Tridge summary
In May, the Ministry of Agriculture and Rural Development of Vietnam reported significant price hikes in feed ingredients in northern provinces, with rice bran, corn flour, dried corn kernels, and soybean meal increasing by 500-1,000 VND/kg each. This comes amidst a 44% increase in the total import value of animal feed and raw materials in the first five months of 2021 compared to the same period in 2020, totaling 2.1 billion USD. Notably, soybean and corn imports have seen substantial increases of 20.4% and 146% respectively from their sources in the US, Brazil, and Canada. Despite expectations of gradual deceleration in the second quarter, animal feed ingredient prices are expected to remain high, prompting the Ministry to consider tax reductions on imported materials and encouraging feed companies to use domestic raw materials to reduce production costs.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
According to the Ministry of Agriculture and Rural Development, in May, in some northern provinces such as Chuong My and Hanoi, the prices of some feed ingredients increased significantly in May. Specifically, the price of rice bran, corn flour, dried corn kernels, and soybean meal all increased by 500-1,000 VND/kg for each type. According to statistics, the import value of animal feed and raw materials in May 2021 reached US$420 million, bringing the total import value of animal feed and raw materials in the first five months of 2021 to 2.1 billion USD, up 44% over the same period in 2020. Compared to the same period in 2020, the value of Vietnam's imports of animal feed and raw materials in the first four months of the year from Argentina increased by 20.4%, the US increased by 139.9%, and India increased by 439.4%. For soybeans, it is estimated that the imported soybean volume in May 2021 will reach 250,000 tons with a value of 141.9 million USD, bringing the total volume and ...
Source: Vietnambiz
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