Soybeans imports reached over USD 1 billion - a new record

According to the General Department of Customs, over 11 months of 2021, soybeans imports reached more than 1.81 billion tons, worth over USD 1.06 billion, an increase in all three aspects of volume - turnover - price compared to the same period last year, respectively 3.8%, 49%, and 43.7%.

The year 2021 becomes the first year that soybean import value surpassed the USD 1 billion record. Brazil and the USA are the two main supplying markets of soybeans for Vietnam.

For 11 months of 2021, soybeans imported from Brazil reached 899,083 tons, equal to USD 532.04 million in value, increasing 21.9% in value, 85.5% in turnover, accounting for over 49.6% of the total volume and 50.2% of the total turnover of soybeans imported of the country.

Soybean import from the US market over 11 months reached 792,446 tons, equal to USD 451.18 billion, a 3% drop in volume but a 33% increase in turnover. Imports to this market account for over 43% of Vietnam's total soybeans import volume and turnover.