The companies are from 11 countries and territories including China, India, Indonesia, Japan, Malaysia, the Philippines, Taiwan (China), Hong Kong (China), Thailand, the U.K., and Vietnam.
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Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry, speaks at the opening ceremony of Hanoi PlasPrintPack 2023.
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Speaking at the opening of the exhibition, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry, said that along with the development of the domestic manufacturing industry, the plastic, packaging, and printing industries also see rapid growth. They are supporting industries with great potential and require high-tech products, modern production processes, and management to increase competitiveness in the market.
Ho Duc Lam, Chairman of the Vietnam Plastics Association, said that Vietnam now counts nearly 4,000 plastics businesses, 90% of which are small and medium enterprises.
Over the past time, Vietnam's plastics industry has grown strongly for years with an annual average rate of 10-12%. Industry revenue in 2022 topped 25 billion USD, up 5.7% over the same period in 2021.
However, the growth rate of Vietnam's plastics industry have been seeing signs of a slowdown from the beginning of 2023 due to the global economic recession in general and the lingering impact of the COVID-19 pandemic in particular, Lam said.
Moreover, Vietnam’s plastics industry still largely depends on imported raw materials, machinery, and equipment, he said.
The exhibition will run through June 11.
Source: VNA