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Sugar sector voices concerns over Thai sugar’s evasion of trade remedies
By Nam Binh
Tuesday,  Feb 23, 2021,10:25 (GMT+7)

Sugar sector voices concerns over Thai sugar’s evasion of trade remedies

By Nam Binh

Farmers harvest sugarcane. The Vietnamese sugar and sugarcane sector voice concerns that Thai sugar would evade trade remedies after the Ministry of Industry and Trade imposed anti-dumping and anti-subsidy tariffs on sugar imported from Thailand on February 9 – PHOTO: NAM BINH

HCMC – Despite efforts in recovering sugarcane farming areas and the material sugarcane price hike, the Vietnamese sugar and sugarcane sector worries that Thai sugar would evade trade remedies after the Ministry of Industry and Trade imposed anti-dumping and anti-subsidy tariffs on sugar imported from Thailand on February 9.

The Vietnam Sugar and Sugarcane Association assessed that the volume of sugar imported into Vietnam remained large. At the end of 2020, apart from Thai sugar, the volume of sugar imported from Cambodia, Malaysia and Indonesia into Vietnam was higher than the usual volume.

“Malaysia is a country which does not produce sugar, while Indonesia and Cambodia import sugar. As such, this may be a sign of evasion of trade remedies of Thai sugar,” said Nguyen Thi Thu Hang, analyst at Vietcombank Securities.

In spite of the concern, a report released by Vietcombank Securities Company on February 17 indicated that after the ministry’s temporary imposition, the volume of raw sugar imported from Thailand is expected to decline sharply. Meanwhile, the prices of local sugar will increase, motivating farmers to farm sugarcane.

Hang said that as the ministry slapped anti-dumping and anti-subsidy tariffs on Thai sugar at 33.88%, the price of Thai sugar would be equal to or higher than that of Vietnamese sugar, contributing to the increase in the consumption of local sugar.

Since the first working day after the Lunar New Year holiday, a series of sugar plants have announced a hike in the buying prices of sugarcane.

On February 20, the An Khe sugar plant in Quang Ngai Province raised the buying price of 10 CCS sugarcane by VND30,000 per ton, while KCP Vietnam on February 18 also revised the buying price of sugarcane up at VND1 million per ton of 10 CCS sugarcane.

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