Business

Rubber industry forecast to continue seeing bright prospects this year

The scarcity of rubber raw materials is forecast to continue in 2022, and world rubber is entering a new price increase cycle due to the decreasing supply, opening an optimistic picture for Vietnamese rubber enterprises to enjoy the dual benefits in terms of both export volume and value.
Rubber industry forecast to continue seeing bright prospects this year ảnh 155,000 ha of rubber plantations of VRG has been awarded the international sustainable forest management certificate (Photo:VNA)
Hanoi (VNA) - The scarcity of rubber raw materials is forecast tocontinue in 2022, and world rubber is entering a new price increase cycle dueto the decreasing supply, opening an optimistic picture for Vietnamese rubberenterprises to enjoy the dual benefits in terms of both export volume and value.

According to statistics of the Ministry of Agriculture andRural Development, in 2021, thanks to the continuous increase in rubber prices,although the export volume only increased by 11.7 percent, the turnover soaredby 36.2 percent year-on-year.

China maintained Vietnam's largest rubber importer, with 1.2million tonnes worth 1.96 billion USD in the first 11 months of 2021,equivalent to increases of 1.71 percent in volume and 26.3 percent in valueover the same period in 2020. In addition, some rubber export markets saw sharprises in the past year such as the US, the European Union (EU), Malaysia, theRepublic of Korea and India.

The Vietnam Rubber Association (VRA) forecasts that theglobal supply of natural rubber may lack due to the impact of the prolongedrainy season in some Asian countries at the end of 2021. Therefore, the exportmomentum is showing no sign of decreasing. Not to mention, when the scarcity ofraw materials may maintain, the price of rubber latex will continue to increaseor stay at a high level, thus improving the profit margin of businesses.

According to VNDirect Securities Joint Stock Company, the growthof the rubber industry, especially export-oriented firms, in 2022, is furthersupported by the strong surge of oil prices, as well as economic recoveryexpectations.

A total of 100,000 ha of rubber plantations of VietnamRubber Group (VRG) are expected to get an international sustainable forestmanagement certificate in accordance with the Vietnam Forest CertificationScheme (VFCS) and the Programme for the Endorsement of Forest Certification(PEFC) in the first quarter of 2022.

So far, 55,000 hectares of rubber plantations of VRG have beenawarded the certificate. 

With the existing certified area, 85,000 tonnes of naturalrubber and 300,000 tonnes of certified sustainable rubber wood will beexploited for commercial production.

This is expected to help increase the value of the rubberexploitation chain, towards sustainable development in the entire supply chainto meet the needs of the export and domestic markets for sustainable products./.
VNA
#Vietnam #rubber raw materials #rubber export #Vietnam Rubber Association #Vietnamplus #Vietnam News Agency
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