April 17, 2010

Vietnam's animal feed prices to fall

Prices of animal feeds on the domestic market are expected to drop following the fall of corn and soy prices on the world market, according to Vietnam Animal Feed Association on Wednesday (Apr 14).

The association said prices of corn and soy decreased 10% from a month earlier on the world market. But the domestic animal feed prices were still rising between 8.3% and 10.2%.

The Ministry of Industry and Trade said that Vietnam is among five biggest importers of corn and soy in Asia.

The country is forecast to import 900,000 tonnes of corn and 2.5 million tonnes of soy this year, up from 1.1 million tonnes and 2.3 million tonnes previous year.

In March, Vietnamese animal feed processing firms imported US$622.9 million worth of materials, up 125.7% from a year earlier.