Brazil made up the largest soybean supplier to the nation over the past eight months of the year, accounting for 59% of the total volume and 56.9% of the total soybean import turnover of the country.

According to preliminary statistics released by the General Department of Customs, Vietnamese soybean imports throughout the reviewed period reached nearly 1.45 million tonnes, worth roughly US$754.48 million.

The US represented the second largest market, reaching 470,501 tonnes, equivalent to US$253.46 million. This was followed by the Canadian market with 83,221 tonnes valued at US$49.75 million.

In its latest crop progress report, the US Department of Agriculture (USDA) said that US farmers have completed planting 93% of their planned soybean acreage, a figure lower than last year but still above the five-year average.

avourable weather in the US is expected to help farmers boost planting and improve crop quality. As a result, other markets are now expecting a bumper US crop this year, thereby increasing global supplies.

Vietnam is currently the third largest importer of soybean meals and the ninth largest importer of soybeans in the world.

Over the past decade, the nation consumes an average of nearly two million tonnes of soybeans each year. Thanks to a decrease in soybean prices as well as an increase in pork prices, farmers have benefited double since the beginning of the year.

In 2023, the country imported more than 1.86 million tonnes of soybeans, worth nearly US$1.17 billion, with an average price of US$629.4 per tonne, up 1.1% in volume and down 8.3% in value.

Source: VOV