Two very familiar nuts, Vietnam spends 3.38 billion USD to import
In just 10 months of this year, Vietnam has spent 3.38 billion USD to import two very familiar grains, corn and soybeans, to serve the needs of animal feed production and domestic consumption.
Agriculture is Vietnam’s strength. However, to meet domestic production and consumption needs, our country has to import large quantities of corn and soybeans from many countries around the world every year.
In 2022, the import turnover of these two types of seeds will reach 4.61 billion USD. Of which, the import value of corn is about 3.33 billion USD, up 15.6%; beans is 1.28 billion USD, up 7.9% compared to 2021.
In October this year, the import value of these two items increased compared to the previous month. Specifically, the import value of soybeans increased dramatically by 43.9%, and corn imports increased by 3.9%.
In the first 10 months of 2023, our country also spent 1.02 billion USD to import 1.61 million tons of soybeans. Compared to the same period last year, the amount of imported soybeans increased by 5.2% but the value decreased by 4.4%.
Corn imports reached 7.75 million tons, with an estimated value of about 2.36 billion USD, up 2.3% in volume but down 11.4% in value.
The main suppliers of these two types of seeds for our country are the US, Australia, Brazil, Argentina...
In addition to corn and soybeans, by the end of October this year, our country also spent 1.29 billion USD to import 3.74 million tons of wheat, an increase of 10.4% in volume but a decrease of 1.1% in value compared to the same period last year.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the area of these two crops is small, and the productivity is far lower than that of other countries in the world.
Currently, corn and soybean production is still quite modest compared to the demand. Therefore, businesses have to import large quantities to serve the needs of animal feed production as well as domestic consumption.
Recently, Deputy Minister of Agriculture and Rural Development Phung Duc Tien also mentioned the issue of expanding corn and soybean production areas in localities, gradually moving towards self-sufficiency in raw materials for animal feed production, reducing the amount of imported goods.
