Groundnut oil and fractions market in Vietnam

Earlier Report Observations

From 2018 to 2021, Vietnam's groundnut oil production rose from 24 900 tons to 29 400 tons, while market volume increased from 24 879 tons to 29 337 tons. This growth was facilitated by the introduction of the national quality standard TCVN 7597:2018, which specified fatty acid composition, cold-press production methods, and labeling requirements for vegetable oils including groundnut oil. The standard provided a clear framework for producers, encouraging process upgrades and consistent product quality.

The market stabilized in 2022, with production at 29 000 tons and market volume at 29 347 tons, as the industry adapted to the new technical regulation QCVN 29:2026/BCT issued by the Ministry of Industry and Trade. This regulation defined refined groundnut oil and permitted the use of food additives according to Circular 24/2019/TT-BYT, requiring manufacturers to reformulate products and update labels. By 2023, production jumped to 32 300 tons and market size reached 32 054 tons, reflecting the industry's successful adjustment and the enabling effect of regulatory clarity.

Over the six-year period, the market expanded by nearly 30% in volume, underpinned by evolving quality standards that enhanced consumer confidence and allowed for product innovation. In 2024, further refinements to additive regulations under Circular 17/2023/TT-BYT continued to shape the regulatory landscape for groundnut oil in Vietnam.

Production groundnut oil and fractions in Vietnam

In kind, 2017-2020, t

Vietnam ranked 23rd globally in groundnut oil and fractions production from 2017 to 2020.

Top producers of groundnut oil and fractions, 2017-2020

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

Vietnam's production of groundnut oil and fractions grew for the second year in a row. In 2020, the country produced 28 500 tonnes, marking a 10.9% increase over the previous year. The lowest output was recorded in 2018 at 24 900 tonnes, which also saw the largest decline of 11.1%.

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

Exports groundnut oil and fractions from Vietnam

Exports in kind, t

The market exhibited volatility during the observed period. The lowest export volume occurred in 2018 at 21.0 tonnes, with the largest decline of 62.1% that year. In 2020, exports surged to 226.9 tonnes, a 443.8% increase from 2019, reaching the highest level. This resulted in a peak-to-trough ratio of 10.8 times between 2018 and 2020.

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

From 2017 to 2020, Vietnam's exports in kind were highly concentrated, with China and Laos together accounting for 91.1% of total flows, while other partners 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, K $ US

Market behavior was volatile over these years. The lowest export value was recorded in 2018 at 42.7 thousand US dollars, with the largest decline of 65.3% that year. In 2020, exports jumped to 513.1 thousand US dollars, a sharp 644.8% increase from the previous year, reaching the highest level. This fluctuation represented a 12-fold difference between the low in 2018 and the high in 2020.

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

During 2017–2020, China and Laos remained the top markets for exports in value terms, jointly representing 90.9% of total flows, with other partners playing a supplementary role.

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

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

Imports groundnut oil and fractions to Vietnam

Imports in kind, t

Vietnam's imports of groundnut oil and fractions rose for the second consecutive year. In 2020, imports reached 371.2 tonnes, a 34.8% increase from 2019. From 2018 to 2020, imports grew by 93 696.1%, with a compound annual growth rate (CAGR) of 878.9%.

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

Between 2017 and 2020, Vietnam's imports in kind were almost entirely dependent on India, which accounted for 99.1% of total 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, K $ US

Vietnam's imports of groundnut oil and fractions in value terms increased for the second year in a row. In 2020, imports totaled 676.0 thousand US dollars, up 87.1% from the previous year. From 2018 to 2020, imports surged by 90 037.2%, corresponding to an annualized rate of 866.0%.

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

From 2017 to 2020, imports in value terms were nearly entirely concentrated in India, with a share of 99.1%.

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

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