The sugar industry aims to produce 1.56 million tonnes of sugar from processing 15.67 million tonnes of sugarcane during the 2015-2016 season.
The announcement was made during a conference to review sugar production results from the 2014-2015 season, held by the Ministry of Agriculture and Rural Development (MARD) in collaboration with the Vietnam Sugarcane and Sugar Association (VSSA) in Quang Ngai province on August 14.
The MARD forecast that sugar consumption in 2015-2016 will be 160,000 tonnes per month with domestic supply reaching 1.88 million tonnes over the period.
According to the MARD report, the country has 305,000 hectares under sugarcane with an average yield of 65.3 tonnes per hectare while the total output reached 19.9 million tonnes in the 2014-2015 season.
In the period, 41 sugar mills nationwide produced about 1.41 million tonnes, including 700,000 tonnes of refined sugar.
By June 15, total sugar inventory at factories was 389,000 tonnes, down 159,500 tonnes compared to the same period last year.
In the first six months of this year, factories sold about 1.02 million tonnes of sugar, including 69,000 tonnes for export and 956,000 tonnes for domestic consumption.-VNA
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Radical reforms including mergers and introduction of new technologies are needed to help the domestic sugar industry sustain its growth as the country deepens its international integration.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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Farmers harvest sugarcane (Photo: VNA)
