Vietnam, which has been relying on foreign sugar supply for the last five years, is expecting to regain its home market following the state government’s efforts and international performance, reports Vietnamnet.vn.
As per Pham Quang Anh from MXV, sugar prices in the global market are likely to remain high due to a short supply of the sweetener and Vietnam’s sugar industry can utilize this opportunity to regain its position in the home market.
Vietnam is increasing sugar imports to meet the rising domestic demand and the rising global prices of the commodity are increasing the expense of the country.
Sugar output in the country for 2022-23 was estimated at 870,930 tons, up 16.6% over the previous crop and 7% over the 2021/22 season according to the Vietnam Sugarcane and Sugar Association.
“Increase in the domestic production of sugar and the rising prices of sugar in global markets will help Vietnam’s sugar industry to recover and control the domestic market,” said Anh.
