Domestic sugar prices likely to extend uptrend

The prices of domestic sugar are expected to continue increasing in the end of this year due to world higher prices of sugar and sugarcane

The prices of domestic sugar are expected to continue increasing in the end of this year due to world higher prices of sugar and sugarcane, the online newspaper Nguoilaodong reported on November 26, citing the Price Control Department under the Ministry of Finance.

The wholesale prices of refined sugar increased by VND1,000 from October to between VND19,000/kg-VND21,000/kg while the average retail prices of sugar rose to between VND22,000/kg-VND23,000/kg,

“The world prices of sugar have been surging in the recent time, adding the domestic dollar price hike which pushes the domestic sugar price higher”, Nguyen Thanh Long, President of Sugar Cane and Sugar Association said.

Meanwhile, domestic sugar supply is estimated to reach VND125,700 tons from now to Tet holiday, the traditional New Year festival, fully meeting the domestic demand.

However, Vietnam is forecast to import around 300,000 tons of sugar in 2011, the Ministry of Industry and Trade said. – Stoxplus.com

Tags: Vietnam sugar, Vietnam Sugar Prices