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.
Vietnam currently ranks third globally in natural rubber production and export, according to the Vietnam Rubber Association.
Vietnam Rubber Group (VRG) is expected to list its shares on the HCM Stock Exchange in June or July after its initial public offering on February 2.
Local businesses should consider promoting trade to the Middle East market as a strategic and long-term orientation amid the falling demand in traditional markets.
Thailand will begin reduce the export of natural rubber as from January 2018 to counter declining world rubber prices, according to the country’s agriculture ministry.
Vietnam earned more than 2 billion USD from exporting 1.2 million tonnes of rubber during January-November, up 39 percent in value and 8.4 percent in volume, according to the General Department of Vietnam Customs.
The Association of Natural Rubber Producing Countries (ANRPC) convened its 10th annual rubber conference in Ho Chi Minh City on October 23.
The achievements in agricultural cooperation between China and ASEAN will be showcased at the 14th China-ASEAN Expo (CAEXPO), which will be held from Sept. 12–15 in Nanning city, the capital city of China’s Guangxi Zhuang Autonomous Region.
A seminar promoting trade between Vietnam and the Chinese province of Shandong took place in Hanoi on June 30.
Although Vietnam 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.
