According to the Vietnam Commodity Exchange (MXV), at the close of the trading week from September 4th – 11th,...
According to the Vietnam Commodity Exchange (MXV), at the close of the trading week from September 4th – 11th, the price of sugar 11 continued its positive trend with an increase of nearly 3% compared to the reference price.
This is also the third consecutive week of increase for this commodity, bringing raw sugar contract prices in October to a historic high. The market continues to be concerned about the low supply in Thailand and the possibility of banning sugar exports in India.
Vietnam's sugar industry is preparing for the 2023-2024 sugarcane production season. Therefore, a stable sugar market will be a crucial factor in ensuring the output of the supply chain among producers, sugar mills, and consumers.
The Vietnam Sugarcane Association proposes an adequate plan: it calls on all sugar cane production businesses to work together to stabilize the market by bringing sugar to the market according to demand and maintaining current sugar prices. Then, the aim is to harmonize interests without raising prices and picking up goods.
The Vietnam Sugarcane Association calls for stabilizing sugar prices.
As a result, the authorities need to stabilize sugar prices at a reasonable level and ensure that the purchasing price of sugarcane guarantees producers an income equivalence to or higher than that of competing local crops.
From there, farmers can confidently develop sugarcane cultivation, avoiding a reduced cultivated area that would result in supply shortages, and ensuring a steady supply of raw materials for sugar mills. Additionally, there is a need to strengthen the linkages between farmers, farmers’ associations, cooperatives, and businesses; form concentrated production areas, use new sugarcane varieties, implement mechanization and advanced farming techniques to reduce costs and improve the efficiency of sugarcane cultivation and income for farmers.
According to the Industry and Trade Newspaper