In July, the average price of rubber exports rose to two-year high of US$1,665, an increase of 2.9 percent against the previous month and 26.8 percent against the same period last year.

China remained the largest importer of  Vietnamese rubber in the Jan-July period with 617,033 tons, worth US$924.63 million.

Other key markets include India, South Korea, Russia, Taiwan, Turkey, Belgium, Sri Lanka and Malaysia.

There remained room for Viet Nam to increase its exports of rubber materials, as the Southeast Asian country can produce 1.3 million tons of rubber latex annually but the local rubber processing sector only needs over 300,000 tons.

Viet Nam targets to pocket around US$3 - 3.2 billion from rubber exports this year, up US$200-400 millions against 2023.

Under a strategy to develop plant cultivation through 2030, rubber yield will be raised to 1.8-2 tons per hectare.

Last year, Viet Nam exported 2.14 million tons of rubber, earning US$2.89 billion, reported the General Department of Customs./.