The Vietnam Sugar and Sugarcane Association said that the Mekong Delta has entered peak harvest time of sugarcane crop this year but sugarcane prices have drastically reduced bedeviling local farmers.

Farmers harvest sugarcane in the Mekong Delta (Photo: SGGP)

Traders pay as low as VND650-750 a kilogram at some places in Hau Giang, Soc Trang and Ca Mau Provinces, resulting in farmers’ losses.

Deputy Director of Can Tho Sugar Company Nguyen Hoang Ngoan said that sugar prices felt down and high stock volume had also pulled down the sugarcane prices.

The sugar price has fallen from VND12,500 a kilogram in the beginning of the sugarcane crop to only VND11,500 now, which causes losses to processing plants also.

Sugarcane growers have converted into farming other plants because it is the third consecutive year they suffer losses.