The meat import industry in Vietnam has witnessed significant activity in the first five months of 2023, with expenditures exceeding $480 million. While certain meat types experienced a decline in imports, there are still promising opportunities for exporters, particularly from the USA, China, Japan, and Korea. Other countries that display potential can also explore the Vietnamese market, including your own.
According to data from the General Department of Customs of Vietnam, the country imported over 239,000 tonnes of meat and meat products during this period, reflecting a 1.6% increase in quantity but a 9.1% decrease in value compared to the previous year.
Vietnam imported 57.62 thousand tonnes of meat in May alone, valued at $108.8 million. While the value declined by 10.2% year-on-year, it marked the fourth consecutive month of growth in import volume for meat and meat products.
Vietnam sourced meat imports from over 36 markets, with the top five suppliers's countries being the US, India, Russia, Brazil, and Poland. Notably, meat imports from Russia have shown steady growth after a decline in 2022.
The main types of imported meat include poultry and offal, fresh chilled or frozen pork, and fresh chilled or frozen beef. While imports of chilled or frozen poultry and offal of pigs, buffaloes, and cows showed an upward trend, pork and beef imports experienced a decline year-on-year.
During this period, Vietnam imported 29,610 tonnes of fresh chilled or frozen pork, valued at $73.62 million, representing a 19.9% decrease in volume and a 5.7% decrease in value compared to the previous year.
Opportunities:
Export: Vietnam's meat import market offers significant opportunities for exporters from the USA, China, Japan, and Korea. However, it is worth noting that Vietnam remains open to trade and actively engages in import activities with various nations. Therefore, besides the aforementioned countries, there are also other countries that have the potential to export to Vietnam.
Supply chain: In addition to core freight forwarding services, there are opportunities to provide value-added services that enhance the overall customer experience. These may include cargo insurance, packaging and labeling, inventory management, supply chain visibility, and technology solutions. By offering a comprehensive suite of services, you can differentiate yourself in the market and provide added value to your clients.
If your country is interested in tapping into Vietnam's meat import market, it can explore the opportunities presented by Vietnam's import-friendly policies and active engagement in global trade. By leveraging Vietnam's growing demand for meat products, exporters can establish valuable trade relationships and contribute to the country's dynamic market.