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Vietnam’s corn imports in May 2024 reached 754,635 tons, according to preliminary statistics from the General Department of Customs. This equates to a value of 186.15 million USD, reflecting a 14% increase in volume and a 10.9% rise in value compared to April 2024. The average price during May stood at 246 USD/ton, a 2.8% decrease from the previous month.
Cumulative imports for the first five months of the year amounted to over 4.2 million tons of corn, valued at nearly 1.07 billion USD. This represents a 32.1% increase in volume but a 1.2% decline in value compared to the same period last year. The import price also witnessed a 25% drop from the previous year, settling at 251 USD/ton.
In terms of market sources, Argentina surpassed Brazil to become Vietnam’s largest corn supplier during the five-month period. It provided over 2 million tons, equivalent to more than 498 million USD, marking a 126% surge in volume and a 64% jump in value compared to the same period in 2023. Notably, prices plunged by 27% year-over-year to 242 USD/ton, accounting for 48.5% of the country’s total corn imports.
Brazil secured the second spot, with a production volume of over 1.4 million tons, valued at more than 381 million USD. This reflects a 7.8% increase in volume but a 17% decrease in value due to a 23% drop in prices compared to the previous year, settling at 256 USD/ton.
Vietnam’s neighboring country, Laos, was the third-largest corn supplier, contributing 75,089 tons, equivalent to 18.79 million USD. While the volume increased by 24.3%, the value decreased by 11% year-over-year. The average import price from Laos was 250 USD/ton, a 28.4% reduction compared to the same period in 2023.
Corn and soybeans are two types of agricultural products that Vietnam imports in large quantities to support its domestic livestock industry. According to preliminary data from the General Department of Customs, Vietnam imports an average of 20-22 million tons of raw materials annually, with corn accounting for approximately 50% and wheat making up about 10% of these shipments.
Statista ranks Vietnam among the 30 largest corn-producing countries globally. However, it is also one of the world’s top corn importers, following China, Europe, Mexico, Japan, South Korea, and Egypt.
Focusing on Vietnam’s primary supplier, Argentina is the third-largest corn exporter worldwide and a prominent player in various agricultural commodities, including cotton, soybeans, and wheat. In its latest report, the Buenos Aires branch of the US Department of Agriculture (USDA) lowered Argentina’s corn production forecast for the 2023/24 crop year to 51 million tons due to the spread of corn diseases. This revision is lower than the 55 million tons projected in the April WASDE report. Additionally, the two leading grain exchanges in Argentina, Buenos Aires (BAGE) and Rosario (BCR), have also downwardly adjusted their production estimates to 49.5 million tons and 50.5 million tons, respectively.
Regarding Brazil, the South American nation surpassed the US as the world’s leading corn exporter in 2023. It is anticipated to maintain its top position in the 2024 harvest year, commencing on September 1st, after holding 32% of the global export market share in the 2023 crop year.
Experts assess that the reduction in Argentina’s supply will create opportunities for other providers, such as the US and Brazil, to fill the gap. Moreover, escalating geopolitical tensions globally, coupled with efforts to safeguard food security by numerous countries, could propel corn prices upward in the latter half of this year.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
