Sugar refineries in despair as prices fall

The price of sugar in the Mekong Delta provinces has dropped drastically to touch VND14,600 per kilogram, causing many sugar refineries to suffer losses although confectioneries have begun producing sweetmeats for the coming Tet Lunar New Year holidays.

According to Vietnam Sugar Association, the price of refined sugar was VND18,500-19,000 per kilo during the same period last year and there was a shortage of sugar, however, this year sugar prices have continually fallen.

Inventory in Phung Hiep and Vi Thanh Sugar Refineries in Hau Giang Province alone adds up to 20,000 tons currently. Other sugar refineries are also holding onto a large amount of sugar in their warehouses.

One of the reasons that sent sugar refineries into such despair was because of illicit sugar flooding local markets from Thailand at a very low price, with domestic prices unable to compete.

By N.Duy – Translated by Thuy Doan

Other news

Most view

Banking-finance

VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


Economy

HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market