Vietnam plastic sector still has more room to growth

Talking to reporters from the Industry and Trade Newspaper, Mr. Ho Duc Lam, President of Vietnam Plastic Association (VPA) - said that the plastic industry is still one of the industries with relatively stable growth at average from 14-15% per year and export value also grows by 12-14% per year. 

VPA statistics show that in the year 2017, the total value of plastic exports in Vietnam is over $US 3 billion, up 17.6% over 2016. Vietnam's key export markets have high growth rate including: South Korea (30%), Asian (24,2%), Japan 14,8% meanwhile the EU market was maintained, impressively exports to China increased by 61.5%.

According to Mr. Ho Duc Lam, in the first four months of this year, the plastics industry continued to grow and reached 14%, especially export turnover to major markets such as Japan, US ... continued to increase strongly (Japan is still the largest export market of Vietnam with a proportion of 26%, followed by the US with 11%). 

Evaluating about the ability for development of the sector in the coming time, Mr. Lam said that the plastics industry still has more opportunity to increase because currently the average use of plastic products per capita of Vietnam is still low, with the average is 41 kg/person/year while that level of the Asian countries is 48.5 kg/person/year and the world average spending is 69.7 kg/person/year.

On the competitiveness of the industry, VPA representative said: In the past, plastic enterprises are usually family companies, private companies with small operation scale, now with the trend of integration and the strongly supported by the government policies, enterprises in this industry are growing and maintaining the development every each year.

Domestic plastic enterprises are competing favorably with foreign companies as well as plastic products imported into the Vietnamese market. It is noteworthy that domestic firms have strongly invested in technology, factories and cooperate with other multinational corporations to concentrate their investment for making products for the domestic market as well as export market.

By Industry and Trade Newspaper.