However, the Vietnamese rubber market share is shrinking here, while the market shares of Indonesia, China, the Philippines, Cambodia, and Singapore tend to increase.
Vietnamese rubber exports to South Korea in the first four months of 2023 totalled 12,470 tonnes, valued at US$18.92 million, up 5.6 per cent in volume but down 15 per cent in value year-on-year, according to statistics from the General Department of Customs.
Việt Nam's natural rubber is the primary product exported to South Korea. Particularly, the SVR 10 accounted for the largest portion of the total exported rubber, 28.05 per cent, followed by SVR CV60 and SVR 3L with 24.53 per cent and 14.44 per cent, respectively.
The drop in value is attributed to the sharp decrease in average export price of all types of rubber over the same period in 2022.
Thailand, Indonesia, China, Việt Nam, and the Philippines are the top five rubber suppliers to South Korea, with Việt Nam ranking fourth.
However, the Vietnamese rubber market share is shrinking here, while the market shares of Indonesia, China, the Philippines, Cambodia, and Singapore tending to increase over the same period in 2022.
In the South Korean market, Việt Nam's rubber has to compete with Thai and Indonesian rubber.
Therefore, the Import-Export Department under the Ministry of Industry and Trade recommends Vietnamese businesses diversify their products to meet the requirements of the market.
The ministry will continue to work and optimise the efficacy of the structures for bilateral cooperation to complete specific goals, such as putting together an action plan to achieve the bilateral trade target of $100 billion in 2023.
Vietnamese companies also need to encourage technology transfer, raise the standard of human resources, and improve trade and investment in the textile, automotive, mechanical, and electronic industries.
Source: Viet Nam News