Vietnam Rubber Group set to reduce output

Vietnam news/ANN: The Vietnam Rubber Group (VRG) plans to reduce its output due to a sharp decrease in the price of rubber in the market after it is completely transferred to the Committee for State Capital Management (CMSC).

A report from the Ministry of Agriculture and Rural Development showed that Vietnam exported 1.06 million tonnes of rubber in the first nine months of this year, worth $1.45 billion, increasing 10.9 per cent in volume but decreasing 10 per cent in value in comparison with the same period last year.

According to VRG Chairman Vo Sy Luc, supply was exceeding demand, causing prices to fall.

The price of rubber this year was about 20 per cent lower than that last year, but the group was still aiming to fulfil its target on revenue, profit and dividends, said Luc.

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