Lesley WJ Nernberg, Lighthouse Agri-Solutions and Matthew Clark, FeedGuys Resources

Vietnam has emerged as one of Southeast Asia’s most dynamic feed markets, driven by rising incomes, urbanization and rapid development of its poultry, swine and aquaculture industries. For northern U.S. soybean growers, Vietnam represents an important export and strategic growth destination for both whole soybeans and soybean meal.

Over the next decade, Vietnam’s expanding livestock and aquaculture sectors will require steadily increasing volumes of high-quality protein ingredients. Soybean meal will remain the backbone of most commercial feed formulations, while new crushing capacity will increase demand for imported whole soybeans. Together, these trends position Vietnam as a long-term, multi-channel opportunity for northern grown soybeans.

Vietnam’s feed industry today – and where it’s heading

Vietnam’s compound feed industry has grown rapidly over the past 10-15 years, supported by private investment, foreign joint ventures, together with the modernization of domestic integrators and feed mills. Poultry, swine and aquaculture are the three pillars of demand, with rations increasingly formulated using modern least-cost software, real-time nutrient matrices, and globally sourced raw materials.

Dr. La Van Kinh, Vice President of the Vietnam Feed Association, notes that Vietnam’s poultry and livestock compound feed output has risen from around 20.2 million metric tons (MMT) in 2016 to 22.1 MMT in 2025. He believes the industry is well positioned to reach approximately 30 MMT by 2030 as commercial poultry, swine and aquaculture systems continue to expand. While disease pressure has contributed to some loss of swine feed tonnage in recent years, he sees this as a manageable headwind rather than a structural brake on long-term growth. Overall, he expects demand for high-quality protein ingredients, including soybean meal, to keep rising.

As the feed industry grows, it is also consolidating and professionalizing. Innovative companies are setting quality standards, driving adoption of more consistent raw materials and pushing feed mills towards continuous improvement. This evolution favors reliable ingredient suppliers who can offer consistent nutrient quality, technical support and predictable delivery.

Species trends: Where future soy demand will come from

Poultry: Fast, flexible growth
Poultry production (including broilers, layers and ducks) continues to expand as Vietnamese consumers seek affordable and convenient animal protein. Industrial broiler and layer operations rely heavily on commercial feeds, with soybean meal as the core protein source in starter, grower and laying hen diets. As integrated poultry companies modernize, they demand more consistent and higher-quality soybean meal to support precise formulation, improved feed conversion ratios and reduced variability in performance. This creates a strong base of stable, year-round demand for imported soybean meal and meal produced from imported whole soybeans.

Swine: Large volumes, ongoing recovery
Swine has historically been Vietnam’s largest consumer of compound feed and remains a major driver of soy demand, particularly in nursery and sow lactation feeds where soybean meal supplies essential amino acids. ASF outbreaks have caused localized herd losses, but increased biosecurity and shift toward larger farms are helping the sector recover. As swine production becomes more concentrated and technically oriented, nutritionists are placing greater emphasis on nutrient density, digestibility and more consistent ingredient quality – areas where high-quality soybean meal provides a clear advantage.

Aquaculture: The fastest growing soy frontier
Aquaculture, especially pangasius, tilapia and shrimp – is one of Vietnam’s fastest growing feed segments, supported by strong export markets for fish and seafood. In discussion with Bui Ngoc Thanh, U.S. Soybean Export Council (USSEC) Vietnam Aquaculture Technical Manager, Vietnam’s estimated volume of pelleted and extruded aquafeed for 2025 was approximately 5.2 MMT in 2025. As this sector expands, estimated U.S. soy use in Vietnamese aquafeeds is also rising considerably, from about 141,000 MT in 2023 to more than 313,000 MT project for 2026 and over 400,000 MT by 2027.

Soybean meal is central to this growth because it may partially replace limited fish meal supplies and is prioritized for high-value species and sensitive life stages. Freshwater fish such as tilapia, pangasius and carp can often utilize soybean meal at inclusion levels of 30-40%, while marine species are typically formulated with lower than 25% soybean meal in their diets. Aqua feed producers increasingly favor U.S. soybean meal because of its quality, consistency and sustainability credentials, viewing it as a reliable protein backbone for performance-oriented feeds in Vietnam’s aquaculture value chains.

Vietnam’s soybean and soybean meal needs

A structural dependence on imports
Vietnam’s domestic soybean production is relatively small and constrained by land, climate and competing crops. As a result, the country relies heavily on imports of both whole soybeans and soybean meal to satisfy its feed industry requirements.

USSEC notes that Vietnam is now Southeast Asia’s third-largest U.S. soy importer and the world’s 13^th largest soy consumer. Total soy product imports in the 2024/25 marketing year are estimated at 9.1 MMT, with the United States supplying roughly 24% of that volume across whole soybeans, soybean meal and soy oil. As the world’s sixth-largest pork producer and fourth-largest aquaculture producer, Vietnam depends on a significant and growing flow of imported soy to sustain feed demand, highlighting a structural, long-term dependence on external soy supplies rather than domestic production.

Even as local crushing capacity expands, Vietnam is likely to remain structurally dependent on imported soybeans to keep crushers running and on imported soybean meal to supplement domestic output. This dual dependence creates two distinct but complementary demand channels for northern U.S. soy products.  

Growth in crushing capacity: Demand for whole soybeans
Several major crushers are operating in Vietnam, and some have invested in new lines or expansion in recent years. These plants import whole soybeans, producing soybean meal to feed mills across the country and oil for food and industrial uses.

USSEC reports that Vietnam is adding two new soybean crush plants to its existing facilities, including a new plant in the Mekong Delta, which will significantly increase capacity to process imported whole soybeans into oil and meal. In 2024/25, Vietnam’s total whole soybean market is estimated at about 3.2 MMT, of which roughly 2.7 MMT are imported and around 1.26 MMT originate from the United States.

As crushing capacity grows, northern U.S. growers can position their beans as attractive to Vietnamese crushers on the basis of oil yield, meal quality, reliability of supply and logistics.

Direct soybean meal imports: Filling the gap
In parallel, Vietnam will continue to import large volumes of soybean meal to complement what local crushers produce. Direct meal imports help feed mills manage logistics, risk and pricing while ensuring adequate supply during periods of peak demand or when crushers are down for maintenance.

USSEC projects Vietnam’s soybean meal market at roughly 8.4 MMT in 2024/25, with about 6.3 MMT supplied by imports. U.S. soybean meal currently accounts for close to 946,000 metric tons of those imported, around 15% of Vietnam’s total soybean meal import market, illustrating an important role for direct meal shipments alongside locally produced meal. This combination of growing domestic crush and substantial direct imports underlines the dual opportunity for U.S. suppliers.

Positioning Northern U.S. Soy for Vietnam’s future

From a northern U.S. perspective, the Vietnam opportunity is fundamentally a story of long-term growth potential and structural dependence on imported soy products, but also of alignment between what northern growers can offer and what Vietnamese feed and livestock industries will need. The key messages include:

1. Vietnam’s feed industry is on a multi-year growth path. Expanding poultry, swine and aquaculture sectors will drive higher demand for soybean meal and whole soybeans into the next decade.
2. Soy processors and feed mills will need reliable partners. As more crushing lines operate at higher capacity, and as feed mills demand consistent quality, there is room for strategic supply relationships that go beyond spot trading.
3. Quality and consistency matter more over time. Nutritionists increasingly value predictable amino acid profiles, digestibility and sustainability, which can differentiate northern U.S. soybeans and soybean meal when properly documented and communicated.
4. Aquaculture offers a high-growth niche. As aqua feed gradually replaces fish meal with plant proteins, high-quality soybean meal and specialized soy products can capture incremental demand.

The road ahead for NSM and northern growers

Northern Soy Marketing’s recent mission trip to Vietnam, with key visits to soybean meal end users, comes at an ideal time. The country’s feed industry is growing, modernizing and increasingly open to dialogue on ingredient quality, formulation strategies and supply partnerships. Through understanding the numbers behind Vietnam’s long-term feed and soy needs and sharing relevant data on northern U.S. soybean and soybean meal quality, northern growers can position themselves as trusted partners in Vietnam’s next phase of livestock and aquaculture growth.

For growers across the northern U.S., Vietnam should be seen not as a short-term opportunity, but as a strategic market where demand for soy – both beans and meal – is set to grow alongside one of Southeast Asia’s most dynamic feed industries.

For more detailed data, analysis, and technical support, contact the Northern Soy Marketing group or visit our website for the latest research and resources.