Soybeans market in Vietnam

Earlier Report Observations

Vietnam's soybean market volume grew from 1 609 thousand tons in 2018 to a peak of 2 076 thousand tons in 2021. This expansion was primarily driven by rising imports, which increased due to strong demand for animal feed and food products. The Vietnamese government's zero import duty on soybeans encouraged higher shipments, while the recovery of supply chains after the COVID-19 pandemic supported consistent availability.

Market volume declined from its 2021 peak to 1 843 thousand tons in 2023, as global soybean prices rose influenced by U.S. trade policies and international market factors, raising costs for domestic livestock production and dampening demand. During this period, major local processor Vinasoy developed sustainable soybean growing regions across the country, and the Ministry of Agriculture launched a project to expand winter soybean cultivation and processing in the Red River Delta, aiming to add value through products like soybean milk and nutritional powders.

Production soybeans in Vietnam

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

Vietnam's soybean production has declined for three consecutive years. In 2020, the country produced 65.4 K t of soybeans, which represents a 15.3% decrease compared to the previous year. Over the period from 2017 to 2020, production fell by 35.8%, with a compound annual growth rate (CAGR) of -13.7%.

Annual dynamics of production in Vietnam in kind, 2017-2020, K t

Exports soybeans from Vietnam

Exports in kind, K t

The market exhibited volatility during the observed period. The lowest export volume was recorded in 2017, while the highest was in 2019, showing a 206-fold difference between these years. In 2020, Vietnam exported 1 K t of soybeans, which is 76.4% lower than in 2019. The peak volume of 4 K t was reached in 2019. The most significant increase occurred in 2018, with a growth rate of 7 588.0%.

Annual dynamics of product's exports from Vietnam in kind, 2017-2020, K t

From 2017 to 2020, Germany, Russia, and Cambodia were the key partners for Vietnam's soybean exports in volume terms. Germany accounted for 45.1% of exports, Russia for 26.9%, and Cambodia for 7.4%. Together, these three countries represented 79.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Vietnam in kind, 2017-2020

Exports in value, M $ US

Market behavior was marked by volatility during these years. Import levels varied significantly, with a 76-fold difference between the low in 2017 and the high in 2019. In 2020, Vietnam's soybean exports totaled 0.4 M $ US, which is 73.4% lower than in 2019. The maximum value was recorded in 2019 at 1.4 M $ US. The largest increase took place in 2018, with a growth rate of 3 469.6%.

Annual dynamics of product's exports from Vietnam in value, 2017-2020, M $ US

Over the period 2017–2020, Germany, Russia, and Cambodia contributed the most to Vietnam's soybean exports in value terms. Germany made up 45.2% of exports, Russia 25.0%, and Cambodia 7.8%. Collectively, these three partners accounted for 78.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Vietnam in value, 2017-2020

Imports soybeans to Vietnam

Imports in kind, K t

Vietnam's soybean import volume increased for the second consecutive year. In 2020, imports reached 1 872 K t, up by 8.9% compared to the previous year. Over the period from 2017 to 2020, imports grew by 13.7%, with a compound annual growth rate (CAGR) of 4.4%. The lowest volume was recorded in 2018 at 1 529 K t, which represented a 7.1% decline from the prior year. The largest increase occurred in 2019, with a growth of 12.4%.

Annual dynamics of product's imports to Vietnam in kind, 2017-2020, K t

From 2017 to 2020, the United States and Brazil were the primary sources for Vietnam's soybean imports in volume terms, together accounting for 86.4% of total imports. The remaining share was distributed among other destinations, each with smaller individual contributions.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Vietnam in kind, 2017-2020

Imports in value, M $ US

In 2020, Vietnam's soybean imports totaled 772.2 M $ US, reflecting a 12.5% increase from the previous year. Over the period from 2017 to 2020, imports rose by 9.1%, with a compound annual growth rate (CAGR) of 2.9%. The lowest value was recorded in 2019 at 686.3 M $ US, which marked an 11.0% decline from 2018.

Annual dynamics of product's imports to Vietnam in value, 2017-2020, M $ US

During 2017–2020, the United States and Brazil dominated as suppliers of soybeans to Vietnam in value terms, together representing 85.8% of total imports. Other partners played a less significant role in the import structure.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Vietnam in value, 2017-2020