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Vietnam's sugar inventory rises

Xinhua, January 27, 2015 Adjust font size:

Sugar inventory as of Jan. 15, 2015 exceeded 338,000 tons, 12,000 tons higher than that of the same period in 2014, Vietnam's Ministry of Agriculture and Rural Development said here Tuesday.

As of Jan. 15, sugar factories in Vietnam have processed 5.618 million tons of sugarcane and produced 500,000 tons of sugar.

Large inventory and low consumption caused domestic sugar prices to decline by 500-1,000 Vietnamese dong (2.3-4.7 U.S. cents) per kilogram against the previous month, ranging around 11,000-11, 500 Vietnamese dong (52-54 U.S. cents) per kilogram.

In 2014-2015, total sugar supply of Vietnam will hit 2 million U.S. dollars while the country will consume 1.3-1.4 million tons in 2015, bringing the figure of redundant sugar to 600,000 tons, state-run television quoted Vietnam Sugar and Sugarcane Association (VSSA) as saying.

In a related move, VSSA has recently opposed importing 50,000 tons of sugar from Laos as they argued that this act will worsen sugar inventory in Vietnam as well as cause loss to local farmers. Endi