USSEC Vietnam Hosts Minnesota See for Yourself Mission
- General News
USSEC hosted a delegation of Minnesota farmers on its 2016 See For Yourself mission. The group met with USSEC and the U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) before touring a typical Hanoi marketplace.
About 45 percent of the general population in Vietnam is between 25 and 45 years old. The middle and affluent class in Vietnam is expected to double in size between 2014 and 2020, from 12 million to 33 million people, making Vietnam an important market for U.S. soybean farmers.
Mark Dries, Counselor for Agricultural Affairs for FAS, addressed the Minnesota delegation, telling the farmers that Vietnam is an important market for their product.
“This has been a big and growing market for you,” he said. “I think it is clear through your selection that you made a wise decision with your checkoff investments.”
USSEC Country Director – Vietnam Tran Trong Chien also addressed the delegation, talking about the growth of Vietnam, specifically in pork production and consumption, and the importing of feed ingredients.
“We have to import about 70 percent of the feed ingredients for livestock in Vietnam,” he said.
According to Mr. Dries, Vietnam is the 11th largest market for U.S. exports. While Vietnam imports 95 percent of its soybean meal and whole soybeans, the U.S. is competing with countries such as Argentina and Brazil for a place in the market. Of that market, Mr. Chien says Vietnam imports about 10 percent of its soybean meal from the U.S. and about 50 percent of its whole soybeans from the U.S.
“The government is very clear about the efficiency to produce soybeans in Vietnam,” Mr. Chien said. “It’s cheaper to import to supply the demand.”
Mr. Chien also told the Minnesota delegation that Vietnam’s pork, poultry and aquaculture industries are growing, on average, by 6 to 7 percent each year.
With more than 26 million hogs raised in the country, Vietnam ranks sixth worldwide in production and 7th in consumption of pork.