Sugar cane market in Vietnam

Earlier Report Observations

The Vietnamese sugar cane market for human consumption began the period at a high volume of 17.9 million tons in 2018, supported by significant corporate activity. Companies like Halcom Vietnam raised capital through private share placements to fund energy and infrastructure projects, while La Ngà Sugar Company maintained stable raw material sourcing and large-scale processing capacity. However, market volume contracted over the next three years, falling to 10.7 million tons by 2021.

A key policy shift occurred in early 2021 when the government imposed anti-dumping and countervailing duties on sugar imports from Thailand. This measure aimed to shield the domestic sugar industry from unfair competition and illegal trade, helping to stabilize domestic sugar prices and support the recovery of local sugar mills. Although the market volume continued to decline in 2021, the decline moderated, setting the stage for a rebound.

From 2022, the market entered a recovery phase, with volume increasing to 11.8 million tons by 2023. This turnaround was accompanied by continued capital raising efforts by Halcom Vietnam and the appointment of a new generation of leadership at major agribusiness TTC AgriS, which prioritized digital transformation, sustainable agriculture, and supply chain technology to enhance competitiveness and expand export markets.

Production sugar cane in Vietnam

In kind, 2017-2020, K t

From 2017 to 2020, Vietnam held the 15th position globally in sugar cane production.

Top producers of sugar cane, 2017-2020

World map of production of sugar cane, 2017-2020

Vietnam's sugar cane production declined for the third consecutive year. In 2020, the country produced 11 535 K t of sugar cane, marking a 26.5% decrease compared to the previous year. Over the 2017-2020 period, production fell by 37.2%, with a compound annual growth rate (CAGR) of -14.3%.

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

Exports sugar cane from Vietnam

Exports in kind, t

In 2020, Vietnam's sugar cane exports reached 11 995 t, a 58.0% increase from the previous year. Over the 2017-2020 period, exports grew by 83%, with a CAGR of 22.3%. The largest decline occurred in 2019, at 12.5%.

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

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

Exports in value, K $ US

Vietnam's sugar cane exports increased for the third consecutive year. In 2020, exports amounted to 2 295 K $ US, up 95.0% from the previous year. Between 2017 and 2020, exports surged by 275.7%, translating to an annualized growth rate of 55.5%.

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

From 2017 to 2020, China, the United States, and South Korea led Vietnam's sugar cane export structure in value terms, accounting for 46.6%, 30.0%, and 13.6% of exports, respectively. Together, these three countries represented 90.1% of total export flows.

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

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

Imports sugar cane to Vietnam

Imports in kind, t

After two years of growth, Vietnam's sugar cane imports declined. In 2020, imports totaled approximately 3 973 t, down 19.4% from the previous year. Over the 2017-2020 period, imports increased by 39.4%, with a CAGR of 11.7%. The highest import volume was recorded in 2019 at 4 930 t, which also saw the largest increase of 54.6%.

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

From 2017 to 2020, Cambodia was the sole source of sugar cane imports to Vietnam, consistently accounting for 100.0% of total import flows in kind.

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

Following two years of increase, Vietnam's sugar cane imports in value terms declined. In 2020, imports stood at 2 854 K $ US, a 40.9% drop from 2019. Between 2017 and 2020, imports decreased by 5.6%, with an annualized rate of -1.9%. The peak value was recorded in 2019 at 4 826 K $ US, which also experienced the largest increase of 33.9%.

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

Throughout 2017-2020, Cambodia dominated Vietnam's sugar cane import structure in value terms, holding a 99.9% share 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