Rubber firms report surge in profits
Rubber firms report surge in profits
Rubber prices have soared by 30-50 percent this year, driving up profits for companies in the industry by triple digits in Q3.
Latex being collected. Photo by VRG |
Subsidiaries of the Vietnam Rubber Group such as Daklak Rubber JSC, Tan Bien Rubber JSC, Ba Ria Rubber JSC, Phuoc Hoa Rubber JSC, and Dong Phu Rubber JSC saw profits surge by over 300 percent.
Thong Nhat Rubber reported a rise of 466 percent.
Vietnam’s rubber exports increased by nearly 24 percent to $970 million in Q3, according to data from the Ministry of Industry and Trade’s import-export department.
Exports in the year-to-date were up 50 percent to $2.17 billion.
A recent report by the Association of Natural Rubber Producing Countries said global demand for natural rubber would grow by 9 percent to more than 14 million tons this year.
China, which buys over 70 percent of Vietnam's rubber exports, is expected to import 1.7 million tons between September and December and another two million tons in the first four months of 2022, according to the ministry.
