Vietnam's sugar production has demonstrated notable fluctuations over the past decade. Starting in 2013 with a production of 1.8 million metric tons, a downward trend was observed until 2016, where production fell to 1.46 million metric tons. A temporary rebound occurred in 2017 with an increase to 1.64 million metric tons, but the downward trend resumed, reaching 1.23 million metric tons in 2020 and stabilizing around this value through 2021-2023.
The production volume stood at 1.24 million metric tons in 2023. Year-on-year variation over the last two years showed minor increases of 0.43%. Over the last five years, a consistent decline was noted, with a compound annual growth rate (CAGR) of -4.94%.
Forecast projections indicate a slight improvement in production, with a forecasted 1.27 million metric tons by 2028. This anticipated change reflects a modest recovery with a 5-year CAGR of 0.33% and a forecast 5-year growth rate of 1.64%.
Future trends to watch for include:
- Climate impact on agriculture yield and production volumes.
- Government policies on agriculture and sugar import/export regulations.
- Adoption of new farming technologies to enhance yield.
- Global sugar prices and their influence on local production decisions.
