Vietnam significantly increases soybean imports

According to USDA, domestic soybean production will reach only about 42,000 tons from 25,500 hectares in 2025/26, as farmers switch to more profitable crops such as vegetables and fruits. As a result, Vietnam will need to increase imports to offset the supply shortfall.

As of August 31, 2025, Vietnam had imported 1.81 million tons of soybeans, according to data from the General Department of Customs, where:

• Brazil remains the largest supplier, accounting for 57.2% of the market share.
• The US ranks second with 33.4%, followed by Canada.

Notably, in the first nine months of 2025, Vietnam spent over USD 300 million to import nearly 670,000 tons of soybeans from the US, up 9% in value and 29% in volume compared to the same period in 2024. US soybeans now make up more than 34% of total import volume and 33% of market value in Vietnam.

Domestic soybean oil crushing operations are also expanding. USDA projects that soybean crushing output will rise from 1.7 million tons in 2024/25 to 2.1 million tons in 2025/26, leading to an increase in soybean meal output from 1.3 million tons to 1.6 million tons.

US soybeans strengthen presence in Vietnam

According to the US Soybean Export Council (USSEC), Vietnam is currently one of the most dynamic markets in Southeast Asia and the third-largest customer of US soybeans in the region.

In the 2023/24 marketing year, Vietnam imported a total of about 2.2 million tons of whole soybeans and 5.9 million tons of soybean meal, including 2.88 million tons sourced from the US.

Vietnam’s aquaculture sector plays a key role in soybean demand. The country is among the top five seafood producers in the world, with aquaculture contributing 4-5% of GDP. Soybeans and soybean meal are the main protein sources in feed for fish, shrimp, and livestock, accounting for 15-35% of total feed ingredients.

In early June 2025, Vietnam’s Ministry of Agriculture and Environment led a delegation of nearly 50 enterprises to the US, signing around 20 MoUs worth USD 3 billion, including agreements on soybean and soybean product imports.

On October 13, 2025 USSEC and the Vietnam Fisheries Society (VINAFIS) signed a three-year MoU to promote sustainable aquaculture and expand the use of US soybeans in aquafeed production.

“Domestic soybean meal prices are declining, encouraging feed mills to increase usage as a substitute for other protein meals. With strong demand from the livestock and aquaculture sectors, Vietnam will remain a key destination for global soybeans in the coming years,” said USDA.