Soybean oilcake market in Vietnam

Earlier Report Observations

The Vietnamese soybean oilcake market expanded from 5.4 million tonnes in 2018 to 5.5 million tonnes in 2019, driven by strong imports of soybeans from the United States to serve the country's growing aquaculture and livestock feed sectors. This import surge was further necessitated by a sharp decline in domestic soybean cultivation area, which fell from approximately 200,000 hectares in 2010 to only 25,000 hectares by 2022, increasing reliance on foreign raw materials.

Market volume dipped to 5.4 million tonnes in 2020 as the COVID-19 pandemic caused supply chain disruptions. A significant shift occurred in 2021 when exports of soybean oilcake jumped to 369 thousand tonnes, reducing domestic availability and pulling the market size down to 5.3 million tonnes, despite continued imports of soybeans for feed production.

The market partially recovered to 5.3 million tonnes in 2022, supported by sustained imports of U.S. soybeans for animal feed and aquaculture, alongside corporate investments in high-yield soybean varieties and sustainable farming practices. By 2023, the market volume had contracted to 5.1 million tonnes.

Production soybean oilcake in Vietnam

In kind, 2017-2020, K t

From 2017 to 2020, Vietnam maintained the 22nd position globally in terms of soybean oilcake production volume.

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in Vietnam declined for the second consecutive year. In 2020, Vietnam produced 929.3 K t of soybean oilcake, which remained stable compared to 2019. The largest decline occurred in 2019, with a drop of 4.7%, while the highest production was recorded in 2018 at 980.2 K t, marking an increase of 6.2%.

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

In value, 2017-2020, M $ US

In 2020, the output of soybean oilcake in Vietnam was valued at 381.1 M $ US, representing a 7.3% increase from 2019. Between 2017 and 2020, production grew by 10.1%, equivalent to an annualized rate of 3.3%. The highest value was recorded in 2018 at 421.5 M $ US, with the largest increase of 21.7% that year, while the largest decline occurred in 2019, falling by 15.7%.

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

Exports soybean oilcake from Vietnam

Exports in kind, K t

After a two-year reduction, Vietnam's soybean oilcake exports increased. In 2020, Vietnam exported 97 K t of soybean oilcake, marking a 19.9% year-on-year rise. Between 2017 and 2020, exports decreased by 10.4%, equating to an annualized rate of 3.6%. The lowest volume was recorded in 2019 at 81 K t, with the largest decline occurring in 2018, dropping by 20.2%.

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

Throughout 2017–2020, Cambodia and South Korea were the primary buyers of soybean oilcake from Vietnam, together accounting for 82.6% of total exports in kind, with other countries making 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, M $ US

After a two-year reduction, Vietnam's soybean oilcake export volume increased. In 2020, exports amounted to 40 M $ US, reflecting a dramatic rise of 29.3% from the previous year. The lowest value was recorded in 2019 at 31 M $ US, with the largest decline occurring that year, falling by 17.2%.

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

Over 2017–2020, Cambodia and South Korea were the dominant destinations for soybean oilcake exports from Vietnam in value terms, jointly accounting for 83.0% of total flows, while the remaining volume was distributed among smaller markets.

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

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

Imports soybean oilcake to Vietnam

Imports in kind, K t

After a two-year increase, Vietnam's soybean oilcake imports declined. In 2020, imports totaled 4 557 K t, indicating a slight decline of 2.8% compared to the previous year. Between 2017 and 2020, imports increased by 4.9%, equating to an annualized rate of 1.6%. The highest volume was recorded in 2019 at 4 689 K t, with the largest increase of 5.2% that year.

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

Over 2017–2020, Argentina consistently accounted for 76.0% of total soybean oilcake imports in kind, indicating a high concentration on this market, while the rest was shared among other countries.

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

In 2020, Vietnam imported 1 926 M $ US worth of soybean oilcake, amounting to a moderate increase of 4.4% from a year earlier. Between 2017 and 2020, imports increased by 11.4%, equating to an annualized rate of 3.7%. The highest value was recorded in 2018 at 2 054 M $ US, with the largest increase of 18.9% that year, while the largest decline occurred in 2019, falling by 10.2%.

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

Throughout 2017–2020, the country structure of soybean oilcake imports in value terms was dominated by Argentina, which accounted for 75.4% of total flows, while other destinations were relatively small.

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

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