Vietnam’s animal feed imports top $3.1 billion despite supply chain disruptions
Corn and soybeans accounted for 90% of Vietnam’s total imports in the first 7 months of 2022, according to the Ministry of Agriculture and Rural Development.
Corn imports in the period totaled 5.1 million tons, equivalent to $1.8 billion. This is 21.9% less than in 2021. Prices remained unchanged ranging between $300 and $380/ton.
Soybean imports accounted for 1.3 million tons and $893.6 million from January to July 2022. This was up 22.8% in value.
Brazil, the United States, and Canada were Vietnam’s main soybean suppliers during the first half of the year with 99.2% of the market share, according to the Department of Livestock Production.
Officials in Hanoi explained that Vietnam’s domestic production of corn and soybean only covers 37% of the animal feed industry’s internal demand. They also warned that the disruption of the global supply chain has decreased the supply of these ingredients and increased the cost.