H. Feed and aquafeed market

Feed is where a Vietnamese alternative protein is most likely to find its first large buyers. This appendix sets out the market it would enter: how much feed Vietnam makes and imports, how much aquafeed goes to each species, what fishmeal costs, how much fishmeal a novel protein could realistically displace, which substitutes are already in use, what feed trials show, how feed mills decide, and the prices a new product must beat. It ends with the counterfactual: Chinese microbial proteins that can already be imported. It supports Why Vietnam, Economics and Plays. Production costs are in Costs and benchmarks; the rules for listing a new feed ingredient are in G. Regulation.

#How to read this appendix

• Terms. FM is fishmeal. SBM is soybean meal. SPC is soy protein concentrate. SCP is single-cell protein (microbial biomass). CAP is Clostridium autoethanogenum protein, a bacterial SCP made from steel-mill off-gas. BSF is black soldier fly. CP is crude protein. FCR is feed conversion ratio (kg of feed per kg of animal gained).
• Protein replacement and functional effects. "Protein replacement" means a novel ingredient supplies protein in place of fishmeal or soybean meal. A "functional effect" is a benefit such as better survival, immunity or palatability that protein supply does not explain. We keep the two apart, because they support very different prices.
• Prices. World Bank prices are nominal USD per tonne. We express them per tonne of protein at 65% CP for fishmeal and 46% CP for soybean meal. VND converts at 26,000 per USD.
• Years. USDA's "MY2024/25" for Vietnamese soybeans and soybean meal runs from January to December 2025, so it equals calendar 2025.
• Our calculations are marked and show their inputs. Several key inputs (aquafeed volumes by species, inclusion rates) are industry estimates or global averages, so the derived pool is Low confidence.

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#H1. Feed output

• The 21.5 Mt and 22 Mt figures exclude aquafeed. The species split (pig 55.3%, poultry 40.9%, other livestock 3.7%) adds to 100% and leaves no room for aquafeed ¹ VN-directCao.
• Industry structure. 269 industrial feed mills had 43.2 Mt/yr of design capacity in 2023 and ran at about half capacity; foreign-invested firms made 62.5% of output in 2022 ⁶ VN-directTrung bình. More than 260 feed companies operate ⁷. Details and the main groups are in Facilities and capacity.
• Feed prices in 2026. Feed prices rose 10 to 14% between January and April 2026. The poultry association chair said they could rise 20 to 25% if the Middle East conflict continued ⁸ VN-directThấp. Live hog prices fell about 20% and broiler prices 11 to 19% in H1 2026, a cost-price squeeze ⁵ VN-directTrung bình.

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#H2. Feed-ingredient imports and the feed balance

#H2.1 Imports by commodity

• H1 2026. Corn imports were 6.8 Mt (up 49%; Argentina 37%, Brazil 36%, United States 13%), wheat 4.8 Mt (up 58%; Argentina 58%) and DDGS 645 kt (down 24%; United States 81%) ⁵ VN-directTrung bình. USDA raised its corn import forecast for MY2026/27 to 15 Mt ⁵ VN-directTrung bình. The average corn import value in H1 2026 was about USD 251/t CIF (June USD 258/t) ¹⁷ VN-directTrung bình.
• Import bill. The sum of four customs lines (corn USD 2.95 bn, soybeans USD 1.21 bn, wheat USD 1.46 bn and "animal feed and ingredients" USD 4.58 bn) is about USD 10.2 bn for 2025 and about USD 10.6 bn for 2024 (our calculation from ^16,10,12,14) VN-directTrung bình. It is gross: it includes about 2.85 Mt of milling wheat and about 0.54 Mt of food soybeans. The physical volume of corn, soybeans, wheat, soybean meal, DDGS and rapeseed meal was about 27.4 Mt in 2025. The livestock department's narrower 2024 figure is 22.4 Mt and USD 7.7 bn (corn 10 Mt, oil meals 5.5 Mt, wheat and barley 2.36 Mt) ¹ VN-directTrung bình.
• Share imported. Official and industry sources give 65 to 85% of feed raw materials imported, depending on definition ^7,18,1 VN-directThấp. We prefer ingredient-specific figures: corn about 74%, soy protein about 99%, wheat and DDGS 100%.
• Price history. The average corn import price was about USD 295/t in 2023 (derived), USD 243/t in 2024 and USD 248/t in 2025 ^9,10 VN-directTrung bình. Wheat averaged USD 267/t in 2025, about 37% below its September 2022 peak of USD 424/t ^14,19 VN-directTrung bình.
• Tariffs. Feed protein and energy imports are duty-free. The MFN duty on feed corn (HS 1005.90.99) and on soybean meal (HS 2304.00.29 and 2304.00.90) fell to 0% on 31 March 2025; soybeans (HS 1201.90) and fishmeal (HS 2301.20) were already at 0% in 2023 ^20,21 VN-directTrung bình. Wheat has been at 0% since November 2021 ³ VN-directTrung bình. So domestic novel proteins get no tariff shelter against soybean meal or fishmeal.

#H2.2 The feed-ingredient balance, 2025

USDA's 2025 feed-ingredient table shows 23.57 Mt imported out of 28.62 Mt, about 82% ¹⁵ VN-directCao.

#H2.3 Soybean and soybean-meal balance, 2025

For calendar 2025 (USDA's MY2024/25) ¹³ VN-directTrung bình:

• Soybeans. Supply: opening stocks 460 kt + production 42 kt + imports 2,609 kt = 3,111 kt. Uses: crush 1,900 kt + food 540 kt + feed and waste 220 kt + closing stocks 451 kt = 3,111 kt. The balance closes.
• Soybean meal. Supply: opening stocks 678 kt + production 1,482 kt (78% extraction from 1,900 kt) + imports 5,703 kt = 7,863 kt. Uses: exports 283 kt + food 95 kt + feed 7,200 kt + closing stocks 285 kt = 7,863 kt. The balance closes.
• Reading. Even if every domestic soybean were crushed, it would supply only about 2.2% of the crush (our calculation, 42 / 1,900). Domestic crushing shifts imports from meal to beans; it does not reduce dependence. About 99% of the soy protein in Vietnamese feed is imported.

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#H3. Aquafeed volumes by species, and the unresolved gap

#H3.1 Two incompatible estimates

Industry estimates by species, 2025 ⁴ VN-directThấp:

US tariffs on Chinese tilapia have pushed northern feed millers, including Dabaco, into tilapia and carp feed ⁴ VN-directThấp.

#H3.2 Why the numbers do not close

• Shrimp. The industry source says 920 kt of shrimp feed supported "nearly 800,000 tonnes" of shrimp ⁴. NSO reports 1,291 kt of farmed whiteleg plus black tiger shrimp (our sum, 994.4 + 296.7) ²² VN-directCao. Black tiger shrimp is mostly semi-intensive and uses little pelleted feed. But whiteleg output alone (994.4 kt) would need more than 920 kt of feed at any FCR above 0.93 (our calculation, 920 / 994.4). Feed-based and statistical estimates diverge by about 40%.
• Pangasius. 2.0 to 2.5 Mt of feed for 1,938.8 kt of fish implies an FCR of only 1.03 to 1.29 (our calculation).
• Possible explanations. The industry feed estimates are low; part of the feed is farm-made; or official output is overstated. We cannot tell which.
• Sensitivity. If shrimp feed matched NSO whiteleg output at an assumed FCR of 1.2 to 1.4, shrimp feed would be 1.19 to 1.39 Mt (our calculation, 994.4 x 1.2 and x 1.4), not 920 kt.

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#H4. Fishmeal prices, 2020 to August 2026

The World Bank series (labelled "Fishmeal, Peru Fish meal/pellets 65% protein, CIF" on IndexMundi) is the benchmark. Its annual means for 2023 to 2025 match the Pink Sheet annual figures exactly, so the two are the same series ^23,24 generalCao. Another of our notes records the Pink Sheet definition as 64 to 65% protein, c&f Bremen, from background knowledge rather than the page ²⁵. Either way, it is an international benchmark, not a Vietnamese price.

• Size of the move. August 2026 was 43% above August 2025 (USD 1,743/t) and 74% above the 2020 mean ^23,24 generalCao. It is one month and may reverse; the Pink Sheet commentary did not explain the jump.
• Soybean meal per tonne of protein (46% CP): about USD 796 in 2025 and USD 876 in August 2026 ²³ generalCao. Fishmeal protein was 3.3 times dearer than soy protein in 2025 and 4.4 times dearer in August 2026 (our calculation, 2,625 / 796 and 3,846 / 876). The widening ratio raises the value of fishmeal replacers.
• Long-run context. Fishmeal rose from USD 452/t in 2000 to USD 1,596.54/t in 2018 ²⁶ generalTrung bình.
• Other benchmarks, August 2026. Soybeans USD 482/t, maize USD 224/t, urea USD 390/t, sugar USD 380/t ²³ generalCao.
• A Vietnamese buyer's quote. A Uni-President Vietnam executive cited fishmeal at USD 1,600/t in November 2025, without grade, origin or delivery basis ²⁷ VN-directThấp. The World Bank series was USD 1,794/t that month ²⁴. Both can be right: the Vietnamese quote is probably a lower grade or Indian origin. The same trade article says international prices started 2025 at a low of USD 1,600/t and ended at USD 1,825/t ⁴ VN-directThấp.

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#H5. Vietnam's fishmeal trade and domestic supply

Vietnam is a net exporter of fishmeal by value, mostly to China ^28,29 VN-directTrung bình:

• Quantities are imputed. Every partner shows the same unit value (USD 1,875/t for imports, USD 1,899/t for exports), so the database estimated the tonnages. Quote values, not tonnes ^28,29 VN-directThấp.
• Net position. About USD 170 M net exports in 2023 (our calculation, 430.5 - 260.0).
• Reading. Vietnam makes fishmeal from pangasius by-products, other processing waste and low-value fish, and sells most of it to China. It imports higher-grade meal, much of it from India, for shrimp and marine feeds. Pangasius processing by-products are 62 to 67% of the whole fish ³⁰ VN-directTrung bình; by-product fishmeal yields are 35.8% for African catfish waste and 54.8% for tilapia waste ³¹ generalTrung bình. See Feedstock data sheets, sheet C26.
• Gaps. Domestic fishmeal production, grade mix and domestic prices (VND/kg by 55%, 60% and 65% CP) for 2024 to 2026 were not found.

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#H6. Fishmeal inclusion rates

We found no Vietnam-specific published inclusion rate. The ranges below are global or experimental.

• Central values used. Whiteleg shrimp 10 to 20% (bounds 6 to 25%); pangasius and tilapia 1 to 2%. An earlier lead of 2 to 5% for pangasius has no source; we use it only as a sensitivity.
• Why shrimp matters most. Shrimp feed is where fishmeal inclusion, and so willingness to pay for a replacement, is highest.

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#H7. The displaceable fishmeal pool

How much fishmeal is in Vietnamese aquafeed that a non-animal protein could, in principle, replace? We count only species with both a sourced feed volume and a sourced inclusion range. Feed volumes are the 2025 industry estimates ^4,27; rates are from H6. VN-directThấp for volumes, generalTrung bình for rates; the result is Low confidence.

• Sourced bounds (shrimp 6 to 25%): 55 + 20 + 4 = 79 kt to 230 + 50 + 10 = 290 kt a year (our calculation).
• Central case (shrimp 10 to 20%): 92 + 20 + 4 = 116 kt to 184 + 50 + 10 = 244 kt, which we round to 120 to 245 kt a year (our calculation).
• Hypothetical additions (unsourced rates): snakehead up to 300 kt of feed x 20 to 40% = 60 to 120 kt; marine fish 80 to 100 kt x 15 to 30% = 12 to 30 kt. Even at the top of both hypotheses and the top of the sourced range, the pool is about 440 kt (our calculation, 290 + 120 + 30).
• Sensitivity to shrimp volume. If shrimp feed matched NSO whiteleg output (1.19 to 1.39 Mt at FCR 1.2 to 1.4; see H3), shrimp fishmeal alone would be 119 to 278 kt at 10 to 20% (our calculation).
• Comparison. Our wave 1 macro note gave about 80 to 270 kt, using 23% as the shrimp ceiling ^4,35. The wave 2 range (79 to 290 kt) allows 25% from trial control diets. The central range (120 to 245 kt) is the better single range to quote.
• Realistic capture by a novel protein. Trials show 25 to 60% of fishmeal can be replaced without growth loss (H9). Applying 25 to 50% to shrimp fishmeal at 10 to 20% inclusion gives 920 x 10% x 25% = 23 kt to 920 x 20% x 50% = 92 kt, which we round to 25 to 90 kt a year of novel-protein demand (our calculation). That is 2 to 8 plants of Entobel's design size (11 kt/yr), and it is already contested by Entobel, Chinese SCP and poultry by-product meal.

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#H8. Incumbent alternative feed proteins

A new protein competes with substitutes already in use, not only with fishmeal. In 2025 the fishmeal price gap "accelerated the use of poultry byproduct meal as a partial fishmeal substitute, as well as fermented soy, soy protein concentrate and rapeseed meal" ²⁷ VN-directTrung bình.

• Tariff note. Inactive yeasts and other dead single-cell organisms (HS 2102.20) carried a 7% MFN duty in 2023, against 0% for soybean meal and fishmeal. If dried bacterial or yeast SCP classifies there (not verified), imported SCP carries a small handicap ²¹ VN-directTrung bình.
• Listing status. Insect meal and yeast protein are listed raw materials for livestock feed. The aquafeed permitted list (Circular 16/2026/TT-BNNMT, Appendix II) has no raw-material section: it lists Candida utilis, Pichia farinosa and Saccharomyces cerevisiae only as microorganisms, and has no methanotrophs or microalgae. Since 5 August 2026, Decree 211/2026 fines VND 10 to 20 M for each unlisted feed raw material used, plus 1 to 3 months' suspension ^63,64,65 VN-directCao. See G. Regulation.

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#H9. Replacement trial evidence by species

#H9.1 Protein replacement without growth loss

• Digestibility screen. In a whiteleg shrimp study at 30% dietary inclusion, CAP protein digestibility was higher than the control and methanotroph meal lower; growth fell with methanotroph, BSF and mealworm meals but not with CAP or Chlorella ⁵⁷ generalTrung bình. One trial is not the last word on methanotroph meal; FeedKind-specific shrimp trials were not retrieved.
• Vietnamese research base. About 20 Vietnamese fishmeal-replacement papers exist by term search; this is a floor, because country tagging misses Vietnamese journals ^84,85 VN-directTrung bình. We found no Vietnamese trial with bacterial SCP, methanotroph meal or microalgae as bulk protein in pangasius or shrimp ⁸⁴ VN-directTrung bình.

#H9.2 Functional and immunity effects (separate from protein)

• CAP improved growth and survival after pathogen challenge in whiteleg shrimp across 15 to 45 ppt salinity ⁵⁵ generalTrung bình.
• Mealworm meal at 50% replacement cut post-challenge mortality by 76.9% in whiteleg shrimp ⁶⁶ generalTrung bình.
• FeedKind raised survival and antioxidant markers in largemouth bass ⁸¹ generalTrung bình.
• BSF protein hydrolysate at 1 to 2% of diet raised palatability in shrimp feed ⁸⁶ generalTrung bình.
• Beta-glucan raised striped catfish survival under winter conditions from 78.3% to 95.0% ⁸⁷ generalTrung bình. Yeast is broadly reviewed as an immunostimulant ⁸⁸ generalTrung bình.

Reading. The growth data support partial replacement (about 25 to 60% of fishmeal) in the Vietnamese species that still use fishmeal: shrimp, snakehead and marine fish. Early life stages need their own trials (the barramundi fry result is a warning). In pangasius and tilapia there is little fishmeal left to replace, so a novel ingredient there must sell on function or on soybean-meal parity. A product sold on function can charge far more per tonne than one sold on protein (H11).

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#H10. Buyer economics

#H10.1 Feed in production cost

#H10.2 Feed prices

#H10.3 What fishmeal costs a shrimp mill

At 15% inclusion, fishmeal adds USD 256 per tonne of feed at the 2025 average price and USD 375 at the August 2026 price (our calculation, 0.15 x 1,706 and 0.15 x 2,500). That is roughly 13 to 30% of the derived shrimp-feed price of USD 1,270 to 1,920/t (our calculation). At USD 2,500/t, each percentage point of fishmeal removed saves about USD 25 per tonne of feed before paying for the replacement (our calculation, 0.01 x 2,500). This is why mills want to cut fishmeal.

#H10.4 Who buys

• Shrimp feed. Sheng Long, C.P. Vietnam, Uni-President Vietnam, Tongwei, Grobest and Gromax made a combined 640 kt in 2025, about 70% of shrimp feed ^27,96 VN-directTrung bình. New high-protein capacity (C.P. Ca Mau, 124,800 t/yr; De Heus Vinh Long, 168,000 t/yr for 40 to 50% protein marine feeds) adds premium buyers ^97,98 VN-directTrung bình. See Facilities and capacity.
• Pangasius. Vertically integrated groups; Vinh Hoan is already an insect-meal buyer ⁴⁷ VN-directCao.
• Livestock feed. De Heus, GreenFeed, Cargill, Japfa and C.P. lead ⁷ VN-directThấp. De Heus's purchase of CJ Feed & Care (closed 3 March 2026) concentrates buying power further ⁹⁹ VN-directCao.
• Certification pull. Sheng Long and Uni-President cited ASC certification as a 2026 priority ²⁷, and De Heus gained ASC Feed certification for pangasius and tilapia feeds in August 2026 ¹⁰⁰ VN-directTrung bình. Traceable, certifiable ingredients have an edge.

#H10.5 How a mill qualifies a new ingredient

A typical sequence, drawn from the trial literature and the published local cases (it is not a Vietnamese standard procedure):

1. Specification and safety data: proximate analysis, amino acids, contaminants.
2. Digestibility trial in the target species.
3. Dose-response growth trial in tanks, usually 8 to 12 weeks.
4. Pond or farm trial through a contract lab such as ShrimpVet in Ho Chi Minh City ⁵⁹.
5. Legal listing as a feed ingredient in Vietnam. For a new substance in livestock feed this means a feed trial under the Law on Animal Husbandry Art 37 and Circular 94/2025, with about 40 working days of agency steps (protocol approval 15 + 5 days, recognition 15 + 5 days) plus the trial itself ^101,102,103 VN-directTrung bình. Our estimate of the total is 6 to 18 months. For aquafeed, the documented steps are about 20 days of appraisal, the trial, then 10 working days ^63,104 VN-directTrung bình. Whether an aquafeed trial is required for a new raw material is ambiguous (H8). See G. Regulation.
6. Supply-security and price agreement. The Entobel and Vinh Hoan offtake (at least 15,000 t over 2025 to 2027) is the local precedent ⁴⁷ VN-directCao.

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#H11. The price to beat

Assumptions. Fishmeal at 65% CP: USD 1,706/t (2025 average) to USD 2,500/t (August 2026). Soybean meal at 46% CP: USD 366/t (2025) to USD 403/t (August 2026) ²³ generalCao. Novel products: SCP at 70% CP; fungal biomass at 50% CP. Indicative Vietnamese production cost from the fungal feed-protein cost stack in Costs and benchmarks: USD 2,227 to 6,612 per tonne of product, or USD 4,050 to 14,700 per tonne of protein (modelled, Low).

All values in this table are our calculation from ^23,27,91 and the cost stack; VN-directThấp.

Arithmetic for targets 2 and 2b (our calculation). Maximum ingredient price = soybean-meal price + (performance gain x feed price) / inclusion rate. Inputs: soybean meal USD 403/t ²³; feed price levels derived in H10.2 ²⁷; performance gains of 3 to 5% are assumptions.

• Pangasius feed at USD 385/t, 5% gain, 2% inclusion: 403 + (0.05 x 385) / 0.02 = USD 1,366/t.
• Pangasius feed at USD 770/t, 5% gain, 1% inclusion: 403 + (0.05 x 770) / 0.01 = USD 4,253/t.
• Pangasius feed at USD 385/t, 3% gain, 2% inclusion: 403 + (0.03 x 385) / 0.02 = about USD 980/t.
• Shrimp: 5% of USD 1,280 to 1,920/t of feed, divided by 2 to 5% inclusion, gives USD 1,280 to 4,800/t above the fishmeal-parity value.

Reading. A Vietnamese feed protein sold on protein price alone does not clear fishmeal at 2025 prices and cannot touch soybean meal. At the August 2026 fishmeal price, the low end of the indicative cost comes within about 5% of parity, but that depends on the spike lasting. The investable thesis is a functional shrimp or pangasius ingredient with trial data, or a very low-cost by-product route. Pig and poultry feed (about 22 Mt) is ruled out by price, not by volume.

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#H12. Outlook to 2030

• Vietnamese feed demand. USDA expects total feed demand (animal plus aquafeed) to rise from 28.6 Mt (2025) to 29.5 Mt (2026) and 30.6 Mt (2027), with aquafeed at 6.73 Mt (2026) and 7.12 Mt (2027) on its own, higher aquafeed basis ³ VN-directTrung bình. It expects soybean-meal feed use of 7.4 Mt (2026) and 7.8 Mt (2027) ¹³ and corn imports of 15 Mt in MY2026/27 ⁵ VN-directTrung bình. Every increment of demand growth is met by imports.
• The 2030 target. Decision 1520/QD-TTg targets 30 to 32 Mt of industrial feed output from 40 to 45 Mt of capacity by 2030 ^105,106 VN-directCao. The extract does not say whether aquafeed is included. Edition 1.1: the feed scheme, Decision 1625/QD-TTg, sets the same 30 to 32 Mt for industrial livestock feed, so the target appears to exclude aquafeed ¹⁰⁷ VN-directTrung bình; see Protein balance 2050. From about 22 Mt of livestock and poultry feed in 2025, the target needs 6.4 to 7.8% growth a year (our calculation, (30/22) and (32/22) to the power 1/5). Growth was about 3% in 2025 and 7.5% in H1 2026 ^3,5. Reaching the target would add 8 to 10 Mt of feed a year compared with 2025 (our calculation), a large protein-input requirement that imports or domestic novel inputs would have to meet.
• Shrimp feed. Sheng Long expects sales to grow about 15% in 2026 ²⁷ VN-directThấp.
• Price forecasts. The World Bank's April 2026 forecasts stop at 2027: soybean meal USD 359/t (2026) and USD 363/t (2027); maize USD 211/t and USD 214/t. Maize had already reached USD 224/t by August 2026. There is no World Bank fishmeal forecast ^108,25 generalCao. Any 2030 feed-price path is therefore a scenario assumption; see O. Outlook data.
• Global fishmeal supply. About 4.5 Mt of fishmeal was made in 2016, 69% of it used in aquafeed; global aquafeed was projected to grow from 49.7 Mt (2015) to 87.1 Mt (2025) ¹⁰⁹ generalTrung bình. Aquaculture now takes about 87% (about 4 Mt a year), citing FAO 2024, and trimmings are a growing share of supply ¹¹⁰ generalTrung bình. Supply is flat and demand is rising, which supports structurally high fishmeal prices, but prices also swing with Peruvian anchovy seasons.
• Leading indicator. The fishmeal to soybean-meal price ratio (3.8 in 2024, 4.7 in 2025, 6.2 in August 2026) is the signpost to track monthly on the Pink Sheet ²⁵ generalCao.

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#H13. The Chinese counterfactual

• China is pushing soybean meal out of its own feed. MARA issued a "Three-Year Action Plan" to reduce and substitute soybean meal in feed (2023), and a 2025 review reports that soybean-meal use in Chinese feed fell 8.0% in 2024 ¹¹¹ generalThấp. We could not read the plan's numeric targets. A 2021 Chinese plan also named single-cell protein ¹¹² generalThấp. Earlier, China's fishmeal imports held at 1.0 to 1.5 Mt a year while its aquafeed grew to 19 Mt (2014) ¹¹³ generalTrung bình.
• Chinese microbial protein is already at scale. Calysseo's 20,000 t/yr FeedKind plant and CAP from steel-mill gas are in commercial use in China ^51,54 generalTrung bình. Angel Yeast makes more than 11,000 t/yr of food-grade yeast protein ⁵⁸ generalThấp. Chinese glutamic-acid biomass is already sold in Vietnam ⁴⁹ VN-directTrung bình.
• The trade link runs both ways. Vietnam sends 93.5% of its fishmeal exports (USD 402.3 M in 2023) to China ²⁹ VN-directTrung bình.
• What it means for price (our reasoning, not a finding). Chinese by-product SCP has near-zero marginal feedstock cost, so it can price anywhere between soybean-meal and fishmeal parity. The realistic landed price for a Vietnamese feed SCP is therefore at or below fishmeal-protein parity. A Vietnamese producer should plan for a realised price of 70 to 90% of fishmeal-protein parity: about USD 1,840 to 2,360 per tonne of protein at the 2025 average fishmeal price and USD 2,690 to 3,460 at the August 2026 price (our calculation, 0.7 and 0.9 x 2,625 and x 3,846).
• Test. Any Vietnamese feed-SCP business plan should be tested against a quote for Chinese SCP delivered to a Mekong Delta mill, not against fishmeal list prices.

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#Gaps and how to close them

See Q. Open questions for the full register and R. Disagreements for the conflicts on aquafeed volume, shrimp output, fishmeal prices, inclusion rates and the pool.

#Related data files

• feed_imports.csv: feed-ingredient imports by commodity and year (2023 to H1 2026), with value, origins and the derived totals.
• macro_indicators.csv: feed output, aquafeed estimates, fisheries output by species, feed shares of cost and the 2030 target.
• feed_benchmarks.csv: fishmeal (2020 to August 2026), soybean meal and other World Bank prices, Vietnamese feed price levels, and incumbent novel proteins, with price per tonne of protein.
• inclusion_rates.csv: fishmeal inclusion ranges by species with basis and confidence.
• replacement_trials.csv: maximum replacement without growth loss by species and ingredient.
• commodity_prices.csv: wave 1 commodity prices, including Vietnamese corn import values and retail feed prices.
• outlook.csv: World Bank forecasts and the fishmeal to soybean-meal ratio.
• tariffs.csv and routes.csv: import duties and routes to market for feed ingredients.
• facilities.csv: feed and aquafeed mills.
• disagreements.csv and open_questions.csv: conflicting numbers and open questions.