Statistics from the General Department of Customs show that Vietnam imported 5.74 million tons of corn from global markets, reaching a value of US$1.43 billion by the end of last month.
Compared to the same period last year, import volume grew by 34 percent, but turnover only increased slightly by 1.9 percent, reflecting a sharp decrease in corn prices on the international market.
Argentina is Vietnam's main trading partner in the field of corn imports. Vietnam imported 3.19 million tons of corn from Argentina in the first seven months, reaching a value of US$772.29 million, with an average price of $242.4 per ton.
The amount of corn imported from Argentina increased by 130.3 percent compared to the same period last year, the turnover rose by 70.9 percent, but the price fell by 25.8 percent.
This shows that the trade relationship between Vietnam and Argentina is growing strongly, with the country playing an important role in meeting Vietnam's corn needs.
Brazil, the second largest market supplying corn to Vietnam, reached 1.57 million tons in the first seven months of 2024, accounting for 27.4 percent of the country's total imports.
In addition to Argentina and Brazil, Vietnam also imports corn from such markets as Thailand, Laos and India.
Overall, Vietnam's corn imports in the first seven months showed a marked dependence on partners such as Argentina and Brazil and also reflected changes in price structure and supply markets.
Importing corn in large quantities not only creates pressure on the trade balance, but also poses many challenges to food security and sustainability in Vietnam's agricultural production.
The main reason for rising imports is that domestic corn production can not meet increasing demand, especially from the livestock and feed production industry.
To reduce dependence on imported corn, experts said that Vietnam needed to have specific measures to promote domestic corn production.
