Sugar industry has huge stockpile

The domestic sugar industry has an inventory of 400,000 tonnes, which is likely to increase as farmers are in the midst of harvesting sugarcane, according to the Viet Nam Sugarcane Association.

Association chairman Nguyen Thanh Long said the primary reason for the glut in the industry was the sugar smuggled from Thailand via Cambodia's southwest border. The smuggled sugar currently accounted for up to 70 per cent to 80 per cent of the Cuu Long (Mekong) Delta region's market share.

Smuggled sugar was cheaper than the domestic product as it evaded import duties and value added tax, Long noted.

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