Despite the difficulties caused by the COVID-19 pandemic and natural disasters that directly affected it, the Vietnam Rubber Group achieved its revenue and profit targets for 2020.
The Vietnam Rubber Industry Group plans to invest in rubber tyre and tube production to check a fall in revenues. (Photo: VNA)
HCMCity (VNS/VNA) - Despite the difficulties caused by theCOVID-19 pandemic and natural disasters that directly affected it, the Vietnam RubberGroup achieved its revenue and profit targets for 2020.
It reported after-tax profit of 5 trillion VND on sales of 25.477 trillion VND(1 billion USD).
But with COVID-19 still a threat, it expects 2021 to be a difficult year.
It has advised its subsidiaries to not stockpile to wait for prices to rise orsell too soon if prices fall.
They should work closely together with respect to processing to control qualityand make their products consistent.
It would focus on restructuring and step up investment in the rubber sector,and M&As would help close the rubber tyre and tube products value chain, itsaid.
Currently it has five main lines of interest: growing rubber trees andprocessing latex, processing rubber wood, making industrial products fromrubber, operating industrial parks amid rubber plantations, and high-techagriculture.
In the natural rubber segment, GVR manages more than 400,000ha of land underrubber trees, but this business has been on a downward trend in recent yearsdue to low rubber prices.
The COVID-19 pandemic has further hurt demand for rubber, pushing productioneven lower.
Expanding tyre and tube production could help revive revenues.
It entered this segment in 2017 through a partnership with the Southern RubberIndustry Joint Stock Company (Casumina) to produce the VRG brand of tyres./.
The Vietnam Rubber Group JSC (VRG) plans to invest in tyre and tube production via mergers and acquisitions (M&As) over affiliate companies of the Vietnam Chemical Group (Vinachem).
The Vietnam Rubber Association (VRA) on November 11 kicked off a project promoting the sector’s compliance with the Vietnam Timber Legal Assurance System (VNTLAS).
Sustainable latex production is important for Vietnam’s rubber industry, and the country should focus on getting rubber plantations to obtain certifications on sustainability, experts have said.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
The Vietnam Rubber Industry Group plans to invest in rubber tyre and tube production to check a fall in revenues. (Photo: VNA) 
