Vietnamese plastics exporters may earn US$1 billion from exports this year, an on-year rise of 42.9 per cent, the Ministry of Industry and Trade has forecast.
Despite the export revenues of only US$750 million last year, the sector is expected to post a high export growth rate thanks to big import markets, the ministry said.
Vietnamese plastics products are sold well on international markets because of their high competitiveness, good quality and diversity of modern patterns, the ministry added.
Although the European Union (EU) yearly imports more than 500,000 tons of Vietnamese made plastic wrapping and Japan 480,000 tons, Vietnam’s share in these markets is still modest.
Vietnam-made plastics accounts for less than 1 per cent of the U.S. market share, almost 3 per cent of Japan’s, and around 5 per cent of the EU.
The ministry suggests plastics businesses renovate their production technology to lower production costs and turn out high value-added products to reach this year’s targets.
Currently, Vietnam ships plastics to Australia, Cambodia, France, Japan, Malaysia, the Philippines, the Republic of Korea, Taiwan and the U.S.
The ministry says that in addition to existing markets, plastics businesses should access new EU members such as the Czech Republic, Estonia, Hungary and Poland as well as African and Middle Eastern countries. (VNA)
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