100,000t sugar shortage forecast

Vietnam is expected to encounter shortage of 100,000 tonnes of sugar in the 2006-2007 ending next July, according to the Vietnam Sugar Association on Wednesday September 27.
Local experts estimated the total sugar production in Vietnam at more than 1.2 million tonnes, while the domestic sugar demand at over 1.3 million tonnes, said the association.
Vietnam, with the current production scale, may need to import 500,000-600,000 tonnes of the product worth some 300 million US dollars from now to 2010, it noted.
The country has pledged to import some 55,000 tonnes of sugar each year after it joins the World Trade Organisation, hopefully this year. It will gradually reduce taxes on sugar imported from members of the Association of Southeast Asian Nations (Asean) from current 40% to 30% in 2007 and 0-5% in 2010.
Vietnam imported nearly 80,000 tonnes of sugar in the first five months of this year, increasing 15 times over the same period last year, according to the country’s trade ministry.

 

Category: Business