According to preliminary statistics from General Department of Customs, corn imports of all kinds in the first 8 months of 2024 reached over 6.93 million tonnes, worth over 1.72 billion USD, with an average price of 247.4 USD/tonne, up 29.5% in volume, up 0.07% in turnover but down 22.8% in price compared to the first 8 months of 2023.
In particular, in August 2024 alone, it reached 1.19 million tonnes, equivalent to 284.44 million USD, with an average price of 239.2 USD/ton, up 33.3% in volume, up 32.6% in turnover but down 0.5% in price compared to July 2024; compared to August 2023, it increased by 10.7% in volume but down 8.3% in turnover and down 17.1% in price.
Argentina is the largest market supplying corn to Vietnam in the first 8 months of 2024, accounting for 58.3% of total volume and 57% of total corn import turnover of the country, reaching over 4.04 million tonnes, equivalent to nearly 978.45 million USD, priced at 241.9 USD/tonne, up 106.5% in volume, up 57.9% in turnover but down 23.5% in price compared to the first 8 months of 2023. The second largest market is Brazil, in the first 8 months of 2024 reaching nearly 1.79 million tonnes, equivalent to 453.89 million USD, priced at 253.9 USD/tonne, accounting for 25.8% of total volume and 26.5% of total corn import turnover of the country, up 3.9% in volume, but down 18.9% in turnover and down 22% in price compared to the first 8 months of 2023.
Next, Lao market in the first 8 months of 2024 reached 74,589 tonnes, equivalent to 18.64 million USD, priced at 249.9 USD/tonne, accounting for over 1% of total volume and total corn import turnover of the whole country, up 23.5% in volume but down 11.7% in turnover and down 28.5% in price compared to the same period last year.
Notably, corn imports from Indian market in the first 8 months of this year decreased sharply, down 99.78% in volume and down 98% in turnover compared to the same period last year, reaching only 2,571 tonnes, equivalent to 6.88 million USD.
Currently, Vietnam depends on nearly 70% of animal feed ingredients such as corn, soybeans...from imported sources. Out of which, corn is one of raw materials that Vietnam has increased its imports.
This is a country that grows genetically modified corn on a large scale and quality is also among the best in the world. Especially with its superior quality, when these corn varieties are used in animal feed production, quality will also be better. For example, Vietnam's corn yield is only 4.8 tonnes/ha, but in countries using genetically modified seeds, yield is up to 9 tonnes/ha.
In addition to quality and low price, Vietnamese enterprises prefer to import corn because nature of the goods of exporting countries is high, so they can import in large quantities. Meanwhile, Vietnam not only needs corn to produce feed for livestock and poultry industry but aquaculture industry also needs genetically modified corn to produce feed for shrimp and fish.
Importing a large amount of corn as raw material for animal feed and aquaculture has made many people regret because every year Vietnam has to spend billions of USD to buy corn.

Source: Vitic/ congthuong.vn