HÀ NỘI — Sugar could become more expensive during the remaining months of 2023, according to the Vietnam Sugarcane and Sugar Association (VSSA). Data from the Vietnam Commodity Exchange (MXV) showed global sugar prices had reached US$161 per tonne in nearly November, a 150 per cent increase compared to the beginning of the year, marking the highest price in the last 12 years. Lam Sơn Sugar reported its highest growth, VNĐ471 billion in revenue and VNĐ17 billion in profit, a 55 per cent and 113 per cent increase, respectively compared to the same period in 2022. In an earlier development, Lam Sơn Sugar announced a plan to import 40,000 tonnes of raw sugar this year, as part of an effort to meet their annual target. They advised sugar producers to capitalise on high prices to strengthen domestic sugarcane production and rely less on imports.

Source: Viet Nam News November 22, 2023 10:39 UTC