HANOI, VIETNAM — With Vietnam’s economy on a path to recovery in the second half of 2023, the country’s feed consumption is forecasted to reach 26.6 million tonnes in marketing year 2022-23, matching 2021-22 levels, according to a Global Agricultural Information Network (GAIN) report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

Vietnam’s Ministry of Agriculture and Rural Development (MARD) reported that the total swine population during the first eight months of 2023 increased by 3.3% and the total poultry population rose by 2.3%.

FAS Post Hanois forecasts feed demand to increase to 27.7 million tonnes in 2023-24.

“Post projects that the pace of animal reproduction in Vietnam will increase in late 2023 due to lower feed costs, increasing animal sales prices and rising demand during the Tet New Year holiday season,” FAS said.

Soybean imports are seen increasing 2 million tonnes in 2022-23 and 2.55 million tonnes in 2023-24 for both crush and food consumption. Vietnam’s soybean production is a fraction of demand with only 45,000 tonnes expected to be harvested in 2023-24.

Soybean meal consumption for feed use is forecast at 6 million tonnes in 2022-23 and 6.2 million in 2023-24 in line with estimated feed demand. Soybean meal imports were revised downward to 4.9 million tonnes in 2022-23 due to lower aquafeed demand. Imports are estimated to decrease to 4.8 million tonnes in 2023-24 with a projected increase in local production as new crush facilities come online.

Food use of soybeans is projected to remain at 530,000 tonnes in 2022-23 and increase to 550,000 in 2023-24, following projected growth in the retail, food, and beverage sectors.