Vietnam looks for new animal feed suppliers
Vietnam expects a tough year for the livestock sector, as the country is largely dependent on animal feed imports from Russia and Ukraine. The war started by Russia in Ukraine has already lifted prices for corn by 50%, soybean follows it with 38%, and wheat with an increase of 62% compared to early 2021. Meanwhile, the price of domestic animal feed has increased by about 30% against early 2021, according to a report from Yuanta Securities Vietnam Quanta. The company predicts that the price of animal feed may slide downward in the second half of this year as the circulation of goods will improve. According to the report, it will be difficult for local animal feed producers to keep up with the price increase of raw materials.
The Ministry of Industry and Trade has forecast that the local livestock industry will continue to face many difficulties this year due to the development of the pandemic. Global supply chain disruption will also continue to affect the local livestock industry. According to the Department of Husbandry under the Ministry of Agriculture and Rural Development (MARD), the country’s animal feed industry imports 90% of its raw materials. Russia and Ukraine account for about 29% of global wheat exports and 19% of maize. The two countries are also the largest suppliers in the Vietnamese market.
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