Vietnamese businesses spend 2,700 billion to import 'black gold'

In just 10 months, businesses have spent about VND2,700 billion to import the type of grain known as “black gold” to Vietnam. According to preliminary statistics, in just the past 10 months, businesses spent USD108 million (equivalent to VND2,700 billion) to import pepper. Compared to the same period last year, imports of this item increased sharply by 38.2%. Of which, businesses mainly imported pepper from Brazil, Indonesia and Cambodia. Mr. Phan Minh Thong - Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, said that the Vietnamese pepper industry is benefiting from high export prices due to limited supply. Accordingly, this year pepper farmers benefited from very high selling prices. On the contrary, export enterprises could not buy much domestic pepper. This is also part of the reason why Phuc Sinh had to import a lot of pepper from Brazil and Indonesia this year. The reason is that, due to the decrease in output, people are holding back pepper for ...