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Vietnam's export of Plastics and plastic products in August 2016: potential achievements

VIETRADE - The 2010-2015 years were good ones for the plastic industry, with its being among the fastest growing industries in Vietnam, third, following only telecommunications and textiles. Niches within the industry even had 100% growth. Accordingly, we can categorize this plastic industry as one of the most dynamic ones in the country.

 

Until recently, the biggest expectation of Vietnam’s plastic industry was three FTAs - EVFTA, TPP and RCEP. Vietnam’s companies manufacturing plastics have steadily maintained growth of about 11% for the past 5 years; however, for 2016, expectations are for a quantum jump to 15%. This high-growth stability of Vietnam’s plastics is attracting major companies to Vietnam. Right now 1,500 plastic companies are operating in Vietnam, 85% of them domestic.

 

Plastic products associated with great competitive edge are packaging, household products, and construction and engineering plastics. Vietnamese plastic products are, in the main, exported. These plastic products are gradually reaching the point whereby they control the several countries’ markets.

 

Domestically, Vietnamese plastic products are present in most industries - agriculture, transportation and communications, seafood and fisheries, construction, and electric and electronics sectors etc. Further, Vietnam is successfully producing products requiring high quality such as oil pipelines, plastics for cars and computer industries.

 

Overseas, Vietnamese plastic products have earned a reputation for their outstanding competitiveness. After all, the industry’s manufacturing technology is right there with the best in the world as for modern technology, thereby easily earning market acceptance. According to Vietnam Industry Research and Consultancy (VIRAC), Vietnam is exporting plastic products to 160 international markets; some examples: Japan, Cambodia, Laos, Thailand, China, India, Africa, the EU, and the US.

 

Vietnamese plastics and plastic products export revenue 2010–2016 (thousand US$)

 Vietnams_export_of_Plastics_and_plastic_products_in_August_2016_1

Source: General Department of Vietnam Customs


Plastic product exports continually growing strong; in 2011 exports were US$1.7 billion; US$2.5 billion in 2013; over US$3 billion in 2014; and in 2015 – US$2.4 billion. Objective estimates are that this good performance of 2015 will continue for 2016.

 

Vietnam's traditional export markets are Japan, the US, some EU countries and ASEAN. Japan and the US are particularly notable buyers of Vietnam’s plastic products. Of that figure, exports to the Japan are US$45.78 million in August of 2016, up 16.5% over the same period of 2015; and exports to the US were US$30.66 million, up 22.4%.

 

The Netherlands followed, buying US$9.4 million – 5.9% of Vietnam’s total export of this product; this performance for August of 2016 was up 5.5% in comparison with the same period of 2015. Export to this market is mainly the product of plastic bags; Canvas; figurines, flower pots and other decorations. Other massive buyers: South Korea (US$9.3 million, up 21%); Germany (US$11.38 million, up 28.3% - plastic bags, canvas); Hong Kong (US$10.6 million, up 337.5%); Cambodia (US$8.2 million, down 5.3%); the UK (US$6.9 million); and Indonesia (US$7.36).

 

Vietnam’s plastics and plastic products export by country in August of 2016

 

Source: General Department of Vietnam Customs


Vietnam’s Ministry of Industry and Commerce approved a development plan for the country’s plastics industry in 2020 with a vision to 2025. The plan’s objectives are to develop Vietnam plastics industry into an advanced industry, producing high quality products, diversification of types and designs, that are highly competitive, environmentally friendly, meeting most needs of the domestic market, having the ability to export products of high-added value, and increased output.

 

In 2015, production of plastic products was 7.5 million tons, but expectations are for a massive 12.5 million tons in 2020. Exports for 2015 of about US$ 2.15 billion are objectively estimated to double to US$4.3 billion by 2020 because of about 15% growth annually.



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