Vietnam’s appetite for imported meat and by-products continues to grow, with spending projected to surpass $1.7 billion by the end of 2024, according to the General Department of Customs. This represents a 14.2% year-on-year increase, reflecting the country’s expanding demand for imported protein sources.
In the first 11 months of 2024, Vietnam imported nearly $1.6 billion worth of meat, a significant jump compared to previous years. India remains the top supplier, accounting for nearly 23% of Vietnam’s meat imports. Between January and October, Vietnam imported approximately 160,000 tonnes of meat from India, valued at $531.5 million, marking a 13% rise in volume and a 28% increase in value year-on-year.
Brazil leads pork imports, contributing 39.28% of total imports, followed by Russia at 29.88%. Vietnam sources meat from over 40 global markets, including the U.S., Canada, Poland, South Korea, Australia, and several European nations.
Despite the overall growth, fresh chilled pork imports declined compared to the same period last year. This contrasts with increased imports of frozen poultry, buffalo meat, and edible by-products from pigs, buffaloes, and cattle.
The surge in imports has been driven by several factors, including the implementation of free trade agreements (FTAs) that have reduced tariffs on imported meat. Lower prices have encouraged domestic businesses to increase imports, meeting the growing demand from consumers.
Vietnam ranks among the top ten pork-consuming nations globally. According to the Organisation for Economic Co-operation and Development (OECD), the country’s pork production is projected to grow at an average annual rate of 3.1%, reaching 4 million tonnes by 2025 and 4.7 million tonnes by 2030.
The rising reliance on imported meat highlights the ongoing challenges for Vietnam’s domestic livestock industry to meet the demands of its rapidly growing population. As global trade agreements continue to shape the market, Vietnam’s pork producers face both opportunities and competition to strengthen their position in the global pork industry.
