In the first 10 months of this year, the whole rubber sector has exploited 177,000 tonnes of rubber latex (Photo: caosu.net.vn)
 
Hanoi (VNA) - The Vietnam Rubber Group (VRG) has targeted annual sales of 40 trillion VND (1.76 billion USD) after equitisation.

The target was set at a recent meeting to celebrate the 88th anniversary of Vietnam Rubber Day held in the southern province of Binh Phuoc.

In the first 10 months of this year, the whole rubber sector has exploited 177,000 tonnes of rubber latex, reaching more than 70 percent of the target, of which, processing hit over 234,000 tonnes and consuming achieved more than 214,000 tonnes, equivalent to 71 percent and 63 percent of the target, respectively.

The group is shifting to the joint stock model, with a target of an average annual growth rate of 15 percent, total revenues of over 40 trillion VND, profit of 8.9 trillion VND by 2020, profit margin ratio of 21 percent per year and profit on average charter capital of 19 percent per year.

In 2018, the group will be transformed into a joint stock company in order to reach new heights, despite the difficulties and challenges.

In Binh Phuoc province, rubber trees cover an area of over 234,000ha, of which more than 80,000ha is owned by State-owned enterprises.

Binh Phuoc is considered the "rubber capital" of the country, contributing more than 10 percent into the province’s annual budget and creating regular jobs for over 21,000 workers.-VNA