Sugar prices have seen a continuous decline these recent days because of a drop in world sugar prices.
|Workers package sugar at Vi Thanh Sugar Mill in the Mekong Delta province of Hau Giang (Photo: SGGP)|
Sugar plants have sold their best quality sugar at VND18, 000-18,500 per kilogram, a decrease of 15-20 percent compared to earlier this year.
The retail price has gone down to VND21,000 per kilogram from VND24,000-
25,000 per kilogram.
Nguyen Thanh Long, Chairman of the Vietnam Sugarcane and Sugar Association, said local prices have dropped because world sugar prices have fallen and Thai sugar, imported illegally into Vietnam, is VND500 per kilogram cheaper than domestic sugar.
He said that the Ministry of Industry and Trade has licensed the import of 250,000 tons of sugar, which has also caused a decrease in local sugar prices.
Mr. Long said the drop in sugar prices has led to a drop in sugarcane prices as well. Sugarcane prices have fallen to VND1,200 per kilogram from VND1,350 per kilogram.