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Viet Nam likely to import 250,000 tonnes of sugar in 2011
Viet Nam will import about 250,000 tonnes of sugar next year, forecasts the Agriculture and Rural Development Ministry.
The estimate is based on a domestic 2010-11 crop of only 1 million tonnes.
"Although the harvest will match previous crops, demand is about 1.2 million tonnes per year," said Viet Nam Sugar Association General Secretary Ha Huu Phai.
So 50,000 tonnes would be imported to ensure supply.
"Yearly sugar production is limited to only five or six months but the resulting volume is consumed over the entire year," he explained .
This created the need for extra supplies.
The Industry and Trade Ministry's Import-Export Department reports that Viet Nam had imported 210,000 tonnes of sugar to the end of October – 90,000 tonnes short of this year's quota.
"The domestic sugar price has been below that on the world market so companies did not import but instead bought their sugar from domestic producers," said general secretary Phai.
More than 21,300 tonnes is stockpiled, about 1,300 tonnes higher than last year's figure.
The excess means that anticipated demand for sugar during February's Lunar New Year Festival can be met.
Sixteen-manufacturers were operation as of the middle of last month and have produced 52,900 tonnes of sugar.
The price of white sugar was at VND20-25 million (US$1,000-1,250) per tonne but has trended down to less than VND20 million because of lower world-market prices.
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