Vietnam spends 1.4 billion USD to import wheat

According to the General Department of Customs, Vietnam's wheat imports increased by 35% in the first 11 months of the year, to more than 5.3 million tons. This turnover helped Vietnam rank in the top 10 largest wheat importers in the world. Imported wheat is mainly used in animal feed production and food processing. The import value by the end of November also increased by over 8%, reaching 1.4 billion USD. Last year, 5.5 million tons of wheat were imported to Vietnam, worth 1.9 billion USD. According to the Livestock Association, Vietnam does not produce wheat, so the supply depends entirely on imports. This year, the average imported wheat price reached 275 USD per ton, down nearly 20% compared to the same period in 2023, so businesses took advantage of the low price to increase imports. Global market output is currently around 770 million tonnes per year, worth more than $200 billion. Major exporters include Russia, the US, Canada and Ukraine. Before the conflict in 2022, ...