Imported sugar dominates the market

VCN - According to the Vietnam Sugarcane Association, imported sugar completely dominated the market despite border controls on smuggled sugar, which makes sugar produced from sugarcane consumed very slowly.
It is forecast that there will be no shortage of sugar in June 2021 and July 2021. Illustrated photo. Source: VietnamPlus
It is forecast that there will be no shortage of sugar in June 2021 and July 2021. Illustrated photo. Source: VietnamPlus

According to a report by the Vietnam Sugar Association (VSSA), in May 2021, the situation of trade fraud and sugar smuggling took place, despite the increase in border controls to prevent the Covid-19 pandemic.

Specifically, on May 15, 2021, Ho Chi Minh City Police in collaboration with the Market Management Department discovered more than 140 tons of sugar of unknown origin in parking lots in Hoc Mon and Binh Tan districts. All shipments are undocumented.

Drivers who claim to receive goods from Binh Duong and Dong Nai gather at the Ho Chi Minh City parking lot. Currently, all the shipments are being detained by the authorities for further investigation.

“In May 2021, sugar imported from ASEAN countries (evading anti-dumping and anti-subsidy taxes) and smuggled sugar from Cambodia and Laos completely owned the market, making sugar produced from domestic sugarcane difficult to consume," said VSSA.

Currently, the sugarcane season has ended. Official sugar imports from Thailand and ASEAN countries continue to enter the country, plus commercial fraud and illegal import continue to bring a large amount of sugar into the Vietnamese market.

According to data from the General Department of Customs, the amount of imported sugar into Vietnam from all sources in the first four months of 2021 has increased by more than 1.5 times, with an amount of nearly 540,000 tons compared to the same period last year at 341,000 tons.

A representative of VSSA said that imported sugar completely dominated the market despite border controls on smuggled sugar.

Sugar supply is sufficient to meet market demand. Because imported sugar is dominating the market, domestic sugar prices tend to follow world sugar prices.

VSSA forecasts that sugar imports from Thailand and ASEAN countries will continue to increase in June 2021 and smuggled sugar will remain active. In addition to the sugar produced from domestic cane which is in stock and consumed slowly, there will be no shortage of sugar in June and July 2021.

Regarding the development of Vietnam's sugar industry, Mr. Nguyen Quoc Toan, Director of the Department of Agricultural Products Processing and Market Development (MARD), said that the sugar industry is entering a new stage of development, requiring a new attitude. It is the initiative of both state management agencies to keep up with market signals.

Recently, the Ministry of Agriculture and Rural Development has coordinated with the Ministry of Science and Technology to have a program to develop the national science and technology market and prepare to submit to the Prime Minister.

Priority content and selection of investment sources are directly related to issues of deep processing technology, including sugar cane. This is a priority for financial resources and a priority for policy.

“Besides, we reported to the leadership of the Ministry to have a working session with the State Bank of Vietnam. The problem is, the trade policy for sugar mills is suitable for the rotation of the harvest cycle, in accordance with the capacity of the sugar mills, in line with the subject of the farmer,” said Mr Toan.

Leaders of the Department of Agricultural Product Processing and Market Development said that the Ministry of Agriculture and Rural Development is submitting to the Prime Minister a decree on agricultural mechanization. This will be a very important legal corridor to promote mechanization and deep processing activities, including the sugar industry.

By UyenNhu/Quynhlan

Related News

Strengthening efforts to combat smuggling and illegal pig transport

Strengthening efforts to combat smuggling and illegal pig transport

VCN - The General Department of Vietnam Customs has directed units to promptly inspect and reinforce measures to control and prevent smuggling, as well as the illegal transportation of animals and animal products, with a particular focus on pigs.
Ho Chi Minh City Customs: Preventing many cases of importing goods that violate intellectual property rights

Ho Chi Minh City Customs: Preventing many cases of importing goods that violate intellectual property rights

VCN - Many businesses importing goods that violate intellectual property rights have been detected and punished by Ho Chi Minh City Customs Department.
Lang Son Customs tightens control on imports and exports ahead of Lunar New Year

Lang Son Customs tightens control on imports and exports ahead of Lunar New Year

VCN - As of November 5, 2024, Lang Son Customs Department has detected 1,537 violations within its control zones as part of its year-end enforcement operations. With domestic demand for goods—particularly household items—surging ahead of the Lunar New Year, Lang Son Customs has directed its units to ramp up intelligence gathering and closely monitor high-risk areas, ensuring strict inspection of all imports and exports.
Customs collects over VND745 billion from anti-smuggling work

Customs collects over VND745 billion from anti-smuggling work

VCN - By the end of October, through anti-smuggling work, the Customs agency had prosecuted 24 cases, transferred 141 cases to other agencies for prosecution; collected VND745.68 billion.

Latest News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.

More News

Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version