Rubber industry invests heavily in Cambodia
(VOV) - Vietnamese businesses have invested hundreds of millions of US dollars in rubber plantations in Cambodia to exploit latex and process rubber timber for export.
Tay Ninh Rubber Company (TRC) recently received an investment licence from the Vietnam Ministry of Planning and Investment to set up Siem Reap-Tay Ninh Rubber Development Company to undertake rubber plantation projects in Cambodia.
TRC will spend approximately US$64.8 million planting rubber on 6,157ha out of 7,600ha in Cambodia over 70 years. It is expected to harvest and export rubber from 2019 to 2040.
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In addition, Vietnam Rubber Group (VRG) members now have 20 projects in Cambodia with a combined investment capitalisation of nearly VND10.5 trillion. Of which, Tan Bien-Kampong Thom and Hoang Anh Yang K companies are planning to build a rubber latex processing factory which is expected to be put into operation in the second quarter of this year.
Phuoc Hoa Rubber Company has been licenced to plant rubber trees on more than 9,000ha in Kampong Thom province totaling US$55 million. After five-years of operation, the company has grown nearly 7,600ha and will finish the project at the end of 2014.
The company is expected to exploit latex out of the first 500ha of rubber planted in 2009.