by PressVietnam is an important market for US soybeans
Key soybean market in the region: US-Vietnam partnership
Vietnam and the United States have a long history of trade relations that continue to grow. One of the latest areas of cooperation is agriculture. Vietnam is an important market for US soybeans in the region.
According to Timati Lo of USSEC, Vietnam is the third-largest importer of US soybeans in Southeast Asia. The country ranks 13th globally. During the 2023–2024 season, Vietnam purchased approximately 2.2 million tons of American soybeans and 6 million tons of soybean meal. These products are used for both the needs of the population and industrial production.
The soybeans market importance for the country
It is worth noting that demand for this crop is growing in Asian countries due to a number of factors:
— increased demand from the livestock and aquaculture industries;
— the growing popularity of plant-based foods;
— high concentration of vegetable protein in soybeans;
— the rising importance of oilseeds in food processing.
The growth in demand from the livestock sector has stimulated the modernization of feed producers’ capacities. Consequently, many oil and feed production enterprises have secured a stable supply of American products. At the same time, the country is undergoing rapid urbanization, contributing to the growth of the middle class. Members of this group are paying more attention to healthy eating and choosing foods with high protein content. Soybeans are becoming the optimal solution for meeting these nutritional needs.
Cooperation between the parties
In addition to active trade, Vietnam and the US are developing cooperation in the field of sustainable soybean production. American farmers use innovative agricultural methods that allow them to achieve the following goals:
— reducing carbon dioxide emissions;
— ensuring the stability of supply chains;
— compliance with environmental standards.
Implementing this strategy helps American producers offer products that meet global requirements. In turn, Vietnam seeks to learn from the US experience to modernize its own agricultural sector.
The two countries signed a memorandum that opens up new opportunities for Asian farmers. It’s a part of this cooperation. Farmers receive technical support to introduce sustainable soybean cultivation methods. Farmers also participate in educational programs that raise their awareness of modern technologies.
Both sides are confident that this collaboration will strengthen Vietnam’s competitiveness in the global market. Implementing a sustainable development strategy is an important step in transforming the industry. This will bolster the local economy and ensure a steady supply of high-quality food.
Additionally, Vietnam aims to bolster food security by increasing soybean production. At the same time, American farmers’ experience contributes to sustainable agricultural development in Vietnam.