Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnam Rubber Group set to reduce output

Vietnam Rubber Group set to reduce output

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.

MOST VIEWED

  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with