Vietnam set a record for rubber exports

In 2024, Vietnam exported nearly 2 million tons of rubber worth $3.4 billion. In monetary terms, exports grew by 18.2% and reached a new record high, according to VnEconomy, citing the Vietnamese Customs.

Previously, the maximum export value ($3.3 billion) was recorded in 2022, after which it decreased to $2.89 billion in 2023.

The Vietnam Rubber Association (VRA) noted that customs only provided data on the export of raw and semi-processed rubber, while in fact, the supplies of the entire rubber industry abroad last year are estimated at $10.2 billion, which is also a new record. This amount includes, among other things, the cost of deep-processed rubber products, such as car tires, rubber gloves, etc., which were exported for $4.5 billion, as well as rubber wood (export value - $2.3 billion).

Currently, China remains the main buyer of Vietnamese rubber, accounting for 71% of deliveries in monetary terms in 2024.

The VRA adds that the main reason for the growth in export value is the increase in rubber prices. According to the association's forecasts, in 2025, the total export volume of the Vietnamese rubber industry will grow by 10% compared to 2024 and will amount to around $11-11.2 billion.

Vietnam Rubber Group (VRG), a state-owned company, reported that in 2024, it received a net profit of $167.4 million. The growth was 61%, and the profit increased to its maximum value since 2012. Sales grew by 19%, to $1.04 billion, which was also due to the rise in rubber prices.

Photo: Vietnam Rubber Group