Vietnam Rubber Group urged to create value-added products

Friday, 2018-01-05 08:14:16
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PM Nguyen Xuan Phuc speaks at the meeting
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NDO/VNA – Prime Minister Nguyen XuanPhuc has stressed the need for the State-owned Vietnam Rubber Group (VRG) to develop its processing industry, thus creating value-added products.

During his talks with the VRG management and workers on January 5, the Government leader appreciated the efforts made by the group in maintaining production and business, while ensuring jobs for nearly 90,000 workers in the context of falling rubber latex prices.

He asked the group to renovate their management and push equitisation and restructuring in the spirit of transparency and publicity, to ensure no loss of state capital.

Attention should also be paid to improving the living standards of workers, especially women, he noted.

The PM requested the group to build a specific action plan to successfully implement the group’s production and business plan in 2018.

The Vietnam Rubber Group (VRG), one of the biggest economic groups in Vietnam, posted VND3.6 trillion (US$158.7 million) in after-tax profit in 2017. It is actively preparing for its upcoming initial public offering (IPO) in the first quarter of this year.

In November last year, the VRG’s five-year production and business plan for 2016-2020 received the government’s approval. The plan targets an average annual growth of 18% during the period, with total revenue surpassing VND40 trillion (US$1.76 billion) and profit of around VND9 trillion (US$409 million) by 2020.