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Rubber group aims for higher profit in 2024

Although 2024 is forecast to be a challenging year for the rubber sector, posed by unfavorable weather conditions and unpredictable market development, the Vietnam Rubber Group Joint Stock Company (VRG) is still eying over 4.1 trillion VND (166.6 million USD) in pre-tax profit, up 2.2% year-on-year.

Rubber group aims for higher profit in 2024

The group’s after-tax earnings is expected to grow 0.9% to more than 3.43 trillion VND.

It has set the targets of producing 445,000 tons of latex, purchasing over 75,000 tons of latex material, and selling more than 520,000 tons of latex.

Timber and latex productivity is estimated to rise by 1% to 89% from 2023, while the production of the rubber supporting industry goods such as gloves, conveyor systems, sport balls, latex mattresses and pillows are expected to increase 6%.

Besides, the group is aiming for leasing 245 hectares of industrial parks, or 468% of the figure recorded in 2023.

According to VRG General Director Le Thanh Hung, to realize the set goals, the group will keep a close watch on the market developments so as to have flexible solutions to sale, inventories and prices.

Harmonious and effective measures will be rolled out, aimed at completing production-consumption targets, he said, adding the group will pay due attention to sustainable rubber forest management in accordance with national and international standards, and carry out green growth and sustainable development solutions in order to bring about high brand and economic values this year.

The group has unveiled its Green Growth and Sustainable Development Strategy for the 2023-2030 period with a vision to 2050 that encompasses three goals of economic development, environmental protection, and social responsibility.

The strategy targets a minimum 15% reduction in greenhouse gas emissions from energy use by 2030 and 30% by 2050.

The VRG also plans to greenify its supply chain to meet the stricter sustainability requirements from customers.

The goal is for 60% of its rubber cultivation area and production forests to obtain national and international sustainable forest management certifications (VFCS/PEFC/FSC) by 2030 and 100% by 2050.

By 2030, all rubber latex processing factories will achieve chain of custody certification, and all manufacturing plants (rubber latex, wood, rubber-based industrial products) by 2050.

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