Local firms see sweet opportunity as EC lifts sugar import duty

Tuesday, Jun 04, 2013 14:25

Workers package sugar at a local firm. The EC's decision to lift import duty for refined sugar would be an opportunity for domestic companies. — Photo baomoi.com

HA NOI (Biz Hub) — The European Commission has decided to lift the import tax for a quota of 400,000 tonnes of refined sugar imported into the European Union during 2013-14, according to the Ministry of Industry and Trade.

This would be an opportunity for domestic sugar companies to reduce inventories, which amounted to over 300,000 tonnes, the ministry said.

But the ministry also noted that increasing sales in such a large market would be difficult for local sugar firms, which had been exporting small quantities for many years. — VNS

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