Hessen State plays an important role in promoting economic and trade cooperation between Vietnam and Germany, Deputy Prime Minister Truong Hoa Binh said at a reception for President of the Hessen State Parliament Boris Rhein in Hanoi on November 12.
Vietnam always considers Germany an important partner, National Assembly Chairwoman Nguyen Thi Kim Ngan told President of Germany’s Hessen State Parliament Boris Rhein during a reception in Hanoi on November 12.
The Vietnam International Plastics and Rubber Industry Exhibition (VietnamPlas) opened on October 3 in HCM City, showcasing advanced technologies and machinery and equipment used in the plastics and rubber industry.
Vietnam earned 662 million USD from rubber exports in the first five months of the year, a year-on-year increase of 2.4 percent, according to the Ministry of Agriculture and Rural Development.
Thailand will cut rubber exports by 126,240 tonnes next week for four months after a delay to implement a supply cut agreement with other regional producers, the Rubber Authority of Thailand said on May 16.
Thailand, the world’s top natural rubber producer, would delay its cuts in rubber exports till May 20 instead of the initially planned date of April 1 due to its general election, according to officials from Indonesia and Malaysia.
Three large producers of natural rubber in Southeast Asia, namely Thailand, Indonesia, and Malaysia, have agreed to cut down rubber exports by some 200,000-300,000 tonnes to tackle the decreasing price of the commodity.
Vietnam exported about 1.58 million tonnes of rubber in 2018 – worth 2.1 billion USD and up 14.5 percent in volume, but down 6.6 percent in value year-on-year, the General Department of Vietnam Customs reported.
The natural rubber output of Malaysia in September was 49,022 tonnes, falling 22 percent on a monthly basis, according to the country’s Department of Statistics.
Economic, trade, and investment ties between Vietnam and Romania remain modest and have yet to match their full potential, as heard at a seminar introducing the Romanian market in Hanoi on October 22.
Rubber producers must develop specific risk management strategies, which cover market risks and product legality, in order to avoid getting hurt by the current US-China trade tensions, according to To Xuan Phuc, a senior policy analyst from Forest Trends.
The rubber industry of Vietnam is facing a dire need to better adapt itself to the market situation as it is likely to be affected by the US-China trade tension that is forecast to not end soon.
With rapid growth in both planting area and production, Vietnam has become the world’s third largest natural rubber exporter, accounting for about 8.1 percent of the world’s total rubber production.
Malaysia and Sri Lanka have agreed to intensify cooperation in monitoring the waters between the two countries, said Malaysian Deputy Prime Minister Wan Azizah Wan Ismail on August 30.
The average export price of Vietnamese rubber fell in tandem with the global price, affected by the escalating US-China trade war, according to the Agro Processing and Market Development Authority (AgroTrade) under the Ministry of Agriculture and Rural Development.
Rubber businesses should devise sustainable development strategies to maximise opportunities generated by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), experts said at a workshop in Ho Chi Minh City on June 14.
Vietnamese export companies will have opportunities to set up distribution channels in the Middle East thanks to a market research programme launched by the Investment and Trade Promotion Centre in Ho Chi Minh City and the Vietnamese Embassy’s Commercial Affair Office in the United Arab Emirates (UAE).
The Vietnam Rubber Group (VRG) targets an 8 percent rise in revenues and 33 percent rise in pre-tax profits this year, VRG Deputy General Director Nguyen Tien Duc has said.
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