Vietnam’s corn production continues to decline

Due to low yields and high production costs, local corn is less competitive than imported corn.

Vietnam is experiencing a decline in corn production, as confirmed by the General Statistics Office (GSO). In the first nine months of 2024, the estimated corn planted area reached 815,000 hectares. However, the industry believes that actual production and area may be even lower than GSO estimates.
Due to low yields and high production costs, local corn is less competitive than imported corn. As a result, many farmers consider corn less economically viable than other crops. Nevertheless, maize remains a viable crop in rice paddy rotation. Farmers harvest corn kernels and use the stalks for livestock feed, creating an additional source of income.

Projections from the USDA-Ho Chi Minh City Foreign Agricultural Service indicate a continued decline in corn acreage. The estimated area for 2023/24 has been adjusted to 820,000 hectares and production will be 4 million tons. Projections for MY 2024/25 suggest a further reduction in maize area to 800,000 ha and production to 3.9 million tons.

In the first eight months of 2024, Vietnam imported 6.9 million tons of corn, up 40% from the same period last year. The low price of corn has contributed to the increase in import volumes. Argentina and Brazil are the largest suppliers of corn to Vietnam, accounting for 74% and 23% of total imports respectively. India was the third largest supplier in 2023, but did not export to Vietnam in 2024. USDA slightly lowered its MY 2023/2024 corn import estimate to 10 million tons and forecasts MY 2024/25 corn imports at 11 million tons due to the downward price trend and increased demand for animal feed and aquaculture.

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Tags: crop forecast, corn, Vietnam