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Top 7 largest rubber companies in Vietnam

Top 7 largest rubber companies in Vietnam

Thursday 24, 03 2022
Below is detailed information of the largest rubber manufacturers in Vietnam. Topping the list is Vietnam Rubber Group – Joint Stock Company, which is also considered as the largest agricultural economic group in Vietnam.

1. Vietnam Rubber Group - Joint Stock Company

Vietnam Rubber Group – JSC, formerly known as Vietnam Rubber Corporation, was established in 1995. The company was transformed from a state-owned corporation to a parent – subsidiary company in 2006. On July 1, 2010, the company was transformed into a state-owned one-member limited liability company. In February 2018, VRG conducted an initial public offering (IPO).

Vietnam Rubber Group (VRG) is the largest agricultural economic group in Vietnam with a charter capital of 40,000 billion VND (the state accounts for 96.77%). VRG's main business lines are rubber plantation, exploitation, processing and consumption; processing of all kinds of wood products; producing industrial products from rubber materials; investment and development of industrial parks on rubber land; investment in agricultural development with high technology application.

VRG currently manages more than 410,000 hectares of rubber at home and abroad. Each year, VRG produces an average of 320,000 tons of all kinds of rubber. Although accounting for only 30% of the country's rubber area and output, VRG plays a very important role in promoting the development of Vietnam's rubber industry.

In 2021, despite facing many difficulties and challenges, Vietnam Rubber Group successfully completed the set targets. The group's total revenue reached 28,500 billion VND (6% higher than the plan), and pre-tax profit reached 6,100 billion VND (7% higher than the plan).

Vietnam Rubber Group – JSC

2. Danang Rubber Joint Stock Company

Formerly a tire factory of the US army, Da Nang Rubber Joint Stock Company has experienced a continuous development process. The company changed to a joint stock company model in 2006 and issued shares on the Ho Chi Minh City Stock Exchange with the stock code DRC in 2007.

With flexibility and creativity, DRC has become the leading enterprise in the truck tire market in Vietnam. DRC is investing in a new factory to produce steel radial truck tires with a capacity of 600,000 tires/year. This is a large-scale factory with modern technology built in Lien Chieu Industrial Park in Da Nang, which will meet the company's acceleration strategy.

In 2021, the company's net revenue reached 4,379.5 billion VND, up 20.1% compared to the previous year. Pre-tax profit reached more than 364 billion VND, up 13.75%. According to the leaders of Da Nang Rubber, the company is expected to set revenue and profit targets in 2022 at 4,600 billion VND and 320 billion VND, respectively.

Da Nang Rubber Joint Stock Company

3. Phuoc Hoa Rubber Joint Stock Company

Phuoc Hoa Rubber Joint Stock Company is one of the largest rubber manufacturers in Vietnam. The company is located in the central position of the Southeast rubber hub, 65km far from Ho Chi Minh City. Established in 1975, the company currently has 3 rubber processing factories, with a total annual output of 27000 tons a year.

The company operates in the fields of rubber tree planting, rubber latex exploitation and processing, rubber trading, raw latex purchasing, petroleum retailing, rubber wood trading, rubber wood processing, construction and repair of bridges and roads, traffic works and residential areas, construction of civil and industrial works; investment, construction and trading of technical infrastructure of industrial parks; real estate business; development of houses and industrial park services; financial investment.

At the end of 2021, Phuoc Hoa Rubber’s net revenue increased by 19% compared to 2020, to 1,942.4 billion VND. The company's business data also show that, in 2021, although the consumption volume reached 35,115.74 tons, an increase of only 10.6% compared to 2020, the average selling price increased by 24.38%, reaching 41.38 million VND/ton.

Phuoc Hoa Rubber Joint Stock Company

4. Dong Phu Rubber Joint Stock Company

Dong Phu Rubber Joint Stock Company (Doruco), formerly the Thuan Loi Plantation of Michelin Company (France), was formed in 1927. On May 21, 1981, Dong Phu Rubber Company – a state-owned enterprise under the General Department of Rubber of Vietnam was officially established. On December 28, 2006, the company was transformed into Dong Phu Rubber Joint Stock Company with initial charter capital of 400,000,000,000,000 VND. The company's shares were listed on the Ho Chi Minh City Stock Exchange on November 30, 2007, with stock code DPR.

In the year 2021, Dong Phu Rubber's revenue reached 1,215 billion VND, up 6.8% compared to the previous year. Excluding capital costs, the company's gross profit (from sales and service provision) is 433 billion VND.

In the company's revenue structure, revenue from rubber latex business reached 860 billion VND, contributing about 71% to the total revenue of the year. Revenue from rubber tree business reached more than 122 billion VND, while the rest was revenue from other activities.

Dong Phu Rubber Joint Stock Company

5. Tan Bien Rubber Joint Stock Company

Tan Bien Rubber Joint Stock Company (Tabiruto) was established on December 20, 1985 by the merger between two rubber companies Bac Tay Ninh Rubber Company (under Tay Ninh Provincial People's Committee) and Thien Ngon Rubber Company (under the General Department of Rubber of Vietnam).

Tan Bien Rubber Joint Stock Company is a state-owned enterprise, a member unit of the Vietnam Rubber Corporation (now known as the Vietnam Rubber Group – JSC).

The company's operating area covers 8 communes in Tay Ninh province. Its main functions and tasks are reclamation, new planting, tending, exploitation, processing of rubber, and trading.

In 2021, net revenue reached 889 billion VND, an increase of one and a half times compared to the previous year. Thanks to cost reduction, pre-tax profit reached nearly 415 billion VND, 3 times higher than the profit target assigned for the whole year. Profit after tax doubled, to 380 billion VND. 

Tan Bien Rubber Joint Stock Company

6. Daklak Rubber Joint Stock Company

Dak Lak Rubber Joint Stock Company (DAKRUCO), formerly known as Dak Lak Rubber Company, was established in March 1993, on the basis of the Union of Dak Lak Rubber Enterprises.

Benefiting from high rubber prices, Dak Lak Rubber JSC (stock code: DRG) reported a net profit of more than 32 billion VND in the second quarter of 2021, while in the same period in 2020, the business reported losses of over 26 billion VND.

In the first 6 months of the year, the company reported a net profit of approximately 58 billion VND, while in the same period in 2020, the company had a net loss of nearly 20 billion VND.

Dak Lak Rubber Joint Stock Company

7. DakLak Rubber Investment JSC

In 2012, DakLak Rubber Investment JSC (DRI) was established under the operating license number 6001271719 issued by the Department of Planning and Investment of Dak Lak. Since then, the company has changed its operating license 7 times. The company was established under the equitization project of a state-owned enterprise of Dak Lak Rubber JSC (DAKRUCO) with a charter capital of 500,000,000,000,000 VND to manage the investment project of rubber trees and other industrial plants in the southern provinces of Laos. However, Dakruco is no longer the parent company of the company.

In 2021, the company’s net revenue reached 600 billion VND, up 36% over the same period. Deducting expenses, it earned a net profit of about 77 billion VND, more than 3 times higher than the result of the same period in 2020.

Thus, compared with the plan set out in 2021 with total revenue of nearly 587 billion VND and NPAT of 45.8 billion VND, DRI completed 102% of its revenue target, thereby exceeding 68% of its profit target.

As of December 31, 2021, DRI's total assets decreased by nearly 9% compared to the beginning of the year, reaching nearly 1,103 billion VND. In particular, cash and cash equivalents recorded nearly 85 billion VND, an increase of 53 billion VND compared to the beginning of the year; inventory also increased to 86 billion VND. Tangible fixed assets account for the largest proportion in the enterprise's asset structure with a value of more than 817 billion VND.

DakLak Rubber Investment JSC

Alice Hoang Thao - VietnamCredit

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