As of the end of 2018, Vietnam had 965,000 hectares of rubber plantations with a total productive area of 686,000 hectares, yielding more than 1.14 million tonnes a year and bringing in US$2 billion from latex exports.
Total export revenues from all rubber products are estimated at over US$6 billion.
Rubber has now become a major industry in Vietnam, helping to boost economic development and ensure social security for remote and ethnic communities from north to south.
But, the industry is facing numerous challenges as the plantations are growing while global prices have been declining since 2015.
The total rubber plantation area in Vietnam is expected to reach 900 hectares in 2030, producing about 1.43 million tonnes of rubber annually.
In addition, Vietnam’s rubber products are mainly raw materials and are heavily reliant on the Chinese market. The local rubber processing industry is limited compared with regional countries, failing to meet the local demand for rubber materials.
Speaking at the conference, Deputy head of the Central Economic Commission Cao Duc Phat asked the rubber industry to create a long-term vision, re-organise production in accordance with value chains and strictly manage and effectively use agricultural land reserved for rubber trees.
He also suggested encouraging more investment in rubber processing and promoting trade promotion activities in order to expand the export markets for Vietnamese rubber products.