Work starts on a $2.36 million rubber processing plant in Điện Biên

Wednesday, May 22, 2024 17:41

Delegates attend the plant's opening ceremony on Wednesday. — Photo

The construction of a rubber processing plant, worth VNĐ60 billion (over US$2.36 million), began on Wednesday in the northern Điện Biên province's Hua Thanh Commune.

Financed by the province-based Điện Biên Rubber JSC, the plant will produce 5,000 tonnes of products annually once operational in 2025.

Over the past four months, Việt Nam shipped nearly 500,000 tonnes of rubber worth $743 million, up 6.4 per cent in volume and 14 per cent in value.

China remained the largest consumer of Vietnamese rubber during this time, accounting for 80 per cent of the country's total export volume, followed by India.

The Vietnam Rubber Association forecast that the country's rubber exports are expected to reach between $3.3 billion and $3.5 billion in value by the end of the year. — VNS

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