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Vietnam imported 2.16 million tons of soybeans worth over USD 1 billion in the first 10 months of 2025, according to preliminary data from the Customs Department.
The average import price reached USD 464.9/ton, up 18.8% in volume and 7.2% in value, but down 9.8% in price compared to the same period in 2024.
Developments in October 2025
In October alone, soybean imports reached 206,881 tons, equivalent to USD 98.5 million, with an average price of USD 476.1/ton.
- Compared to September 2025, volume rose by 47.2% and value increased by 46.4%, while price slightly decreased by 0.5%.
- Compared to October 2024, volume fell by 7.1%, value decreased by 10.3%, and price dropped by 3.4%.
Market structure
1. Brazil – Largest supplier
Brazil continued to lead the market, accounting for 55.4% of total volume and 55.9% of total value.
- 10 months of 2025: 1.19 million tons, nearly USD 561.28 million, with an average price of USD 469.7/ton. Compared to the first 10 months of 2024: volume up 11.2%, value up 4.8%, price down 5.8%.
- October 2025: 89,546 tons, USD 42.81 million, price USD 478.1/ton. Compared to September 2025: volume up 27.8%, value up 23.1%, price down 3.7%. Compared to October 2024: volume down 33.3%, value down 35.1%, price down 2.7%.
2. US – Second largest supplier
In the first 10 months of 2025, the US supplied Vietnam with 773,296 tons worth USD 350.8 million, with an average price of USD 453.7/ton.
This accounted for 35.8% of total volume and 35% of total value.
Compared to the same period in 2024: volume surged 36%, value increased 16.3%, and price decreased 14.5%.
3. Canada – Third largest supplier
Canada exported 147,430 tons of soybeans to Vietnam in the first 10 months, equivalent to USD 70.76 million, with an average price of USD 480/ton.
This accounted for 6.8% of total volume and 7.1% of total value.
Compared to the same period in 2024: volume grew strongly by 35.3%, value rose 9.8%, and price decreased 18.8%.
Increasing sharply in volume
Overall, Vietnam’s soybean imports in the first 10 months of 2025 increased sharply in volume due to the recovery of feed production demand, particularly from large enterprises in the livestock, poultry, and aquaculture sectors.
However, import prices generally showed a downward trend due to stable global supply and competition among exporting countries.
This trend is expected to continue through the end of 2025 as the global market remains affected by high inventories and fluctuations in grain prices.