Vietnam's soybean imports sharply increase

According to the General Department of Customs, soybean imports into Vietnam in January 2021 reached over 143,000 tons, worth US$73.66 million, up 60.5 percent in volume and 98.5 percent in turnover compared to the same period last year. The volume of soybeans imported to Vietnam by the first half of February this year has reached over 247,000 tons, worth $127 million.

The United States is the main market supplying soybeans to Vietnam in January with over 133,000 tons, worth $68.19 million, accounting for 93 percent of the country's total soybean import volume and turnover. It is followed by Canada with 7,865 tons, equivalent to $4.39 million.

The US was also the largest soybean supplier to Vietnam in 2020 with 932,000 tons, worth $396 million, up 23.13 percent in volume and 30 percent in value compared to 2019. Brazil was ranked second with 737,000 tons, worth $287 million. The third rank belonged to Canada with 110,000 tons, worth $50 million.

In 2020, Vietnam imported 1.87 million tons of soybeans, worth over $773 million, up 11 percent in volume and approximately 15 percent in value compared to 2019.