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VN spends $1.5 billion for animal feed imports

VN spends $1.5 billion for animal feed imports

Friday 06, 12 2019
Viet Nam had to spend more than US$1.5 billion to import animal feed and raw material in the first five months of this year, up 27.5 per cent compared with 2016, despite market difficulties for meat, especially pork.

Viet Nam had to spend more than US$1.5 billion to import animal feed and raw material in the first five months of this year, up 27.5 per cent compared with 2016, despite market difficulties for meat, especially pork.

The information was released by the Ministry of Agriculture and Rural Development (MARD).

Viet Nam imported nearly 650,000 tonnes of soybeans worth $280 million in the first five months of this year, increasing by 8 per cent in volume and 19 per cent in value year-on-year.

Especially, corn imported from Thailand to Viet Nam in the first four months of this year increased sharply, up 48 times in volume and 4.5 times in value over the same period last year.

The largest import market for Viet Nam’s animal feed was Argentina, accounting 45 per cent of the market share, followed by the United States, India and China.

Recently, MARD’s Department of Animal Husbandry has submitted to MARD its plan to temporarily stop building new feed mills. 

According to the department, the animal feed industry has to promote internal resources, use feed more effectively, control diseases and reduce costs to compete with imported products. 

-Credit: VNS-

Categories
Financial News

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