TTC expects to export over 300,000 tons of sugar in 2020-2021 season

TTC expects to export over 300,000 tons of sugar in 2020-2021 season

By Trung Chanh

CAN THO – Major sugar producer Thanh Thanh Cong (TTC) Group has set a target to export more than 300,000 tons of sugar in the 2020-2021 season, which will be a new record for Vietnam’s sugar sector.

TTC Group Chairman Dang Van Thanh said TTC is a private economic group with a charter capital of VND16.8 trillion and equity of VND22 trillion. Despite difficulties, the firm reached its pre-tax profit target of VND1.25 trillion in 2020.

The group owns leading sugar companies, such as Bien Hoa Sugar JSC and Bourbon Tay Ninh Sugar JSC, with a market share of nearly 50% in the local market.

It has nine sugar plants with a total crushing capacity of 29,500 tons a day, producing 737,200 tons of sugar per year. The total area of its material farms is 65,000 hectares in localities across the country and other regional countries.

In the 2019-2020 season, TTC exported some 250,000 tons of sugar.

Thanh said Vietnam was not a powerful country in the sugar sector but the Government had strongly supported domestic firms.

Despite being a producer of sugar, Vietnam has increasingly imported sugar from other countries, especially Thailand.

In the January-November period last year, the country bought 1.2 million tons of sugar from Thailand. From January to October, Vietnam purchased 1.5 million tons of sugar.