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| Photo: nld |
Free trade agreements (FTAs) have opened up opportunities for Vietnamese plastic businesses to expand their export markets, the Vietnam Economic News reported.
According to the newspaper, the Vietnamese plastic industry needs to build production connectivity to help businesses tap and secure market positions, aimed at obtaining sustainable development in the long run.
The country exported plastic products worth an estimated 992.12 million USD in the first half of 2014, up 17.61 percent from the same period last year.
Japan remained the biggest importer of Vietnamese plastic products. It shipped plastic products worth 245.98 million USD from Vietnam in the first half of this year, accounting for 25 percent of Vietnam’s plastic exports in that period, up 25.11 percent from the same period last year.
The US was the second biggest importer with a total import value of 125.5 million USD in the first half of this year, accounting for 12.65 percent of Vietnam’s plastic exports in that period and up 38.69 percent from the same period last year.
The EU market provided many opportunities for Vietnamese plastic businesses. Importers highly appreciated the quality of Vietnamese plastic products so their orders to Vietnamese exporters grew in value. Vietnamese plastic exports to Germany were 55.97 million USD in the first half of this year, up 6.26 percent from the same period of 2013, while those to the Netherlands amounted to 50.97 million USD, up 19.96 percent. Plastic exports to EU markets grew 3-6.1 percent per year.
India is expected to be a promising market for Vietnamese plastic products in the future. The demand for plastic products in Indian industries increased and the demand for packaging in India soared considerably. The boom in infrastructure, agricultural modernisation, rising incomes and the concentration of population in urban areas also increased the demand for industrial and civil plastic products.
Vietnam Plastics Association Chairman Ho Duc Lam said that the plastic industry focused on both quality and quantity to serve for exports. Vietnamese plastic exports in 2014 are expected to grow 13.5-16.5 percent over 2013.
In the context of economic integration, Vietnamese plastic businesses need to renovate technology, improve product quality and design and learn about the market’s new trends. They need to modernise technology and production lines, focus on developing environmentally friendly products.
In the long term, Vietnamese businesses need to build production connectivity to form major product supply chains, giving priority to product quality improvement, Lam said.
Source: VNA