Rubber being packed at Gia Lai Province-based Chu Pah Rubber One Member Co - an VRG affiliate. — VNA/VNS Photo Vu Sinh

The Viet Nam Rubber Group (VRG) has set a target of earning more than VND29.93 trillion (US$1.29 billion) in revenue this year, about the same as last year.

In 2020, the group is also striving for more than VND5.78 trillion ($250 million) in post-tax profit, up 13 per cent year-on-year, contributing some VND3 trillion to the State budget.

To this end, VRG said it aims to overcome challenges due to the impacts of climate change, natural disasters and rubber tree diseases to seek new markets.

It will continue to implement its restructuring plan which focuses on operating under the model of a joint stock company, divesting from member companies and rearranging business structure to create resources for development and enhance management efficiency.

In 2019, the group posted revenue of VND29.82 trillion and pre-tax profit of VND5.13 trillion, contributing VND3 trillion to the State budget.

Currently, VRG manages 407,800 hectares of rubber area. The company has 106 subsidiaries and 20 joint venture companies with total investment value of more than VND37.2 trillion.

In rubber latex processing, VRG accounts for more than 35 per cent of Viet Nam's production.

VRG has advantages in developing material plantation and wood processing. Each year, the group can supply nearly one million square metres of artificial wood.

The company has 13 factories processing wood products and manages 12 industrial parks. — VNS