Throughout the reviewed period, the South American country's soybean supply accounted for 59.2% of the total volume and 57.3% of the total soybean import turnover of Vietnam.
The past ten months saw the nation’s soybean imports hit close to 1.82 million tons, worth nearly US$935.84 million.
The second largest market was the US, with 568,705 tons, equivalent to US$301.57 million, accounting for 31.3% of the total volume and 32.2% of the total soybean import turnover.
It was trailed by the Canadian market, with 109,005 tons valued at US$ 64.42 million, making up for 6% of the total volume and 6.9% of the total soybean import turnover of the nation.
In Vietnam, soybeans are grown in 26 provinces and cities across the country, of which about 87.8% are in the North and 12.2% are in the South.
Domestically produced soybeans are used to make many types of food such as tofu, soy milk, soy milk powder, and soy sauce.
Because domestic production is not enough to meet consumption and processing needs, Vietnam imports a large amount of soybeans every year. While domestically produced soybeans are traditional varieties, most imported soybeans are genetically modified varieties.
According to agricultural experts, corn and soybeans are both familiar crops in Vietnam. However, the areas under these two crops is still small, and their productivity are far lower than those of other countries in the world.
Vietnam is currently the third largest importer of soybean meal and the ninth largest importer of soybeans in the world. Over the past 10 years, the country has consumed an average of nearly 2 million tons of soybeans each year.
