In addition to billion-dollar fruits and spices, Vietnam also has another billion-dollar crop, which is rubber. It is considered “white gold” for generating millions of USD in turnover each year. By 2022, the area of rubber in Vietnam was 929.5 thousand hectares, with a production of nearly 1.29 million tons.
The region with the largest rubber plantation area is the Southeast, accounting for nearly 60% of the total rubber area. Vietnam is currently the third-largest rubber exporter in the world, accounting for 17.4% of the global rubber trade.
Besides domestic supply, Vietnam is importing millions of tons of rubber each year. According to statistics from the General Department of Customs, rubber imports to Vietnam in April reached 112,319 tons, equivalent to 203.24 million USD. This is a decrease of 5.2% in volume and 7.5% in value compared to March.
In the first 4 months of the year, Vietnam imported 539,966 tons of rubber, equivalent to over 945 million USD. This is an increase of 7% in volume and 29% in value compared to the same period last year. The average import price was 1,751 USD/ton, an increase of 21%.
The Vietnam Rubber Industry expects a stronger development in 2025.
In terms of the market, Cambodia is the largest supplier to Vietnam, with 190,967 tons, equivalent to over 275 million USD. This is a decrease of 3.5% in volume but a significant increase of 27% in value compared to the same period last year. The average price was 1,450 USD/ton, an increase of 11%.
Notably, both China and South Korea are increasing their exports of this item to Vietnam. For China, this is the second-largest supplier, with 78,823 tons, equivalent to over 151 million USD, an increase of 42% in volume and 46% in value compared to the same period last year. The average price is 1,927 USD/ton, an increase of 3% compared to the same period in 2024.
Rubber imports from the South Korean market increased by 14% in volume and 16% in value, reaching 61,885 tons worth 105.88 million USD, accounting for 11.5% of the total volume and 11.2% of the total value.
The Vietnam Rubber Association anticipates a stronger development in 2025. The total export turnover of the entire industry is forecast to reach over 11 billion USD, growing by about 10% compared to 2024, thanks to maximizing sustainable value from environmentally friendly and recycled raw materials.
The rubber prices in 2025 will largely depend on the effectiveness of the economic policies being implemented by China. Economic stimulus measures, including direct funding packages for industrial infrastructure investment, have begun to yield positive results. China remains the leader among all import markets of Vietnamese rubber. In 2024 alone, China imported 2.4 billion USD of Vietnamese rubber, accounting for 70.5% of Vietnam’s rubber export turnover.
It is forecast that global natural rubber consumption can maintain a growth rate of 4-6% per year, thanks to the recovery of the global automotive and tire manufacturing industry. The production and export of tires in Thailand and India are also experiencing positive growth and are expected to continue increasing in 2025.