Made-in-Vietnam tyres present in 128 markets
Made-in-Vietnam tyres have been rolling in 128 countries and territories worldwide, according to Vice President of the Vietnam Rubber Association (VRA) Vo Hoang An.
Last year, the country earned US$920 million from tyre exports, up 44.2% from 2016. Local tyre production enjoyed a trade surplus of US$564 million in 2017, doubling the amount gained in the previous year.
Highest export revenue was recorded in the exports of passenger car tyres with US$591.5 million (accounting for 64.3%), followed by truck tyres with US$146.2 million (15.9%), motorbike tyres with US$77 million (8.4%) and bike tyres with US$6.4 million (6.6%).
The top 10 leading tyre exporters in the country included two domestic companies: the Southern Rubber Industry Joint Stock Company (Casumina) and Danang Rubber Company (RRC).
Some 424,000 tonnes of rubber were shipped abroad at a value of US$620 million in the first five months of the year, up 17.4% in volume but down 12.4% in value as compared to the same period in 2017.
China, India and Malaysia are the three largest rubber consumption markets of Vietnam. They make up market shares of 58.1%, 7.5% and 4.6%, respectively.
Report from the VRA showed that Vietnam was home to 971,600 hectares of rubber which yielded more than 1.08 million tonnes of rubber latex in 2017, accounting for 8.3% of the world’s total production.
Besides rubber products, the rubber sector brought home US$2.25 billion from the export of rubber latex and US$1.9 billion from rubber wood exports.