Logo of Phnom Penh Post newspaper Phnom Penh Post - VN bought $52 million in rubber

VN bought $52 million in rubber

VN bought $52 million in rubber

VIETNAM imported more than 20,000 tonnes of rubber worth around US$52 million from Cambodia in the first 10 months of 2009, and more orders are in the pipeline, an official with Vietnam’s ministry of industry and commerce said.

“We will buy more rubber from Cambodia in the future,” Dao Ngoc Chuong, deputy director in the ministry’s Asia Pacific department, told an investment forum in Phnom Penh on Wednesday.

Cambodian Rubber Association President Mak Kim Hong said Vietnam usually takes around 90 percent of Cambodia’s rubber exports, or somewhere between 25,000 and 35,000 tonnes every year.

It pays sellers international prices, he added, which the association said was $2,600 per tonne last Thursday. Prices averaged $2,435 per tonne last year, its figures show.

Mak Kim Hong also said Cambodia’s rubber output was likely to be up a quarter on 2008 to 50,000 tonnes this year due to a larger area under cultivation.

The Vietnamese Enterprises League announced last month it planned to invest $600 million to grow rubber trees on 100,000 hectares across five provinces in Cambodia to extract rubber for export.

Cambodia has around 110,000 hectares of rubber under cultivation. Analysts predict this will hit 250,000 hectares within five years.

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