A report from the Vietnam Plastics Association shows that the plastic industry has nearly 4,000 businesses nationwide, of which, 90% are small- and medium-sized enterprises, mainly in the Southern region.
Total revenue of the plastic industry has reached over 25 billion USD and exports account for 22%. The sector’s growth rate has reached double digits of 12-15% per year in the past five years.
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Hanoi Plastics Company (Photo courtesy of Hanoi Plastics Company) |
Vietnamese plastic enterprises have been producing a full range of plastic products to serve domestic consumption and export markets.
In particular, Vietnamese plastic products have been exported to more than 160 countries around the world and are present in many demanding markets such as the U.S., Germany, France, the U.K., Italy, the Netherlands, Spain and Japan.
Vietnam can now produce all kinds of plastic materials, including PVC, PP, PET, PS and PE, with a total capacity of nearly 3 million tonnes per year.
Some of the key export products of the plastic industry are packaging, sheets, plates, films, products used in transport packaging, household plastic and decorative items.
Ho Duc Lam, Chairman of the Vietnam Plastics Association, said that the export turnover of plastic products has grown steadily over the years from 3 billion USD in 2018 to 5.5 billion USD last year, with an average growth rate of 12-20% per year.
Domestic raw materials meet 30% of domestic market demand, the remaining 70% is imported from countries and territories around the world.
Lam also shared that along with the changes in the Vietnamese economy, the Vietnamese plastic industry has made continuous progress to more effectively support the business community, especially the green production transformation.
The association will promote a strategy for the development of the Vietnamese plastic industry in the 2023-2030 period, helping businesses have orientations for industry development and methodical investment; and hold diverse domestic and foreign trade promotion programs, creating a bridge for businesses to integrate into the global market.
Regarding green production, Le Anh, Sustainability Director of DUYTAN Plastic Recycling Company, pointed out that the current packaging trend revolves around three phrases: moderation, reuse and multi-use.
Using plastic and recycled products will help the circular economy be applied and expanded, he said.
Therefore, the priority solution for packaging development of manufacturers today was to use recycled materials with environmentally friendly designs, he added.
Similarly, in the flow of free trade market integration, circular economy and green production, many units operating in the plastic industry and related industries have identified sustainable development as guiding principle in all business operations.
These units not only focus on investing in building recycling plants, but also actively participate in contributing initiatives related to the "green production path."
On the basis of strengthening investment cooperation and joint ventures, at the same time, becoming suppliers and participating in the supply chain of a number of global brands, including Coca Cola, Nestle, LaVie, Unilever and Suntory Pepsico, has helped many plastic businesses and related industries establish circular economic models.
Some Vietnamese businesses have enhanced their brands and are official members of the Packaging Recycling Organization Vietnam (PRO Vietnam) or Vietnam Waste Recycling Association (VWRA).
Source: VNA