Argentina is one of the five main markets supplying corn to Vietnam.

According to the General Department of Customs, in the first 7 months of 2024, Vietnam spent 1.43 billion USD to import 5.74 million tons of corn from the world . Compared to the same period last year, the volume and value of corn imports increased by 34% and 1.9%, respectively. The difference was due to the decrease in corn import prices from 328.1 USD/ton in the same period last year to 249 USD/ton in this period, a decrease of 24% compared to the same period last year.

Argentina is the largest market supplying corn to Vietnam in the first 7 months of 2024, accounting for 55.5% of the total volume.

In general, in the first months of 2024, the amount of corn imported from the world recorded an increase. In particular, May increased by 89% compared to the same period last year, July also increased by 49% compared to the same period last year. January and February were the months with the highest amount of imported corn with over 900,000 tons/month.

Of which, in July 2024 alone, it reached 892,238 tons, equivalent to 214.5 million USD, with an average price of 240.4 USD/ton, up 36.4% in volume, up 35.3% in turnover but down 0.8% in price compared to June 2024; compared to July 2023, it increased sharply by 49.4% in volume, up 21.2% in turnover but down 18.9% in price.

Argentina is the largest market supplying corn to Vietnam in the first 7 months of 2024, accounting for 55.5% of the total volume and 54% of the total corn import turnover of the country, reaching nearly 3.19 million tons, equivalent to over 772.29 million USD, priced at 242.4 USD/ton, up 130.3% in volume, up 70.9% in turnover but down 25.8% in price compared to the first 7 months of 2023.

The second largest market is Brazil, in the first 7 months of 2024 reaching over 1.57 million tons, equivalent to 402.69 million USD, price 256 USD/ton, accounting for 27.4% of the total volume and 28.2% of the total corn import turnover of the country, up 14% in volume, but down 12.4% in turnover and price down 23.2% compared to the first 7 months of 2023.

Two of the remaining five major corn import markets of Vietnam are from ASEAN, namely Thailand and Laos. Specifically, Vietnam imported 74,589 tons from Laos, up 23.4% over the same period last year. Corn import turnover from this country decreased by 11.8% over the same period, to 18.6 million USD, due to a sharp 28% decrease in price over the same period, reaching only 249.9 USD/ton in the first 7 months of 2024.

Meanwhile, the volume and value of corn imports from Thailand reached 3,410 tons with a value of 12 million USD, down 27% and 25% respectively compared to the same period last year. The average corn import price from this country was the highest among the major markets at 3,543 USD/ton, up slightly by 2% compared to the same period last year.

Notably, the volume and value of corn imports from India decreased by 99.7% and 98% respectively compared to the same period last year, reaching 2,561 tons with 6.8 million USD. In contrast to this result, the average price of imported corn from India increased from 310 USD/ton to 2,673 USD/ton in this period, equivalent to 8.6 times higher.