60.6% of imports, China for 13.5%, and Australia for 11.1%, together making up 85.2% of total flows.

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

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