Vietnam’s Coconut Exports Hit $1 Billion Milestone

2024 marks a historic milestone for Vietnam’s coconut industry: for the first time, export turnover has exceeded the 1 billion US dollar mark. This impressive achievement is due to continuous efforts in expanding markets, especially the boost from official exports to China.  

According to data from customs authorities, by the end of 2024, fresh coconut exports reached 390 million USD, a spectacular 61% increase compared to the same period last year. Considering all coconut products, export turnover reached nearly 1.1 billion USD, more than 20% higher than in 2023. This is the first time in 14 years that coconuts have generated a billion-dollar revenue for Vietnam.  

“Golden” Potential of the Coconut Industry

Vietnam currently has 200,000 hectares of coconut trees, with an annual output of 2 million tons. What’s remarkable is that one-third of the coconut area meets US and European organic standards, mainly concentrated in the Central and Mekong Delta regions. In particular, Ben Tre Siamese coconuts have been granted geographical indication, with 133 planting area codes and more than 8,300 hectares serving exports.  

With over 600 production and processing enterprises, Vietnam’s coconut industry has a significant competitive advantage in the international market. Vietnam currently ranks 4th in coconut exports in Asia-Pacific and 5th globally.  

“Key” to Success: China and Potential Markets

China is currently Vietnam’s largest export market for coconuts, accounting for 25% of total export value. The signing of the official import protocol between the two countries in August 2024 has opened up tremendous opportunities for Vietnamese coconuts. Currently, Vietnam is the third largest coconut supplier to China, with over 20% market share.  

In addition to China, Vietnamese coconuts are also popular in many other markets such as the EU, USA, Canada and South Korea thanks to their price advantage and distinctive sweet taste.  

Challenges 

Despite achieving significant success, Vietnam’s coconut industry is also facing many challenges, the most worrying of which is the risk of material shortage. Many coconut processing plants in Ben Tre have been invested, but the coconut supply still does not meet demand.  

According to the Vietnam Coconut Association, coconut prices once fell to a record low of 1,000 VND per fruit, causing farmers to hesitate to expand the area. The situation of lacking packaging codes and unstable raw material areas also causes difficulties for exports.  

The price of raw coconuts has increased due to competition from Thailand, India, the Middle East and China, making it difficult for domestic factories to purchase. Chinese processing plants expanding operations have also pushed coconut prices up, causing difficulties for domestic processing enterprises.  

What Solutions for the Coconut Industry?

To solve the material problem, the Vietnam Coconut Association has proposed solutions such as negotiating with China to grant more planting area codes for Vietnam, and at the same time, there needs to be a reasonable tax policy for the coconut industry to increase competitiveness.

In addition, experts also call on businesses to cooperate in building a sustainable value chain from cultivation, processing to consumption to ensure the coconut industry develops sustainably and stably.  

2024 is a year of brilliant success for Vietnam’s coconut industry, but it also poses significant challenges. To maintain growth momentum and sustainable development, the coconut industry needs the joint efforts of the state, businesses and farmers in solving problems related to raw materials, improving product quality and expanding markets.  

It is hoped that, with unremitting efforts, Vietnam’s coconut industry will continue to reap many “sweet fruits” in the future.

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