Rubber Tech Vietnam 2024 has more than 100 booths. — Photo courtesy of the event's organisers

HCM CITY — The Vietnam International Rubber and Tyre Exhibition (Rubber Tech Vietnam 2024) opened its doors at the Saigon Exhibition and Convention Centre in HCM City on Wednesday.

Co-organised by the Việt Nam Advertisement and Fair Exhibition JSC (Vietfair) and the CCPIT Sub-Council of Chemical Industry from China, the three-day exhibition comprises over 100 booths showcasing rubber raw materials, rubber chemicals, machinery, frame materials and other rubber products.

According to organisers, the event will help connect trade opportunities, introduce advanced products, materials and technologies, meeting the production and business needs of domestic enterprises.

It will create opportunities for international manufacturers to approach Vietnamese enterprises to supply machinery and equipment or find distributors in Việt Nam, they said.

Several activities will be held on the sidelines of the exhibition including a conference discussing Việt Nam's rubber and tyre market, along with tours to rubber factories in the south.

In the first ten months of 2024, Việt Nam exported 1.54 million tonnes of rubber, generating over US$2.52 billion in revenue.

This represents a 4.9 per cent decline in volume but a 16.4 per cent increase in value compared to the same period in 2023. The average export price stood at $1,638 per tonne, up by 22.4 per cent year-on-year.

China remained Việt Nam's largest rubber export market, accounting for 78.7 per cent of the country’s total rubber exports. Exports to China reached 1.06 million tonnes, valued at $1.7 billion, a 16.8 per cent decrease in volume but a 1.5 per cent rise in value year-on-year.

The first ten months witnessed notable shifts in Việt Nam's rubber export markets. While exports to China, South Korea, the Netherlands and Argentina declined year-on-year, substantial growth was recorded in other markets such as India, the US, Germany and notably Malaysia.

With these results, rubber export revenue in 2024 is forecast to reach $3-3.5 billion, an increase of $200-400 million compared to last year.

According to the Vietnam Rubber Association (VRA), the country has around 930,000ha of rubber plantations, producing about 1.3 million tonnes of latex annually.

Vietnamese rubber has been present in more than 80 countries and territories around the world.

The country's rubber-made products, such as tyres, shoe soles, gloves and rubber garments, have been exported to major markets such as the US, Malaysia, Germany, Brazil and Japan, showing great prospects and potential for the Vietnamese rubber industry. - VNS