Vietnam spends 1.4 billion USD to import wheat

Vietnam has seen a significant increase in wheat imports, with a 35% rise to over 5.3 million tons in the first 11 months of the year, making it one of the top 10 largest wheat importers globally. The imported wheat is primarily used in animal feed and food processing. The import value also increased by over 8%, reaching 1.4 billion USD. As Vietnam does not produce wheat, it relies heavily on imports, and the average price per ton this year was 275 USD, a 20% decrease from the previous year. Major wheat exporters include Russia, the US, Canada, and Ukraine, despite the conflict in 2022, Ukraine's output is expected to be around 22 million tonnes. The US Department of Agriculture predicts that global wheat inventories will reach a nine-year low by the end of 2024-2025, and EU production could drop to a 12-year low.

According to the General Department of Customs, Vietnam's wheat imports increased by 35% in the first 11 months of the year, to more than 5.3 million tons. This turnover helped Vietnam rank in the top 10 largest wheat importers in the world. Imported wheat is mainly used in animal feed production and food processing. The import value by the end of November also increased by over 8%, reaching 1.4 billion USD. Last year, 5.5 million tons of wheat were imported to Vietnam, worth 1.9 billion USD. According to the Livestock Association, Vietnam does not produce wheat, so the supply depends entirely on imports. This year, the average imported wheat price reached 275 USD per ton, down nearly 20% compared to the same period in 2023, so businesses took advantage of the low price to increase imports. Global market output is currently around 770 million tonnes per year, worth more than $200 billion. Major exporters include Russia, the US, Canada and Ukraine. Before the conflict in 2022, ...