VIETNAM: Plastic export revenues jump 57 %

Plastic material production requires the use of high technology, which generates higher-value exports compared with common plastic product exports.

Lam said the industry last year exported 20 plastic products to foreign markets; six of these products generated a turnover of more than USD100 million each.

In particular, the exports of plastic bags, films and garbage bags generated a turnover of over USD150 million last year.

Plastic bag exports posted an increase of 27 % in 2013 over the previous year, while the growth in exports of plastic decorative products was 26.4 %.

Viet Nam's plastic products were shipped to 151 countries and territories, including high-demand markets, such as Japan, the United States, Germany and the European Union.

Japan is the country's largest importer of plastic products, importing goods worth USD401 million and accounting for 20 % of Viet Nam's total plastic exports.

The association noted that Japan continues to hold immense potential demand for the industry's products.

Viet Nam exported 20 varieties of plastic products to Japan; 15 of these products generated a turnover of more than USD1 million each.

Lam urged Vietnamese plastic producers to prepare long-term strategies and invest in market research to increase their penetration of the Japanese market.

The US is the second largest consumer of Viet Nam's plastic exports, accounting for USD175 million, or 8.6 %, of the total export turnover last year.

In 2013, plastic producers continued operations, despite facing tough economic challenges. The association forecast a growth rate of 13.5-16.5 % for the industry this year because of the global economic downturn.

Lam added that domestic plastic producers are facing competition from other countries in the region.

Moreover, businesses need to focus on environmentally-friendly and safe products for sustainable growth in exports.

Last year, domestic plastic firms accounted for 45 % of the country's total export turnover. The balance was accounted for by foreign-investor-led enterprises.

Source: bizhub.vn, Hanoi; 14 Jan 2014
(Syed Rashid Ali, Karachi, Pakistan)