Vietnam will take part in a rubber trading network involving Thailand and other major rubber producing countries in Southeast Asia to help put the brakes on falling latex prices and generate profit for growers.

The point was raised by Minister of Agriculture and Rural Development Cao Duc Phat at a meeting with Thailand’s Minister of Agriculture and Cooperatives Petipong Pungbun Na Ayudhya in Hanoi last week.

The Thai minister said Vietnam has been invited to team up with Thailand and other regional countries to establish a group of member countries for the network aimed to set prices of latex products in the region and reduce reliance on the prices decided by the nations outside the region.

Petipong said the prices of latex products have fallen sharply in recent years, making life tough for rubber producing countries and their growers.

Therefore, now is the time for the key rubber producing countries in the region to join forces to set up a market and set reasonable market prices for rubber growers to earn profit.

Petipong estimated the network’s latex output will amount to 70% of the world’s total if Vietnam participates in the network.

Phat said regional countries need to cooperate in stabilizing the rubber market and improving income for rubber growers. Vietnam will join hands with Thailand, Indonesia and Malaysia for cooperation programs.

Thailand, Indonesia and Malaysia have agreed on the establishment of the network. In addition to Vietnam, Laos, Cambodia and Myanmar are encouraged to join.

Seven nations will better manage and set latex prices, and there will be a latex trading floor for these countries. A latex exchange can be set up in Danang City as part of the regional transaction system, head the meeting.