MoIT grants 140,000 tons of sugar quota to 7 July 2011

The Ministry of Industry and Trade (MoIT) has granted a quota of 140,000 tons of refined and crude sugar to 24 local sugar importers until 7 July 2011

The Ministry of Industry and Trade (MoIT) has granted a quota of 140,000 tons of refined and crude sugar to 24 local sugar importers until 7 July 2011, the local Saigontimes reported on Jan 11, citing MoIT.

Vinamilk (VNM), the biggest milk company in Vietnam, takes the biggest share of 65,000 tons of sugar, followed by Friesland Campina with 15,000 tons and Sanofi Synthelabo with 322 tons.

Earlier, on Jan 6, Vietnam cut the import quota of sugar in 2011 to 250,000 tons, down 50,000 tons from 2010, according to the Circular 45/2010/TT-BCT of MoIT.

The ministry allowed local firms to import 150,000 tons of refined and crude sugar input to manufacture; 50,000 tons of crude sugar for sugar factories and 50,000 tons of refined sugar for traders.

The 2010-2011 sugar output is estimated to reach 1 million tons compared with 890,000 tons in the previous 2009-2010 crushing season, while sugar demand would reach 1.2 million tons next year, MoIT said.

The domestic retail prices of sugar currently stand high at above VND20,000/kg while the world price also reached $755/ton. – Stoxplus.com

Tags: Vietnam sugar imports