Vietnam to import more soybeans

Soybean imports are expected to rise for Vietnam in marketing year 2025-26 as domestic crushers expand capacity and boost soybean meal production, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

In its Sept. 30 update, the FAS projected soybean imports to reach 2.8 million tonnes in 2025-26, climbing 300,000 tonnes year on year, while soybean meal consumption for feed is projected to rise 400,000 tonnes, to 7.6 million tonnes, in line with rising demand.

Vietnam must import soybeans to meet domestic needs, with just 45,000 tonnes of production from 26,000 hectares projected for 2025-26 due to farmers switching to more profitable crops such as fruits and vegetables, the FAS said.

As of Aug. 31, Vietnam had imported 1.81 million tonnes of soybeans in 2024-25, the FAS noted. Brazil was the largest soybean exporter, with 57.2% market share, while the United States held 33.4%, followed by Canada. Imports of US soybeans increased by 29% compared with the same period of the previous year.

The FAS revised 2024-25 soybean crushing down to 1.7 million tonnes but forecast an increase to 2.1 million tonnes in 2025-26 due to expected additional crushing volume.

The FAS maintained its total feed demand estimate at 27.5 million tonnes for 2024-25, reflecting expected higher demand for aquafeed, and projects an increase to 28.5 million tonnes in 2025-26 due to anticipated growth in animal production.

“In Vietnam, protein meals used for feed production are price sensitive,” the FAS said. “SBM is the primary protein source in all aqua and animal feed formulations, accounting for 15% to 35% of total ingredients. Domestic SBM prices have continuously decreased, encouraging feed mills to increase SBM inclusion in feed formulas as a substitute for other meals.”

The FAS revised soybean meal production to an estimated down to 1.3 million tonnes for 2024-25 and increasing to 1.6 million tonnes in 2025-26, reflecting the soybean crushing volume forecast. Meanwhile, to meet demand, imports of soybean meal are forecast to be 6 million tonnes in 2025-26, down 500,000 tonnes year on year due to greater domestic crush volume.

Tags: imports, consumption, Vietnam, soybeans, Production, Feed, soybean meal