Vietnam: Beef Market Overview - Tariff Disadvantages Undercut US Opportunities in Growing Market for Imported Beef

Vietnam is a growing market for beef and beef products, with demand driven by numerous factors including a growing population, economic growth, widening integration with global economies through free trade agreements, rising income per capita, and expanding modern retail and food service channels. Despite efforts to improve beef quality and production, local beef supply has yet to meet growing market demand, providing opportunities for imported beef. Global beef exports to Vietnam, excluding beef from India and Hong Kong, have grown by an average rate of 24 percent over the past 3 years, from $217 million in 2020 to $335 million in 2022. Tariff disadvantages remain a critical issue that has reduced the competitiveness of U.S. beef in the Vietnam market.