In the Northern region, sugar was quoted at around VND 18,400–18,500/kg. In the Central and Central Highlands regions, factory prices continued to decline to VND 18,500–19,050/kg. In the Southern and Central Highlands regions, trading activity remained slow, with prices ranging from VND 18,300 to 19,000/kg.

Golden sugar and RE sugar were both offered in the market during the month, although volumes remained limited. Golden sugar was quoted at approximately VND 19,200–19,250/kg in the Central region and around VND 19,600/kg in the South. RE sugar was offered at VND 19,600–19,650/kg in the Central region and around VND 20,000/kg in the South.

According to the Vietnam Sugarcane and Sugar Association (VSSA), by the end of the 2023–2024 sugarcane crushing season, Vietnam's sugar industry had crushed 11,204,789 tons of sugarcane and produced 1,107,777 tons of sugar of various types. Compared to the 2022–2023 season, sugarcane output reached 117.9%, while sugar production achieved 118.4%.

These results demonstrate the industry's recovery and significant growth since Vietnam implemented trade defense measures in 2021. Sugarcane purchasing prices have continuously increased, currently standing at approximately VND 1.3 million per ton—on par with other sugar-producing countries in the region—serving as a key incentive for expanding sugarcane cultivation areas.

Farmers in Nghia An commune, Kbang district (Gia Lai province), are harvesting the 2024–2025 sugarcane crop.

Despite these positive developments, the “sweetness” of the sugar industry remains incomplete due to smuggled sugar and high inventory levels. As of early 2025, nearly 50% of the sugar produced during the 2023–2024 season remained in stock. Notably, during the 2023–2024 season, numerous cases of commercial fraud involving smuggled sugar from Laos and Thailand were uncovered by authorities across various provinces.

Mr. Nguyen Van Loc, Chairman of VSSA, commented that smuggled sugar has no competitive edge in terms of quality or price over domestically produced sugar. However, smugglers have employed predatory pricing and ignored legal and international trade commitments.

From a business perspective, Mr. Vo Thanh Dang, Vice Chairman of the Board and General Director of Quang Ngai Sugar Joint Stock Company, emphasized that unfair competition poses significant risks to the domestic sugar industry. He called for stronger government action to regulate the sugar market, particularly in combating smuggling and trade fraud.

Following the 2023–2024 season, Lam Son Sugar Joint Stock Company (stock code: LSS) reported a pre-tax profit of nearly VND144 billion—the highest in seven years—and is among the few industry players targeting high growth, setting a pre-tax profit target of VND145 billion for the next season.

Kon Tum Sugar Joint Stock Company (stock code: KTS) aims for a pre-tax profit of VND26.8 billion in the 2024–2025 season, with projected revenue of over VND493 billion, representing a 77% increase.

In March and April, sugar imports from Myanmar were relatively high, while imports from Cambodia dropped sharply. Vietnam imported more than 6,500 tons of sugar during this period. Domestic sugar consumption remained sluggish in Q1 2025, as existing stocks of previously imported sugar were still abundant.

Vietnam’s total imports of raw and refined sugar in Q1 2025 reached 175.2 thousand tons, up 40% compared to the same period last year. However, sugar import volume in March 2025 showed signs of slowing down.

Raw sugar imports in Q1 2025 amounted to approximately 87.7 thousand tons, with Thailand remaining the primary supplier. Notably, Australia did not appear as a supplier of raw sugar during this period.

Refined sugar imports during the same period reached 87.5 thousand tons, a 2.3-fold increase year-on-year. Noteworthy new sources of refined sugar included Cambodia (23 thousand tons) and Pakistan (6.4 thousand tons), while imports from Indonesia declined significantly.

The market remains in a state of oversupply, though there has been a slight improvement in consumption thanks to increased demand during public holidays in April 2025 such as Hung Kings’ Commemoration Day (March 10 Lunar Calendar), Reunification Day (April 30), and International Labor Day (May 1).

Small-scale (informal) sugar imports are also likely to decrease due to the observance of Khmer festivals in Cambodia.

Domestic sugar supply remains stable, supported by ongoing production during the 2024/25 crop season. Informal sugar flows are expected to enter the Central region in limited quantities, while volumes in the Mekong Delta may remain low due to tightened border controls between Vietnam and Cambodia.

T.Huong

Source: Vitic