Trade

Vietnam: Fast Growing Soy Market

A rapidly expanding middle class and open market policies has made Vietnam one of the fastest growing soybean markets during the past decade. With a market-driven economy, the country has been quick to adopt new technologies. Soy demand is driven by both human consumption and animal feed requirements. Tofu, soymilk and other soy foods are popular in Vietnam. As the fourth-largest pork producer in the world, Vietnam is facing short-term challenges from the outbreak of African swine fever. The U.S. Department of Agriculture reports in the last marketing year U.S. soybean exports to Vietnam increased 80 percent, while soybean meal exports increased 156 percent. And as per capita income continues to increase, soy demand is expected to grow substantially in coming years.

U.S. soybean farmers continue working to meet the needs of the quickly growing soy import market in Vietnam, as described in an article from the Illinois Soybean Association, a qualified state soybean board (QSSB).

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Disclaimer: The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the policy or position of U.S. Soy.