According to preliminary statistics of the General Department of Customs, corn imports of all kinds in the first 8 months of 2024 reached over 6.93 million tons, worth over 1.72 billion USD, with an average price of 247.4 USD/ton, up 29.5% in volume, up 0.07% in turnover but down 22.8% in price compared to the first 8 months of 2023.

Of which, in August 2024 alone, it reached 1.19 million tons, 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 10.7% in volume, down 8.3% in turnover and down 17.1% in price.

Vietnam has spent billions to import corn of all kinds, from which market does it buy the most? Illustrative photo

Argentina is the largest market supplying corn to Vietnam in the first 8 months of 2024, accounting for 58.3% of the total volume and 57% of the total corn import turnover of the country, reaching over 4.04 million tons, equivalent to nearly 978.45 million USD, priced at 241.9 USD/ton, 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 tons, equivalent to 453.89 million USD, price 253.9 USD/ton, accounting for 25.8% of the total volume and 26.5% of the 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.

Corn imports in the first 8 months of 2024. (Calculated according to General Department of Customs data). Source: Vinanet

Next, the Lao market in the first 8 months of 2024 reached 74,589 tons, equivalent to 18.64 million USD, priced at 249.9 USD/ton, accounting for over 1% of the total volume and total corn import turnover of the country, up 23.5% in volume, but down 11.7% in turnover and price down 28.5% compared to the same period last year.

Notably, corn imports from the Indian market in the first 8 months of this year decreased sharply, down 99.78% in volume and 98% in value compared to the same period last year, reaching only 2,571 tons, equivalent to 6.88 million USD.

Currently, Vietnam depends on nearly 70% of its animal feed ingredients such as corn, soybeans, etc. from imported sources. Of these, corn is one of the ingredients that Vietnam is increasing its imports.

This is a country that grows genetically modified corn on a large scale and the quality is also among the best in the world. Especially with its superior quality, when these corn varieties are used in animal feed production, the quality will also be better. For example, Vietnam's corn yield is only 4.8 tons/ha, but in countries that use genetically modified corn varieties, the yield is up to 9 tons/ha.

In addition to quality and low price, Vietnamese enterprises prefer to import corn because of the high quality of goods from exporting countries, so they can import in large quantities. Meanwhile, Vietnam not only needs corn to produce feed for livestock and poultry, but the aquaculture industry also needs genetically modified corn to produce feed for shrimp and fish.

Importing a large amount of corn for animal feed and aquaculture has made many people regretful because every year Vietnam has to spend billions of dollars buying corn.