Written on 29.08.2014 - Industry
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VIETNAM: FTAs open door for plastics firms

Free trade agreements (FTAs) have opened up opportunities for Vietnamese plastic makers to expand their exports, according to a report in the Vietnam Economic News. The article stated that the domestic plastic industry would need to foster joint production among businesses in order to take advantage of new markets.

The country exported an estimated USD 992.12 million worth of plastic products in the first half of 2014, up 17.61 % from the same period last year.

Japan remained the biggest importer of Vietnamese plastic products, shipping USD 245.98 million in plastic exports from Viet Nam in the first half of this year, accounting for 25 % of plastic exports in that period.

Meanwhile, the US was the second biggest importer, importing USD 125.5 million worth of Vietnamese plastic products in the same period, accounting for 12.65 %.

The EU market had also become an important market for Vietnamese plastic makers, driven by improvements in quality. Vietnamese plastic exports to Germany numbered USD 55.97 million in the first half of this year, up 6.26 % from the same period last year, while exports to the Netherlands reached USD 50.97 million. Meanwhile, collective plastic exports to EU markets had grown between 3-6.1 % annually.

Vietnam Plastics Association Chairman Ho Duc Lam said the industry was focused on improving the quality of its products and scaling production to meet export demand. This would involve using modern technology, developing environmentally friendly products and fostering opportunities for joint-production, he said.

With Vietnamese plastic exports set to grow between 13.5-16.5 % this year, Vietnamese plastic businesses needed to address issues in product quality and design, and study market trends to integrate with the global supply chain, Lam said.

Source: Daily “Vietnam News”, Hanoi; 23 Aug 2014
(Syed Rashid Ali, Karachi, Pakistan)