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

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’