Currently, the Vietnam Rubber Group (VRG) has six industrial rubber product manufacturing companies, all of which have faced difficulties due to the global economic downturn and the Russia–Ukraine conflict, leading to a sharp decline in product consumption. Despite these challenges, the companies have implemented multiple strategies to stabilize production, sustain employment, and fulfill or exceed planned targets.
Effective Production and Business Solutions
Ben Thanh Rubber Joint Stock Company (BTR) emerged as one of the strongest performers among VRG’s industrial product manufacturers. Facing numerous challenges, the company boldly expanded its market development efforts, trade promotion activities, and customer base both domestically and internationally. As a result, the company currently serves 756 customers worldwide.
In the first nine months of 2024, BTR achieved remarkable results:
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Transmission belts: Over 13 million inches sold (75% of annual plan)
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Steel cord conveyor belts: 18,450 m² sold, reaching 127% of the plan, up 39% year-on-year
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Fabric conveyor belts: 131,690 m² sold, achieving 81% of the plan, up 12% year-on-year
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Technical rubber products: 1,537,895 kg sold, reaching 81% of the plan, up 20% year-on-year
Total revenue reached VND 303 billion (92% of the plan, +23% YoY), and pre-tax profit was VND 22.17 billion (90% of the plan, +25% YoY).
Rubber Engineering Joint Stock Company has also achieved positive results by focusing on installation and maintenance of rubber production equipment for both VRG units and external clients, reducing production costs, and optimizing raw material sourcing. The company’s 9-month performance in 2024 includes:
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Revenue: Over VND 57 billion (57.8% of annual plan)
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Pre-tax profit: Over VND 5 billion (87.6% of plan)
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Tax payment: Nearly VND 2 billion
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Average income: Over VND 11 million per worker per month for 86 employees
Ensuring Employment and Workers’ Welfare
At Geru Star Sports Joint Stock Company, early 2024 was marked by order shortages, forcing the company to rotate workers’ shifts and restructure production departments. However, the company prioritized maintaining employment and boosting its hand-stitched ball production capacity to secure export orders.
In the first nine months of 2024, Geru Star produced 459,634 balls (63% of plan) and sold 469,190 balls (72% of plan), generating over VND 61 billion in revenue and VND 54 million in post-tax profit. Average income remained stable at VND 9 million per worker per month for more than 117 employees.
Rubber Industry and Import-Export Joint Stock Company (RIECO) is currently undergoing restructuring to streamline operations and focus on core business activities. The company is channeling resources into antique-style indoor furniture production, a strong export segment targeting European and U.S. markets. Its top priority remains to fulfill VRG’s targets and maintain stable employment for 305 workers.
Final Quarter Acceleration Toward Annual Targets
In the final quarter of 2024, all VRG industrial product companies are united by a shared goal: to overcome difficulties, stabilize production, and ensure workers’ livelihoods. By mobilizing all available resources, promoting team unity, and implementing synchronized, practical solutions, these companies are determined to complete and exceed their business and production goals — reinforcing the resilience and adaptability of Vietnam’s industrial rubber sector.