Vietnamplus

Domestic sugar producers have been facing mounting pressure in competition with imported sugar in recent years.

The domestic sugarcane and sugar industry expects to continue output growth with the 2022-23 crop thanks to the positive production performance and the tariff policy's efficiency for importing sugar.

Tariffs cut to zero under the ASEAN Trade in Goods Agreement (ATIGA) from January 1 this year and the COVID-19 pandemic have made for a tough year for the sugar industry, heard an online seminar held by Nhan Dan (People) e-newspaper on September 16.

The sugarcane sector is facing record-low prices despite an increase of 500,000 tonnes of output over last year, leading to high inventory levels, according to the Vietnam Sugar and Sugarcane Association.

The sugar industry needs to restructure to compete with rivals in other countries such as Thailand, according to the Vietnam Sugar and Sugarcane Association.

The Vietnamese sugarcane industry’s capacity will be improved after the Vietnam Sugar Association (VSSA) and Coca-Cola Beverages Vietnam Co., Ltd inked a cooperation deal on April 11.

The implementation of tariff reduction to zero percent under the ASEAN Trade in Goods Agreement (ATIGA) from January 1, is an obsession with the Vietnamese sugar industry.

Dairy giant Vinamilk will continue to expand abroad, especially in emerging market like Laos and Myanmar, this year.

The Vietnam Sugar and Sugarcane Association proposed to the PM not to allow an extension for temporary sugar imports for re-export as the sweet industry was struggling with high stockpiles and slumping prices due to illegally imported sugar.

The tax on imported sugar, as stipulated by the ASEAN Trade in Goods Agreement (ATIGA), will be maintained at 5 percent from the beginning of this year, instead of zero percent as previously rumoured.

The sale of sugar has been facing difficulties since the beginning of October, causing problems for sugar producers in recent days, according to the Sugar and Sugarcane Association.

Vietnam exported 43,000 tonnes of sugar to 28 markets, earning 20.6 million USD, in the first nine months of this year.

Total sugar inventory at factories and trading companies by the end of April reached a record high in the history of the local sugar industry, according to the Vietnam Sugar Cane and Sugar Association.

Sugar producers, distributors and consumers discussed production and consumption in 2015-16 and forecasts for the next season at a recent seminar in HCM City.