Soybeans from Cambodia are massively landing in Vietnam, helping farmers gain more profits: growing more than 1,000%, our country ranks 3rd in imports in the world

In April 2024, Vietnam saw a 10.9% increase in soybean imports over the previous month, reaching 222,830 tons at a total value of 111.29 million USD. Despite this monthly increase, the figure represented a decrease of 6.4%, 28.2%, and 23.3% in volume, turnover, and price compared to April 2023, respectively. Brazil emerged as the leading supplier, contributing 137,390 tons or 60.5% of the total imports. From the beginning of 2024, Vietnam's soybean imports amounted to 762,867 tons, valued at 407.82 million USD, marking a 3.5% increase in volume but a significant 18.7% decrease in turnover and a 21.5% drop in price year-over-year. The country's reliance on soybean imports has made it the world's ninth-largest soybean importer and the third-largest soybean meal importer. Additionally, the report highlights a shift in market dynamics due to changes in live pig prices and export volumes from the US and Argentina, with the USDA's recent report indicating a rise in US soybean exports, contributing to the market's adjustments.