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Vietnam's plastics industry is developing rapidly and has huge potential for future development


source:[Gravimetric blender]   release time:2021-03-06 14:34:42





Plastic refers to a material with high molecular weight natural or synthetic resin as the main component, adding appropriate plasticizers, stabilizers, antioxidants, flame retardants, coloring agents and other additives to have plasticity or rigidity after processing. Plastic products are products that are made of plastic as the main raw material, molded under certain temperature and pressure conditions, and can remain unchanged at room temperature. It, together with synthetic rubber and synthetic fibers, are called the three indispensable products in life. Synthetic materials.

Since its invention, plastic has been widely used in various fields such as information, energy, industry, agriculture, and transportation due to its many characteristics such as strong plasticity, light weight, and low production cost. The market demand has increased year by year. In 2005, global sales of plastic products were approximately 228 million tons. In 2017, global sales of plastic products were approximately 351 million tons.

Since 2013, thanks to China's industrial upgrading, many labor-intensive companies have moved to Vietnam one after another. Under China’s “One Belt, One Road” policy initiative, Vietnam’s plastics industry has developed rapidly. According to data, in recent years, Vietnam's exports of plastic products have shown an upward trend year by year. According to the "In-Depth Research and Analysis Report on Vietnam's Plastics Market for 2020-2024" released by the New Sijie Industry Research Center, in 2017, Vietnam's plastic products exports were about 2.97 billion U.S. dollars, and in 2019, Vietnam's plastic products exports were about 3.52 billion U.S. dollars. USD, the compound annual growth rate is about 8.9%. In the first seven months of 2020, Vietnam’s exports of plastic products were approximately US$2.29 billion, with an average monthly export value of approximately US$330 million, an increase of approximately 9.9% year-on-year.

Vietnam's plastic products export markets are mainly the European Union, the United States, China, Japan, Malaysia and Thailand. Among the exported plastic products, plastic products used for transportation and food packaging accounted for about 53.8% of the total export value, household plastic products accounted for about 13.2%, industrial plastic products accounted for about 10.9%, and construction and engineering plastic products accounted for about 9.2%. Other plastic products accounted for about 12.9%.

However, although Vietnam's plastic products are one of the important resources for earning foreign exchange through exports, its plastics industry still has many shortcomings. Vietnam's plastics companies are small in scale, late in development, and backward in industrial technology. The quality of plastic products cannot be compared with other countries' plastic products. The added value of plastic products is low. They can only compete on price when selling, and profits are limited after cost is discarded. In addition, the raw materials produced by Vietnamese plastic companies cannot meet the needs of the domestic market, including many plastic raw materials such as polyvinyl chloride (PVC), polyterephthalic acid, and polypropylene, which are highly dependent on imports.

New Thinking Vietnam industry analysts believe that Vietnam's plastics industry is relatively late, with relatively backward technology, and its plastic products have low added value. It is difficult to compete with other countries' plastic products. Small enterprises in the industry occupy a dominant position and cannot form large-scale production. In view of the overall environment, the downstream applications of plastics are extensive, and the global plastic products market demand is increasing year by year. In recent years, Vietnam's plastics industry has developed rapidly, and the export volume of plastic products is increasing year by year. The future development potential is huge.[Gravimetric blender]