Vietnam is becoming a global automotive tyre manufacturing hub, with the export turnover of technical rubber products expected to reach 4 billion USD in 2024, according to Nguyen Quoc Anh, Chairman of the Ho Chi Minh City Rubber and Plastics Manufacturers Association.
Thailand's border and cross-border trade continued its upward trajectory in July, reaching 158.1 billion THB (4.69 billion USD), up 21.7% year on year and marking the fourth consecutive month of expansion, said the Department of Foreign Trade under the Commerce Ministry on September 5.
As many as 21 Vietnamese rubber enterprises have been branded with the trademark “Vietnam Rubber”, which was registered for the protection of intellectual property in China, India, Taiwan (China), Laos, and Cambodia.
A scheme worth 7.6 billion THB (215 million USD) has been approved by the cabinet of Thailand to guarantee rubber prices for 1.6 million farmers registered with the country’s Rubber Authority.
Vietnam's rubber industry needs to develop its production chain to meet the increasing demands of export markets, especially fastidious markets such as Europe and the US, according to experts.
Industrial production in the northern province of Ha Nam totalled 110.69 trillion VND (nearly 4.78 billion USD) last year, a 19 percent increase against 2019 and 5 percent higher than the annual plan, despite the impact of the COVID-19 pandemic.
Thailand is maintaining exports of rubber products and processed rubber as global demand surges, particularly for those relating to protective gear against COVID-19 such as rubber gloves and synthetic rubber used to make such gloves.
Thailand's Manufacturing Production Index in 2017 showed 1.58 percent growth from a previous year with rubber products, automobiles, automobile engines, vegetable oil, and petroleum being major performers.
