Rubber sector enjoys 51-percent profit growth in 2016
The Vietnam Rubber Group (VRG) achieved a pre-tax profit growth of up to 51 percent to over 2.36 trillion VND (103.8 million USD) in 2016, heard a conference to review the firm’s production and business in Ho Chi Minh City on January 10.
HCMCity (VNA) – The Vietnam Rubber Group (VRG) achieved a pre-tax profitgrowth of up to 51 percent to over 2.36 trillion VND (103.8 million USD) in 2016, heard a conference to reviewthe firm’s production and business in Ho Chi Minh City on January 10.
Addressing the event, Standing Deputy Prime Minister Truong Hoa Binh urged VRGto accelerate the equitisation in its subsidiaries, and continueto withdraw capital from non-core business lines.
Along with further enhancing trade promotion and seek new markets, the sectorneeds to devise measures to save production costs to cut prices, towards promotingthe industry’s sustainable development in the coming time, he stressed.
He also suggested intensifying the processing of industrial products fromrubber, and rubber wood, in order to reduce the export of raw materials, thus improvingthe sector’s value.
According to VRG General Director Tran Ngoc Thuan, in 2016, the rubber industryhad suffered remarkable impacts from high rubber supply, thedeclining price of natural rubber and fluctuating oil prices in the world.
However, VRG has outlined orientations and measures to tackle these problems,Thuan said.
In 2016, VRG focused on restructuring the sector, promoting the application ofadvanced technologies and mechanization in production toimprove the quality of products.
VRG’s total revenue grew 14.4 percent against the set plan, reaching over 15.4trillion VND (677.6 million USD). It contributed 1.15 trillion VND (50.6million USD) to the State budget, up 39.9 percent year-on-year.
The company has set to earn an estimated profit of 4.18 trillion VND (183.9million USD) in 2017, up 47 percent from 2016.-VNA
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Illustrative image (Source: VNA) 
