Hanoi: Sugar prices in Vietnam are expected to rise in the remaining months of 2023, according to the Vietnam Sugarcane and Sugar Association (VSSA). The association cited a decrease in supply from major producers India and Thailand as the main reason for the price hike.
As the year approaches its conclusion, experts predict that the demand for sugar in Vietnam will increase, particularly in the lead-up to the Lunar New Year holiday. Simultaneously, the existing low inventory levels have raised concerns among experts about potential challenges on the supplier’s side in the domestic market.
In response to these projections, experts recommend that sugar producers leverage the current high prices to enhance domestic sugarcane production and reduce reliance on imports. Currently, Vietnam’s sugar cane price ranges from 1.1 million to 1.3 million Vietnamese dong (equivalent to 45 to 53 U.S. dollars) per tonne, aligning with rates in other regional countries.
