Vietnam may resume sugar imports to keep local firms sweet.
Tran Thi Mieng, an official from the Ministry of Agriculture and Rural Development (MARD), said: “MARD should ask the Ministry of Industry and Trade to allowing the resumption of sugar imports in August to satisfy domestic demand and avoid speculation.”
She said that prices in many markets such as Thailand were on the rise and Vietnam’s sugar stockpile was small.
In the 2010-2011 sugarcane crop, which began in September last year and finished in July, domestic sugar firms produced 1.15 million tonnes of sugar, a year-on-year increase of 260,460 tonnes, plus 293,000 tonnes of sugar inventory and 93,000 tonnes of imported sugar from the beginning of the year.
Therefore, the total domestic sugar supply was estimated at 1.436 million tonnes. More than one million tonnes of sugar were consumed from the beginning of the 2010-2011 crop to July.
Under Vietnamese law, sugar is imported into the country using a quota system established by the Ministry of Industry and Trade (MoIT) every year, in consultation with the MARD, Ministry of Finance and Vietnam Sugarcane and Sugar Association (VSSA). The MoIT already set an import quota of 250,000 tonnes of sugar across this year. In May, because of oversupply, the MoIT asked enterprises to hold off raw and refined sugar imports until July to help domestic refineries reduce their stockpiles.
However, VSSA confirmed it was not necessary to import sugar at least until October. VSSA representative Ha Huu Phai told VIR that the domestic supply was secured until that month.
He said favourable weather and an expanded sugarcane growing areas had helped raise the sugar output of the 2010-2011 crop. – VIR
Deprecated: strpos(): Passing null to parameter #1 ($haystack) of type string is deprecated in /home/agriviek8Qv/agriviet.net/public_html/wp-includes/comment-template.php on line 2522