Ho Chi Minh City, June 18, 2025 – Vietnam is increasingly solidifying its position as a key market for U.S. soybeans, with trade volumes and strategic cooperation expanding steadily, officials confirmed during a ceremony on Wednesday marking 30 years of partnership between the U.S. Soybean Export Council (USSEC) and Vietnam.
As part of the event, USSEC and the Partnership for Sustainable Agriculture in Vietnam signed a memorandum of understanding (MoU) aimed at deepening bilateral trade, strengthening cooperation, and enhancing access for Vietnamese importers to U.S. soybean products.
According to data from Vietnam’s General Department of Customs, the U.S. exported more than 414,000 metric tons of soybeans to Vietnam in the first quarter of 2025, valued at over USD 186 million—representing a 47% increase in volume and 19% increase in value compared to the same period last year. In 2024, Vietnam imported over 2.2 million metric tons of soybeans worth nearly USD 1.1 billion, and that figure is expected to grow further in 2025.
Rising Demand from Vietnam’s Agri-Food Sector
Vietnam’s rising soybean imports are driven by surging demand in the livestock and aquaculture feed industries, as the country remains the world’s sixth-largest pork producer and fourth-largest seafood exporter. The country also faces increased demand from its rapidly growing pet food sector, which USSEC forecasts will double in size by 2028.
“Vietnam’s strong development in the food and feed sectors has made it one of our most valued partners in the region,” said Timothy Loh, USSEC’s Regional Director for Southeast Asia and Oceania. “Our collaboration is built on mutual trust and a shared commitment to long-term growth.”
Complementary Trade Relations
Addressing the event, Nguyen Do Anh Tuan, Director General of the International Cooperation Department under the Ministry of Agriculture and Rural Development, emphasized that agricultural trade between Vietnam and the U.S. is complementary, not competitive.
He cautioned against trade interventions such as retaliatory tariffs, which he said would harm both parties: “If the U.S. imposes high tariffs on Vietnamese agricultural exports, it could also face difficulties selling its products to Vietnam.”
From 2016 to 2024, agricultural trade between the two nations grew at an average annual rate of 10%. In 2024, the U.S. exported USD 3.4 billion worth of crops and livestock products to Vietnam, while Vietnam exported USD 2.8 billion of similar goods to the U.S., resulting in a U.S. trade surplus in this sector.
Notably, Vietnam imposes zero import tariffs on U.S. soybeans and soybean meal, supporting trade growth. Despite being an agricultural nation, Vietnam cultivates soybeans on only 20,000 hectares, far below domestic consumption needs—making imports vital.
Future Outlook and Challenges
USSEC highlighted several factors expected to support continued momentum in U.S. soybean exports to Vietnam, including the expansion of the feed manufacturing industry, the establishment of local crushing facilities, and liberalized trade policies.
However, challenges remain. Vietnam continues to struggle with high feed production costs and dependency on imported raw materials. To address these challenges and expand bilateral trade, Minister of Agriculture and Rural Development Do Duc Duy led a delegation to the U.S. in early June, where agricultural import agreements worth nearly USD 3 billion were signed.
With robust trade ties, strategic alignment, and mutual economic benefits, Vietnam is poised to remain a critical partner for U.S. soybean producers in the years ahead.
Reported by Vietnam Insider News Desk
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Source: Vietnam Insider