Market research

Soybean oil and fractions market in Vietnam

$Soybean oil and fractions market in Vietnam$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The Vietnamese market for soybean oil and fractions expanded from 233 thousand tons in 2018 to 276 thousand tons in 2020, growth of more than 18%. This increase occurred alongside a significant rise in imports, which reached 78.9 thousand tons in 2020, while domestic production held steady around 220 thousand tons.

A reversal began in 2021, with market volume contracting to 196 thousand tons by 2023. This decline was accompanied by a sharp increase in export activity, which grew from 23.9 thousand tons in 2020 to 92.4 thousand tons in 2023, alongside a reduction in import volumes from their peak.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Vietnam
  1. 5.1.1. Annual dynamics of production in Vietnam in kind, 2018-2023, K t
  2. 5.1.2. Annual dynamics of production in Vietnam in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data*)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, t
    1. 6.1.2.1. Annual dynamics of product's exports from Vietnam in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's exports in kind from Vietnam by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Vietnam in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Vietnam by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Vietnam, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Vietnam by countries, 2018-2024, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, t
    1. 6.2.2.1. Annual dynamics of product's exports from Vietnam in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's exports in kind from Vietnam by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Vietnam in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Vietnam by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Vietnam, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Vietnam by countries, 2018-2024, $ US/t
7. Imports
1. 7.1. Imports (Direct Data*)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, t
    1. 7.1.2.1. Annual dynamics of product's imports to Vietnam in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's imports in kind to Vietnam by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Vietnam in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Vietnam by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Vietnam, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Vietnam by countries, 2018-2024, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, t
    1. 7.2.2.1. Annual dynamics of product's imports to Vietnam in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's imports in kind to Vietnam by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Vietnam in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Vietnam by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Vietnam, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Vietnam by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oil and fractions in Vietnam

In kind, 2017-2020, K t

From 2017 to 2020, Vietnam maintained the 24th position globally in terms of soybean oil and fractions production volume.

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

In 2020, Vietnam produced 220.7 K t of soybean oil and fractions, marking a modest increase of 3.4% compared to the previous year. The lowest production level was recorded in 2019 at 213.4 K t, while the peak occurred in 2018 with 232.8 K t. The most significant decline was observed in 2019, dropping by 8.3%, whereas the largest increase took place in 2018, rising by 6.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	6.2%	(8.3%)	3.4%	0.2%

Source: SHEV.io

In value, 2017-2020, M $ US

In 2020, the output of soybean oil and fractions in Vietnam was valued at 181.6 M $ US, showing a slight uptick of 2.8% from 2019. Over the period from 2017 to 2020, production decreased by 2.9%, which translates to an annualized rate of 1.0%. The minimum value was recorded in 2019 at 176.6 M $ US, while the maximum was in 2018 at 193.3 M $ US. The largest decline occurred in 2019, falling by 8.6%, and the largest increase was in 2018, growing by 3.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	3.3%	(8.6%)	2.8%	(1.0%)

Source: SHEV.io

Exports soybean oil and fractions from Vietnam

Exports in kind, t

In 2020, Vietnam exported 23 944 t of soybean oil and fractions, representing a 35.1% increase compared to the previous year. From 2017 to 2020, exports decreased by 40.6%, with a compound annual growth rate (CAGR) of -15.9%. The lowest export volume was in 2019 at 17 723 t, while the highest was in 2018 at 45 979 t. The most substantial decline was recorded in 2019, dropping by 61.5%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	14.1%	(61.5%)	35.1%	(15.9%)

Source: SHEV.io

Between 2017 and 2020, South Korea, Malaysia, and China were the leading destinations for Vietnam's soybean oil and fractions exports in kind. South Korea accounted for 52.3% of exports, Malaysia for 16.6%, and China for 7.8%, collectively representing 76.7% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, K $ US

In 2020, soybean oil and fractions shipments from Vietnam abroad were valued at 19 697 K $ US, which is 34.3% higher than in 2019. From 2017 to 2020, exports decreased by 42.7%, equating to an annualized rate of -16.9%. The minimum value was recorded in 2019 at 14 665 K $ US, while the maximum was in 2018 at 38 175 K $ US. The largest decline occurred in 2019, falling by 61.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.1%	(61.6%)	34.3%	(16.9%)

Source: SHEV.io

Throughout 2017–2020, South Korea, Malaysia, and China formed the core group of markets for Vietnam's soybean oil and fractions exports in value terms. South Korea held 47.4% of exports, Malaysia 15.5%, and China 9.8%, together accounting for 72.8% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Vietnam

Imports in kind, t

Soybean oil and fractions deliveries to Vietnam increased for the third consecutive year. In 2020, imports totaled 78 919 t, which is 23.2% higher than the previous year. From 2017 to 2020, imports grew by 75.1%, with an annualized rate of 20.5%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	3.2%	37.8%	23.2%	20.5%

Source: SHEV.io

Over the period 2017–2020, Thailand, Argentina, and Malaysia were the leading sources for Vietnam's soybean oil and fractions imports in kind. Thailand accounted for 46.7% of imports, Argentina for 31.8%, and Malaysia for 9.7%, with a combined share of 88.2% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, K $ US

Soybean oil and fractions shipments to Vietnam from abroad increased for the third consecutive year. In 2020, imports amounted to 63 849 K $ US, reflecting a sharp increase of 32.4% from a year earlier. Between 2017 and 2020, imports rose by 65.4%, equating to an annualized rate of 18.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	3.0%	21.3%	32.4%	18.3%

Source: SHEV.io

From 2017 to 2020, Thailand, Argentina, and Malaysia together accounted for 88.1% of Vietnam's total soybean oil and fractions imports in value terms. Thailand represented 47.1%, Argentina 30.3%, and Malaysia 10.7%, remaining the main destinations for these imports.

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

Source: SHEV.io

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

Source: SHEV.io