MoIT to auction duty quota for sugar import

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The Ministry of Industry and Trade (MoIT) will hold bids on the right to use duty quota to import 89,500 tonnes of sugar this year.

The bidding of sugar importation will take place at 9am in the ministry’s meeting room on 23 Ngo Quyen Street, Hoan Kiem District, Ha Noi on August 23. — Photo ndh.vn

The Ministry of Industry and Trade (MoIT) will hold bids on the right to use duty quota to import 89,500 tonnes of sugar this year.

The bidding will take place at 9am in the ministry’s meeting room on 23 Ngo Quyen Street, Hoan Kiem District, Ha Noi on August 23.

The volume includes 44,000 tonnes of raw sugar and 45,500 tonnes of refined sugar.

As per a ministry circular on managing import tariff quota for sugar this year, bidders can include traders who supply sugar for food manufacturing and traders supplying raw sugar for the production of refined sugar.

The reference price for raw and refined sugar is the same, at VND1.4 million (US$61.5) per tonne.

The ministry started accepting bidding registrations on Tuesday and will do so till August 16.

This is the second time that the MoIT will auction the use of duty quota to import sugar, and follows the Vietnam Sugarcane Association’s repeated proposal over the years to open tender instead of assigning it.

An auction was held for the first time in September 2016 for duty quota to import 85,000 tonnes of raw and refined sugar. Eleven businesses had won the tender. — VNS

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