The potential for transforming rubber land into industrial zones has emerged as a lucrative avenue for investment.

In terms of product type, latex rubber dominated exports to Malaysia, making up 76.5 per cent of the total rubber exports to this market in 2024.

Rubber prices stayed high in the final months of last year based on limited global supply and high demand, according to Deputy General Director of the Mercantile Exchange of Vietnam Nguyen Duc Dung.

Vietnam’s rubber exports topped 1.7 billion USD in the first eight months of 2024, statistics show.

Over the past four months, the country shipped nearly 500,000 tonnes of rubber worth $743 million, up 6.4 per cent in volume and 14 per cent in value.

Vietnam made up the 12th largest non-bloc supplier of rubber to the EU during the first half of the year with 33,640 tonnes worth US$51.56 million, according to the European Statistics Agency.

A series of exchanges and events to boost linkages and collaboration between Vietnamese and German rubber producers have been held in Germany from April 20-27.

As the COVID-19 pandemic recedes, Vietnam's rubber industry faces challenges from both the world market and internal factors that hinder the industry’s competitiveness.

As China cuts down on its purchase of rubber from Vietnam, the latter has witnessed a sharp decline in its rubber market share in China.