The Ultimate Treasure Trove: How the US and Canada are Racing to Send Their Prized Possession to Vietnam at Unbeatable Prices, with Zero Import Taxes

According to preliminary statistics from the Customs Department, Vietnam’s soybean imports in July reached over 292,000 tons, valued at more than $138 million, a 2.9% increase in volume and an 8.1% surge in value compared to the previous month.

Cumulative imports in the first seven months of the year exceeded 1.5 million tons, with a turnover of over $695 million, marking a 15.1% rise in volume and a 1.1% gain in value year-on-year.

Brazil is currently Vietnam’s largest soybean supplier, providing over 803,000 tons valued at more than $372 million, a 3% volume increase but a 6% value decrease compared to the same period last year. Prices dropped by 8%, averaging $463 per ton.

The US secured second place, exporting over 550,000 tons worth more than $248 million, a substantial 30% volume increase and an 8% value rise compared to 7 months in 2024. Despite a 16% price drop, the average price remained competitive at $450 per ton.

Canada, the third-largest supplier, contributed over 125,000 tons valued at more than $59 million, witnessing a remarkable 78% volume surge and a 39% value climb year-on-year. The average price dipped by 22%, settling at $472 per ton.

Vietnam stands as the third-largest importer of soybeans and the ninth-largest importer of dry soybeans globally. In the last decade, the country has consumed nearly 2 million tons of soybeans annually. Soybean farmers have benefited from both declining soybean prices and rising pork prices since the beginning of the year.

Regarding soybeans, Decree 73/2025/ND-CP amends and supplements the preferential import tax rates for certain commodities listed in Appendix II – Preferential Import Tax Schedule according to the List of Taxable Commodities stipulated in Article 3 of Decree 26/2023/ND-CP with new preferential import tax rates.

Specifically, the import tax rate for corn was reduced from 2% to 0%, and the rate for soybean meal was lowered from 1% and 2% to 0%.

Vietnam’s soybean imports are projected to reach approximately 2.5-2.6 million tons in 2025, with a turnover of over $1.2 billion. This increase is primarily driven by the surging demand for animal feed and low tax barriers, especially for imports from the US. However, global supply dynamics and weather conditions remain pivotal factors shaping prices and import volumes.

In the global market, US-China soybean trade has witnessed notable shifts since the beginning of 2025 amid escalating trade tensions between the two economic giants. US soybean exports to China plummeted, reaching only about $2.46 billion in the first six months, reflecting a significant 51% drop compared to the previous year.

The US imposed up to 145% tariffs on certain Chinese products, prompting China to retaliate with taxes as high as 125% on US goods, including soybeans. These high tariffs have diminished the competitiveness of US soybeans, allowing Brazil to seize the opportunity and meet China’s surging demand, now accounting for approximately 70% of China’s soybean imports.