According to preliminary statistics from General Department of Customs, soybean imports in 11 months of 2024 reached nearly 1.98 million tonnes, worth nearly 1.02 billion USD, with an average price of 513.7 USD/ton, up 19.6% in volume but down 3% in turnover and down 18.9% in price compared to the first 11 months of 2023.
Of which, in November 2024 alone, it reached 163,416 tonnes, equivalent to 81.17 million USD, with an average price of 496.7 USD/tonne, down over 26% in both volume and turnover compared to October 2024, but the price increased slightly by 0.7%; Compared to November 2023, it increased sharply by 268.7% in volume, increased by 175.3% in turnover but decreased by 25.3% in price. Brazil is the largest market supplying soybeans to Vietnam in the first 11 months of 2024, accounting for 54.3% of the total volume and 52.7% of the total soybean import turnover of the country, reaching 1.07 million tons, equivalent to nearly 535.76 million USD, price of 498.7 USD/tonne, up 20% in volume, up 0.93% in turnover but down 15.9% in price compared to the first 11 months of 2023. The second largest market is the US, in the first 11 months of 2024 reaching 713,735 tonnes, equivalent to 370.03 million USD, price of 518.5 USD/tonne, accounting for over 36% of total volume and total soybean import turnover of the country, up 23.5% in volume, but down 5.6% in turnover and down 23.6% in price compared to the first 11 months 2023.
Next, Canadian market in 11 months of 2024 reached 116,073 tonnes, equivalent to 68.88 million USD, price 593.4 USD/tonne, accounting for 5.9% of total volume and 6.8% of total soybean import turnover of the whole country, up 17.8% in volume but down 5.2% in turnover and price down 19.5% compared to the same period last year.
The fourth largest market is Cambodia, in 11 months of 2024 reached 15,980 tonnes, equivalent to 11.715 million USD, accounting for 0.81% of total volume and 1.15% of total soybean import turnover of the whole country, up 20.81% in volume and up 17.96% in turnover compared to the same period last year.
In Vietnam, soybeans are grown in 26 provinces and cities nationwide; of which about 87.8% is in the North and 12.2% is in the South. Soybean area in the North accounts for about 58.8%, grown in highlands, where the soil is not fertile, 41.2% is grown in lowlands in the Red River Delta and North Central regions.
According to Ministry of Agriculture and Rural Development, soybean growing area in our country has decreased from more than 200,000 hectares in 2010 to only 20,000 hectares/year, while it still has to import 1.5-2 million tonnes of soybeans every year.
Currently, Vietnam is the 3rd largest importer of soybean meal and the 9th largest importer of soybeans in the world. In the past 10 years, Vietnam has consumed an average of nearly 2 million tonnes of soybeans each year. Thanks to the decrease in soybean prices and the increase in pork prices, farmers have benefited from the beginning of the year until now.
In the first months of 2024, soybean market has witnessed a series of factors that significantly affected prices. From unstable weather conditions to fluctuations in production and supply, all have created a multi-dimensional picture of soybean price trends.

Source: Vitic/ congthuong.vn