Prime Minister Nguyen Tan Dung has approved a restructuring scheme for the Vietnam Rubber Industry Group (VRIG) in the 2012-2015 period with a view to ensuring the group will concentrate on its core business lines of growing rubber trees and processing and trading latex.

The scheme will help the group further improve its production efficiency and competitiveness while actively joining efforts to ensure social welfare, consolidate security and defence, and boost socio-economic development, especially in remote areas where ethnic minority people live.

Under the project, the VRIG will also be engaging in processing artificial wood and establishing industrial parks on the land areas which were formerly grown with rubber trees in accordance with its land use plan approved by the Government.

The plan maintains the parent company – the Vietnam Rubber Industry Group and its affiliates, including the Rubber Research Institute, Rubber Professional Technical College , Rubber Journal and Rubber Medical Center .

The group will hold 100 percent of charter capital in its 22 single-member limited liability companies, 50 percent in 18 joint-stock firms, and under 50 percent in other 20 companies.

The Rubber Finance Company will be ​​merged with the parent company VRIG.

The VRIG will divest its capital in 23 companies and withdraw part of its capital in two other firms.
The Prime Minister has asked the VRIG Council of Members to build the group’s development strategy for the 2012-2015 period with orientations towards 2020.

He has also requested the group to implement the five-year 2011-2015 production, business and investment development plan approved in Decision 514/QD-TTg dated May 2, 2012./.VNA