Vietnam posted revenue of 1.89 billion USD from the export of 1.42 million tonnes of rubber during the first nine months of this year. Though volumes increased, there was a year-on-year fall of 17.4% in value.

China remains the primary export destination, accounting for over 99 percent of the total.

The majority of Vietnam’s rubber exports consist of natural rubber and synthetic rubber.

While COVID-19 is now subsiding, Vietnam’s rubber industry still faces challenges posed by issues in the global market and internal factors that hinder competitiveness.

The global market is highly-competitive and well-developed, requiring that Vietnam catch up in order to stay relevant.

According to the Vietnam Rubber Association, competition between countries producing and exporting natural rubber is set to intensify, especially in price, product quality, commercial reputation, and the ability to meet the strict requirements of choosy markets.

Despite the numerous difficulties and challenges, the rubber industry also possesses several advantages for the foreseeable future.

The Association has forecast that global natural rubber demand will continually grow.

The gap between supply and demand presents a great opportunity for Vietnam to increase natural rubber production and export turnover, creating jobs in rural areas and in related industries.

VNA