Vietnam is 3rd largest importer of US soybeans in Southeast Asia

THE HANOI TIMES — Vietnam has become the third-largest importer of US soy in Southeast Asia, said Timothy Loh, Regional Director for Southeast Asia and Oceania at the US Soybean Export Council (USSEC).

At the June 18 event in Ho Chi Minh City celebrating 30 years of US-Vietnam soybean cooperation, Loh said that in 2024, Vietnam imported eight million tons of soybean, including 2.2 million tons of whole soybean and 5.9 million tons of soybean meal. The soybean meal import volume is projected to rise to six million tons this year.

Loh added that Vietnam’s soybean demand is expected to continue rising, fueled by rapid growth in the food processing and animal feed sectors. As Vietnamese consumers increasingly shift toward plant-based products like soy, the demand for high-quality, sustainably sourced soybean has surged.

Vietnam is the world's 6th pork production and 4th aquaculture production, two sectors that rely heavily on soybean-based feed.

“Vietnam and the US are not agricultural competitors, but rather partners in a complementary supply chain,” Loh said. “Vietnam imports US soybean for animal feed production, then exports aquaculture products back to the US.”

Nguyen Do Anh Tuan, Director General of the International Cooperation Department under the Ministry of Agriculture and Environment (MAE), said the two countries’ agricultural strengths are highly complementary.

“The US is strong in temperate crops like corn, soybean, and wheat, while Vietnam leads in tropical exports like coffee, cashew nut, rubber, and fruit,” he said.

The bilateral agricultural trade has grown steadily by 10% annually over the past decade, benefiting both producers and consumers.

On June 18, USSEC signed a memorandum of understanding (MoU) with the Partnership for Sustainable Agriculture (PSAV) under the MAE. The agreement focuses on promoting high-quality, sustainably grown US soybean in Vietnam, expanding technical cooperation, and raising awareness around sustainable agriculture.

Earlier this month, Minister of Agriculture and Environment Do Duc Duy led a delegation of nearly 50 representatives from government agencies, businesses, and agricultural associations to the US and held business dialogues in Iowa, Ohio, Maryland, and Washington, D.C. They also signed 20 memorandums of understanding (MoUs) worth $3 billion in agricultural imports, including soybean deals, to support balanced and  sustainable trade with the US.