The global shortage of natural rubber is driving a significant increase in rubber prices, creating favourable conditions for the Việt Nam Rubber Group.
The Association of Natural Rubber Producing Countries (ANRPC) has predicted that the global production of natural rubber in 2023 would likely reach 14.927 million tonnes, up 2.3 per cent year-on-year.
Experts have said that great market opportunities will open for Viet Nam if sustainable natural rubber production receives adequate Government supports with enterprises determined to follow a sustainable development.
Both global synthetic and natural rubber prices are on an upward trend, but not all businesses in the industry are enough confident to set higher profit targets for this year.
The Association of Natural Rubber Producing Countries (ANRPC) has been developing the Sustainable Price Mechanism (SPM) to ensure the sustainability of natural rubber supply chains.
Industrial park developers and natural rubber companies are the most resilient amid a prolonged global pandemic COVID-19 due to higher cash availability, according to BIDV Securities Corp (BSC).
The natural rubber market is anticipated to continue struggling due to plunging prices, according to the Association of Natural Rubber Producing Countries (ANRPC).
Although Viet Nam is the world’s third largest exporter of natural rubber, businesses still have to import rubber raw material to meet the demand for production and processing.
The Vietnam Rubber Association is in the process of executing a plan to
build a brand name for Vietnamese natural rubber and rubber products to
nurture trust among consumers.
Viet Nam''s natural rubber exports in the first five months of this year
reached a volume of 330,000 tonnes worth US$475 million, according to
the Ministry of Agriculture and Rural Development.