Hau Giang’s farmers are worried as sugarcane prices have dropped dramatically after the Phung Hiep sugar mill temporarily stopped its operation.

The Vietnam Sugarcane and Sugar Association (VSSA) has voiced its suspicion over Indonesia having dumped sugar on the Vietnamese market in recent years, as its export prices were below local prices and the fair market value.

Sugar stocks all posted a weekly gain last week after India is expected to ban sugar exports in the next season starting in October.

In the last five years, Vietnam has been heavily relying on foreign sugar supply. But the state’s efforts and international performance are bringing a golden opportunity to Vietnam to regain its home market.

Uncompetitive prices of imported sugar after anti-dumping taxes will boost demand for locally produced sugar.

The domestic sugarcane and sugar industry expects to continue output growth with the 2022-23 crop thanks to the positive production performance and the tariff policy's efficiency for importing sugar.