Viet Nam Rubber Group (VRG) has targeted annual sales of VND40 trillion (US$1.76 billion) after equitisation.

The target was set at a meeting to celebrate the 88th anniversary of Viet Nam Rubber Day held in the southern province of Binh Phuoc on Thursday.

In the first 10 months of this year, the whole rubber sector has exploited 177,000 tonnes of rubber latex, reaching more than 70 per cent of the target, of which, processing hit over 234,000 tonnes and consuming achieved more than 214,000 tonnes, equivalent to 71 per cent and 63 per cent of the target, respectively.

The group is shifting to the joint stock model, with a target of an average annual growth rate of 15 per cent, a total revenue of over VND40 trillion, profit of VND8.9 trillion by 2020, profit margin ratio of 21 per cent per year and profit on average charter capital of 19 per cent per year.

In 2018, the group will be transformed into a joint stock company in order to reach new heights, despite the difficulties and challenges.

In Binh Phuoc Province, rubber trees cover an area of over 234,000ha, of which more than 80,000ha is owned by State-owned enterprises.

Binh Phuoc is considered the "rubber capital" of the country, contributing more than 10 per cent into the province’s annual budget and creating regular jobs for over 21,000 workers. — VNS