Increased sugar imports According to the Vietnam Sugarcane and Sugar Association (VSSA), almost all 28 sugar mills operating in the 2019-2020 crop season have stopped production. They produced 748,372 tonnes of all kinds of sugar as of April 15, and are expected to produce about 900,000 tonnes by the end of the sugarcane crop, a drop of 24 percent compared to the previous crop. Nguyen Van Loc, acting secretary-general of the VSSA, said domestic sugar prices are still high, making it hard to compete with imported sugar. The price of domestic granulated sugar ranges from VND12,000-12,600 per kg, while refined sugar is sold at VND12,700-14,000 per kg. Imported sugar costs VND12,100-12,800 per kg. Vietnam was scheduled to abolish its five percent import tariff on sugar in 2018 under the ASEAN Trade in Goods Agreement (ATIGA), but negotiated a delay to January 1 of this year under pressure from the VSSA. Since the taxation was scrapped, sugar imports have increased sharply. According to the Vietnam Market Analysis and Forecast Joint Stock Company (AgroMonitor), Vietnam imported about 241,000 tonnes of sugar in the first quarter of the year, equivalent to around 30 percent of total domestic production. High inventories Vo Thanh Dang,… Read full this story
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