A recovering economy in Vietnam will see the country increase its consumption of bran soy for use in feed to 5.85 million tonnes during the 2023-24 marketing year, which would represent an increase of 200,000 tonnes over the previous year, and up to a projected 6 million tonnes in 2024-25, from according to a report from the U.S. Department of Agriculture's (USDA) Foreign Agricultural Service (FAS).
The March 28 Global Agricultural Information Network (GAIN) report predicted an increase in soybean imports in 2023-24 and 2024-25, both for crushing and food use, while soybean meal imports are expected to fall by 4 .9 million to 4.7 million tonnes due to increase in domestic crushing capacity in 2024-25.
Soybean imports for 2023-24 are estimated at 2.25 million tonnes and 2.5 million tonnes in the following marketing year. New crushing facility will increase capacity, along with upgrades to existing crushers in the south and north .
Stability in Vietnam's soybean imports in 2023
According to Vietnam Customs, the country's soybean imports as of December 31, 2023 reached 1.86/mi ton, FAS said. Remaining stable compared to the same period of the previous year. Brazil was the largest soybean exporter, with 53.1% of the market, and the United States held 36.5%.
Vietnam's domestic soybean production is small and declining. Having 45,000 tons estimated for 2023-24 and 42,000 projected for 2024-25 in a planted area of 28,000 and 26,500 hectares, respectively.
FAS stated that national production has become less competitive compared to imported soybeans over time. This has led local farmers to switch to more profitable crops such as fruits and vegetables.
Source: Leonardo Gottems | agrolink
