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News 232 views last update:6 Aug 2012

Record prices animal feed in Vietnam

Dried soybeans and corn, two primary ingredients in animal feed, have posted record increases, according to the Vietnamese Ministry of Agriculture and Rural Development's Breeding Department.

The nation annually imports 500-700,000 tonnes of corn for animal feed at a total cost of US$135-185 million. By December 2007, the price had increased by 80% for dried soybeans and by 23% for corn over the beginning of 2007. The prices represented increased of 30-100% over 2006.

Viet Nam Feed Association Le Ba Lich said the animal feed industry lacked the capacity to develop domestic raw material sources and support industries. Domestic materials met only 68-70% of demand, with imports making up the rest. Deputy Minister of Agriculture and Rural Development Vu Van Tam said the state should permit foreign enterprises to invest directly in building raw material production capacity. The nation also needed to set up a commodities trading floor.

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