Plastic products exports up 20%
Exports of plastic products were worth US$1.43 billion in the first half of the year, a year-on-year increase of 20%, according to the General Department of Vietnam Customs.
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Illustrative image (Source: VNA)
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Shipments to the US were worth US$223.7 million, while the other major buyers were the Netherlands (US$75.9 million) and the Republic of Korea (US$$75.3 million).
Exports to many markets, including India, Hong Kong, Turkey, China, Ukraine, Russia, and Bangladesh, are rising.
Shipments to India rose by over 159.4% to US$17.6 million. Exports to Hong Kong were up 158.8% to US$29 million.
But exports to certain markets such as the Philippines (down by 31.3%), Laos (26.3%) and UAE (26.2%) declined.
According to the Vietnam Plastics Association, the industry is one of those to achieve steady growth of 14%-15% a year with its export growing by 12%-14% annually.
The industry still has a lot of room to grow because the per capita consumption of plastic products in Vietnam remains low at 41kg per year, while it is 48.5kg in Asia and 69.7kg globally.
Companies have increased investment in technology and plants and are tying up with foreign partners to improve their competitiveness.
