HANOI: Vietnam is likely to buy more corn to meet increasing local demand, which is associated with the expansion of livestock and aquaculture feed production. According to the report by Ministry of Agriculture and Rural Development, corn import in seven months surged to 4.13 million tonnes, valued at USD 825 million, up 9% in volume and 11% in value against 2016.
Of the exporting markets, Argentina and Brazil are the two largest suppliers, accounting for 49.5% and 15% of total import volume, respectively. There has been a strong rise in imports from Thailand, both in volume and value, at close to 15 times and 3.5 times, respectively. In 2016, Vietnam spent USD 1.6 billion to purchase 8.3 million tonnes of corn for feed production and is among the world’s 10 largest corn importers.