Vietnam’s Sugar Prices Trail Regional Markets as Corn Syrup and Smuggled Sugar Intensify Competition
Vietnam’s sugar market remained oversupplied in October 2026, with prices below those in the Philippines, Indonesia and China. Imports of high-fructose corn syrup rose, while smuggled and low-priced sugar of unclear origin added pressure on domestic cane sugar sales.
Vietnam’s sugar market remained oversupplied in October 2026. Based on the converted prices for the markets cited in the article, Vietnam’s average monthly sugar price was 19,067 Vietnamese dong per kilogram, lower than prices in the Philippines, Indonesia and China. In Hanoi, the price of white granulated sugar fell from 18,000–19,400 dong per kilogram on October 6 to 18,000–19,000 dong on October 27; refined sugar prices also declined over the same period.
Vietnamese customs data show that imports of high-fructose corn syrup (HFCS) reached 29,432 tonnes in October and totaled 205,885 tonnes in the first 10 months of the year, equivalent to 111% of the volume in the same period a year earlier. The Vietnam Sugarcane and Sugar Association said the importers were mainly beverage producers, which had previously been major buyers of refined sugar from domestic mills. The beverage industry’s continued use of the syrup has added pressure on sales of domestically produced cane sugar.
Competition from high-fructose corn syrup is putting pressure on Vietnam’s sugarcane farmers.（VietVance）
Smuggled sugar is also squeezing the market. On October 13, border guards in Dong Thap uncovered three cases of white granulated sugar being illegally transported from Cambodia into Vietnam and seized 5,000 kilograms of sugar. On October 18, customs officers in Quang Tri stopped a truck carrying about 3,000 kilograms of foreign-origin white sugar without valid documentation. Local border guards subsequently seized a further 2,100 kilograms of white sugar in two cases.
Average prices in October compared by the Vietnam Sugarcane and Sugar Association show that sugar cost about 44% more in the Philippines, 38% more in Indonesia and 5% more in China than in Vietnam. The association expects Vietnam’s market to remain oversupplied in November, with smuggled sugar sold at lower prices to gain market share. Industrial sugar demand continues to be displaced by high-fructose corn syrup. The domestic surplus is also expected to persist, though this remains a forecast.
Source: VietVance
