VINACHEM

Vietnam’s rubber export revenue is expected to reach 3.5 billion USD in 2022, and rubber price would rise to 3.8 USD per kg in the second half of the year, experts have said.

Exerts explained that the increase of rubber price is due to the scarcity of natural rubber and soaring oil price, noting that rubber price would bounce back by the end of the first quarter.

Many forecast that Vietnam’s rubber sector will benefit from the global new price increase cycle in 2022-2024, which is caused by the supply crunch.

According to the Ministry of Industry and Trade (MoIT)’s Agency for Foreign Trade, Vietnam shipped abroad 1.97 million tonnes of rubber worth 3.3 billion USD last year, up 12.9 percent in volume and 39 percent in value year-on-year.

Such markets as China, India, the Republic of Korea, the US, Indonesia, Turkey, the Netherlands, the Czech Republic and Canada increased the import of Vietnamese rubber in the year.