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VSSA proposes increasing import quota to curb speculation. |
The Vietnam Sugarcane and Sugar Association (VSSA) recommends its members participate in stabilizing the market to protect the interests of businesses and consumers. The association warned its members absolutely not to aid and abet those who conduct a hoard of goods with the aim of pushing prices for substantial profits.
According to the Association, there was a sign that some stores began to conduct good hoarding, resulting in increased prices of sugar. At the same time, recently, the food industry has proposed to expand the sugar import quota to at least 600,000 tons because domestic sugar factories cannot meet the needs of enterprises.
Previously, the association reported about sugar supply and demand in 2023 and the forecast of demand in 2024 to the Ministry of Agriculture and Rural Development proposing to control sugar imports under tariff quotas in 2023. In the 2022-2023 crop year, Vietnam's sugar industry has achieved the dual goal of raising the purchasing price of sugarcane to the same level as other countries in the region, while keeping the sugar price at the same level and lower than that of other neighboring countries including the Philippines, Indonesia and China.
Commenting on importing sugar under tariff quotas in 2023 with a minimum output of 119,000 tons, the Association proposed to the Ministry of Industry and Trade to adjust the regulations on bidding for tariff quotas to ensure that the auction results are delivered following the requirements of the Competition Law and the Bidding Law.
After implementing the auction volume of 119,000 tons of tariff quota, the associations will continue proposing the Ministry of Agriculture and Rural Development and state management agencies to lift tariff quotas in 2023 if the association realizes that sugar prices increase due to lack of supply or the hoard of the commodity.
