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Thursday, June 20, 2024

Vietnam to import 119,000 tons of sugar through auction this year

The Saigon Times

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HCMC – The Ministry of Industry and Trade has announced a plan to import 119,000 tons of sugar in 2023 via auction.

The plan outlines the volume and allocation method for sugar imports in the year. The sugar imports will be categorized under H.S. code 17.01 and will be distributed through an auction mechanism.

This move marks a significant shift in Vietnam’s approach to sugar imports, emphasizing auction-based allocation to enhance transparency and promote competition.

The plan also highlights the importance of inter-ministerial coordination. The Ministry of Industry and Trade, in collaboration with the Ministry of Agriculture and Rural Development, the Ministry of Finance, and other relevant government agencies, will work together to determine the timing of auction and ensure transparent announcements.

In a related development, the Government had previously conducted a sugar import quota auction in December 2022 for the 2021-2022 crop. Seven companies were granted quotas in this process, with a total of 125,000 tons of sugar distributed. Among the allocated quotas, 100,000 tons were for raw sugar, and 25,000 tons were for refined sugar.

Vietnam’s decision to expand the use of an auction mechanism for sugar import allocations in 2023 underscores the Government’s commitment to evolving its strategy in managing sugar imports and enhancing market competitiveness.

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