Vietnam’s total vegetable oil imports from the 2014-2015 marketing year are forecast to stand at 820,000-830,000 tonnes, as revealed in a study by the Vietnamese office of the US Department of Agriculture, reported the Sai Gon Giai Phong newspaper.
There are currently 37 domestic enterprises producing cooking oil, salad oil, nutritional oil and solid oil to meet the increasing demands of consumers and food processing industry.
Palm oil has the largest market share with 70 percent while soybean makes up 23 percent and other vegetable oil 7 percent. Last year, the country produced a recorded amount of refined oil with nearly 738,400 tonnes, up 0.6 percent from 2013.
Refined oil productivity is expected to increase 10 percent to 812,000 tonnes in 2015 and 893,000 tonnes in 2016, spurred by the surge in soybean production. In addition, local oil producers continue to be protected by the Government’s safeguard import tariff against Malaysia and Indonesia: 4 percent from May 2014-May 2015 and falling to 3 percent from May 2015-June 2016.
According to the master plan for vegetable oil development by 2020, refinery capacity should soar to 1.59 million tonnes by 2020 and 1.93 million tonnes by 2025. Vegetable oil consumption per capita is forecasted to shoot up over 67.5 percent in the next five years.
Earlier, the Ministry of Industry and Trade (MIT) said that Vietnam will continue its safeguarding measures over vegetable oils from foreign countries as growing imports have damaged domestic production.
Accordingly, refined soya oil and refined palm oil with trade codes of 1507.90.90, 1511.90.91, 1511.90.92, 1511.90.99 imported to Vietnam will be taxed at 3 percent from May 8, 2015 to May 7, 2016, at 2 percent from May 8, 2016 to May 7, 2017 and 0 percent after May 8, 2017.
Safeguard procedures will be implemented in line with current regulations on protective measures for imports.-VNA
The domestic production of refined vegetable oil this year is projected at about 774,000 tonnes, up 7.8 percent from last year, the Ministry of Industry and Trade has said.
In addition to importing more cooking oil products, Vietnam's domestic cooking oil market is seeing growing competition between the new and experienced brands.
Vietnam will continue its safeguarding measures over vegetable oils from foreign countries as growing imports have damaged domestic production, according to the Ministry of Industry and Trade (MIT).
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Cooking oil sold at supermarket. (Photo: VNA)
