April 2, 2024

Vietnam's soybean meal consumption to reach 5.65 million metric tonnes in MY2022/23

Vietnam's soybean meal consumption for the marketing year of 2022/23 has been revised down to 5.65 million metric tonnes due to lower aquaculture feed consumption, according to the US Department of Agriculture's Foreign Agricultural Service (USDA-FAS).

However, consumption was forecast to later increase to 5.85 million metric tonnes in MY2023/24.

An increase in Vietnam's soybean imports in both MY2023/24 and MY2024/25 — for both crush and food use — was also forecast.

Additionally, soybean meal imports was forecast to decrease to 4.7 million metric tonnes in MY2024/25 due to higher domestic crush.

- USDA-FAS