Recently, a seminar entitled “Vietnam Plastics Industry and Packaging Industry: A Great Opportunity from the Fourth Industrial Revolution” was held in Hanoi, Vietnam. This is one of the activities within the framework of the 2019 Hanoi International Plastic Printing and Packaging Industry Exhibition.
Economic experts at the seminar said that Vietnam's plastic printing and packaging industry and export potential is huge, and companies should continue to invest in the industry and develop its potential. In the past 10 years, the plastics industry has grown at an average annual rate of 15-20%. In 2017, Vietnam exported 477,000 tons of plastics, of which China accounted for 50%, and its export volume increased by 99.87% compared with 2016.
In particular, after the signing and entry into force of the Vietnam-European Free Trade Agreement, plastic companies will increase their opportunities for export to the European market. The domestic market has also increased, injecting momentum into the development of the plastics and packaging industry.
Yan Guoying, chairman of the Vietnam Plastics Industry Association, said that in the past 10 years, the plastics industry's raw material imports and plastic products exports have maintained double-digit growth. According to the statistics of the General Administration of Customs, in recent years, the amount of plastic exports has continued to grow strongly, with an average annual growth rate of 14%-15%.
Vietnam’s signing of a free trade agreement with its partners will create opportunities for plastics exporters. Partners have transferred orders from China to Vietnam; import taxes on exports to South Korea, Japan and Europe enjoy many benefits. The EU and Japan's import demand for plastic products is still at a high level, and consumers are increasingly fond of Vietnamese Su plastic products.