A spike of sugar smuggled into the country from Thailand has hurt the Vietnamese sugarcane industry, said Chairman of the Vietnam Sugarcane and Sugar Association Nguyen Thanh Long on April 4.
Vietnamese companies cannot compete with the low prices of smuggled sugar, said Long. The stock has hit the highest amount in years.
Local mills produced nearly 1.35 million tons of sugar. The wholesale price is VND 12,500-13,000 per kilogram. It is only VND 12,000-12,200 per kilogram, which is production price.
Sugar mills now have 614,000 tons in stock, said Long.