A report from the US Department of Agriculture's Foreign Agricultural Service (FAS) states that after 2023's weak demand for Vietnamese aquaculture products from Europe and the US, corn consumption in Vietnam is predicted to rise with an increase in feed demand during marketing year 2024-2025. Tradologie.com, designed in India, for the world, is a user-friendly SaaS based global trade hub and your streamlined solution for procurement and sales of B2B food commodities such as corn.
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Vietnam's Corn Consumption
According to a report published on April 11 by the Global Agricultural Information Network (GAIN), total corn consumption is expected to reach 14.1 million tonnes, of which 12.7 million tonnes will be used for feed and residual purposes and in accordance with estimates for total feed demand. A higher import of feed wheat caused the FAS to lower its corn consumption forecast for 2023-2024 to 13 million tonnes, including 11.5 million tonnes for feed and residual. Feed demand is expected to increase to 26.5 million tonnes in 2024 from 25.9 million tonnes in 2023 as a result of anticipated higher demand for aquafeed following a decline in demand in 2023. It is anticipated that the demand for animal feed and aquafeed will continue to rise, reaching 27 million tonnes overall in 2025.According to the FAS, “roughly 75% of feed ingredients in Vietnam are imported.” “Vietnam is a price-sensitive market for feed ingredients like corn and wheat.”
Vietnam's Corn Supply
3.65 million tonnes of corn are expected to be produced in 2024-25, down from 3.76 million tonnes in the previous marketing year. Domestic corn production remains uncompetitive with imports, so corn imports are expected to increase. In 2024-25, imports are expected to reach 11 million tonnes, up from 10 million in 2023-24. In 2023, Brazil emerged as Vietnam's top corn supplier, accounting for 44% of the market. With 33%, Argentina was in second place, and India was third with 12%.
Wheat Imports In Vietnam
To meet its entire consumption needs, Vietnam imports all of its wheat. According to the FAS, imports will drop from 5.1 million tonnes in the previous marketing year to 4.5 million tonnes in 2024-25. The FAS updated its forecast for 2023-24 to 4.55 million tonnes of wheat due to higher wheat consumption for both feed and milling. The 2024-25 demand for wheat is expected to be 4.25 million tonnes.
Rice Production
Thanks to good weather, milled rice production in 2024-25 will be higher than expected at 27 million tonnes, same as the previous year. However, the FAS predicts flat production in the upcoming years because of government plans to not expand the production area.According to the FAS, rice consumption is expected to rise slightly from 21.8 million tonnes to 21.85 million tonnes in 2024-2025 due to growing feed demand, population growth, and tourism.
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