Maize market in Vietnam

Earlier Report Observations

The maize market in Vietnam began the period at a high volume of 33.5 million tons in 2018, supported by strong import levels. This was facilitated by the Ministry of Agriculture and Rural Development's permission for businesses to re-import corn DDGS, reinforcing the country's established reliance on foreign supply for the animal feed industry. However, the market contracted sharply to 15.9 million tons in 2019, a shift that coincided with a sustained rise in domestic corn prices beginning in late that year.

Market volume stabilized around 16.0 million tons in 2020. The enforcement of the Livestock Law No. 32/2018/QH14 from January 2020 supported demand for feed corn by aiding livestock farm relocation and infrastructure investment. Concurrently, the COVID-19 pandemic caused significant short-term volatility in trade and prices before the feed market stabilized from mid-year. By 2021, mounting global supply constraints and sharply rising import prices contributed to a further reduction in import volumes, pulling the total market size down to 14.1 million tons.

The Russia-Ukraine conflict from 2022 onwards caused major disruptions to global corn supplies, directly impacting Vietnam's market through volatile world prices and elevated import costs. This continued pressure, alongside the ongoing effects of the Livestock Law on feed demand, contributed to a gradual decline in market volume, which reached 13.4 million tons in 2023. Policy efforts to expand domestic cultivation areas failed to significantly reduce import dependence during this period.

Production maize in Vietnam

In kind, 2017-2020, K t

Vietnam ranked 26th globally in maize production from 2017 to 2020.

Top producers of maize, 2017-2020

World map of production of maize, 2017-2020

Vietnam's maize production declined for the third consecutive year. In 2020, the country produced 4 558 K t of maize, down 3.7% from 2019. Over the 2017-2020 period, production fell by 10.8%, with a compound annual growth rate of -3.7%.

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

Exports maize from Vietnam

Exports in kind, K t

Vietnam's maize exports increased for the third consecutive year. In 2020, exports reached 643 K t, a sharp rise of 118.0% compared to 2019. From 2017 to 2020, exports surged by 1 186.6%, translating to an annualized growth rate of 134.3%.

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

From 2017 to 2020, the Philippines was the primary buyer of Vietnamese maize, accounting for 70.1% of total exports in volume, while other partners held relatively modest shares.

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

Vietnam's maize exports in value terms increased for the third consecutive year. In 2020, exports amounted to 127 M $ US, up 133.6% year-over-year. Between 2017 and 2020, exports grew by 575.6%, with an annualized rate of 89.0%.

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

During 2017-2020, the Philippines was the main market for Vietnamese maize in value terms, representing 70.2% of total exports, while other destinations contributed less significantly.

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

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

Imports maize to Vietnam

Imports in kind, K t

The import market showed volatility over the observed period. Imports bottomed in 2017 and peaked in 2018, with a 3.7-fold difference between these years. In 2020, Vietnam's maize import volume totaled 12 145 K t, a limited increase of 6.1% from the previous year. The largest decline occurred in 2019, at 60.4%, while the largest increase was recorded in 2018, at 273.8%, with a maximum value of 28 882 K t that year.

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

From 2017 to 2020, Argentina and Brazil accounted for the majority of maize imports to Vietnam in volume, with other markets playing a less significant role.

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 maize imports in value terms increased for the third consecutive year. In 2020, imports were recorded at 2 402 M $ US, reflecting a modest rise of 3.9% year-over-year. Between 2017 and 2020, imports grew by 59.7%, equating to an annualized rate of 16.9%.

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

Throughout 2017-2020, Argentina and Brazil concentrated 85.8% of total maize imports to Vietnam in value terms, with the remaining share distributed among other destinations, each contributing smaller amounts.

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

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