Vietnam to import more soybeans from the US

According to a report from the Foreign Agricultural Service of the United States Department of Agriculture (FAS USDA), Vietnam’s soybean imports in 2025/26 are expected to rise to 2.8 million tons, an increase of 300,000 tons, as domestic processing plants expand capacity, leading to an increase in final soybean meal production.

Soybean meal consumption for feed is projected to increase by 400,000 tons to 7.6 million tons, in line with growing demand.

According to the service, Vietnam’s soybean production is projected to be only 45,000 tons from 26,000 hectares in 2025/26, as farmers shift to more profitable crops, fruits, and vegetables. As of August 31, Vietnam imported 1.81 million tonnes of soybeans in 2024/25. Brazil was the largest soybean exporter with a 57.2% market share, while the United States held 33.4% of the market, with Canada accounting for the remainder.

According to the service’s forecasts, soybean imports from the United States increased by 29% compared to the same period last year.

The service also revised its soybean crushing forecast for 2024-25 to 1.7 million tonnes, but forecasts an increase to 2.1 million tonnes in 2025-26 due to expected additional crushing volumes.

The total feed demand estimate for the 2024/25 season remained at 27.5 million tonnes, reflecting the expected growth in aquaculture feed demand, and is projected to increase to 28.5 million tonnes in the 2025/26 season due to projected growth in livestock production.

Soybean meal is the primary protein source in all aquaculture and livestock feed formulations, accounting for between 15% and 35% of total ingredients. Domestic soybean meal prices have been steadily declining, prompting feed mills to increase the share of soybean meal in feed mixtures over other meal types, the report notes.

The soybean meal production forecast for the 2024/25 season decreased to 1.3 million tonnes, but is expected to increase to 1.6 million tonnes in 2025–26 due to projected soybean processing volumes. At the same time, to meet demand, soybean meal imports are expected to reach 6 million tons in 2025–2026, 500,000 tons less than the previous year, thanks to increased domestic processing.

Vietnam previously signed agreements with the United States to purchase American agricultural products worth $2 billion, which include five memorandums of understanding and provide for expanded purchases of corn, wheat, distillers grains, and soybean meal over three years.

Tags: Vietnam, soybean, USA