Plastics exports up 35 percent

The export of plastic products is forecast to hit US$1.35 billion in turnover, up 35 percent over last year, says the Ministry of Industry and Trade.

Exports will be directed at mainly the EU, Japanese, Chinese and other Asian markets.

European demand for Vietnamese plastic products, especially pipes, remains high. The ministry estimated that the bloc will spend roughly US$275 million on local plastics this year, up 36.5 percent over last year.

Turnover of plastic exports to Japan is also expected to reach US$255 million this year.

The ministry said that worldwide demand for plastic products is rising sharply, especially on the Southeast Asian market, estimated to rake in US$100 billion yearly. To seize this opportunity, the domestic plastic industry must improve to compete against products from China and India. Due to a dependence on imported materials, a shortage of capital and backward technology, the prices of Vietnamese plastic products are often 10-15 percent higher than those of India and China.

The former director of the Central Institute for Economic Management, Le Dang Doanh, recommended that domestic plastics producers and foreign partners join hands to produce high-quality and competitive products alongside further exploiting rural areas of foreign markets.

In Japan, the largest importer of Vietnamese plastic products for the past few years, exports are modest due to a lack of experience, information and strict regulations on quality.

Local producers should reinforce links with trade and international organisations in the Japanese market to gain support in consultation, information, product requirements and administrative procedures.
VNA/VOV

Tags: Vietnam Plastics Exports

Posted by VBN on Nov 30 2011. Filed under Import-Export, Rubber & Plastic. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry