Vietnam's sugar price is still low because the supply in 2023 is expected to be over 400,000 tons

In the report on production situation in July, the Vietnam Sugar Association (VSSA) forecast that Vietnam's sugar consumption demand in 2023 is expected to be about 2.3 million tons, equivalent to the same period last year. when the supply is expected to be more than 2.7 million tons. Based on VSSA's supply and demand forecast, Vietnam's sugar industry may have an oversupply of 417,321 tons of sugar for 2023 at the forecast time of July 31. VSSA explained that the abundant sugar supply includes sugar directly imported officially and smuggled across the Southwest border along with liquid sugar corn syrup, plus sugar produced from sugarcane in the 2022-2023 pressing crop, while the strength The demand for sugar has not shown any signs of increasing, so the market continues to be in oversupply, narrowing the output of sugar produced from sugarcane. "Domestic sugar prices will be stable and will still be at a lower level than the sugar prices of sugarcane-growing countries in ...