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Vietnam imported 4.
3 million tonnes of plastics worth about $5.
3 billion in the first eight months of this year, up 4 percent year-on-year, the Ministry of Industry and Trade said on Monday
.
According to statistics from Vietnam's Ministry of Industry and Trade, from January to August this year, Vietnam imported plastic products worth 4.
5 billion US dollars, an increase of 6.
5% over the same period last year
.
In 2019, Vietnam imported a total of nearly 6.
4 million tons of plastics with a total value of more than 9 billion US dollars, an increase of 14% in total imports over the previous year
.
The processing and packaging industry market is growing by double digits every year
The processing and packaging industry market is growing by double digits every yearAccording to Vietnam's official statistics, in recent years, Vietnam's processing and food packaging industry has maintained steady growth, with an average annual growth rate of 15-20%, and is expected to continue to grow
.
According to the Vietnam Retailers Association (AVR), Vietnam itself has a population of more than 90 million, coupled with the rapidly growing number of tourists every year, coupled with the general development and growth of the retail industry, helping Vietnam's food, beverage and pharmaceutical industries become investment The fertile soil of the market has stimulated the development of the domestic packaging industry
.
Food and beverages currently account for the highest proportion of Vietnamese consumers’ monthly spending structure, accounting for 35% of spending
.
In addition to food packaging, pharmaceutical packaging in Vietnam also unlocks great potential
.
In addition, the domestic cosmetics and functional food industries in Vietnam are also growing strongly, and these developments will release the demand for trendy, convenient and environmentally friendly packaging
.
It is worth noting that, with its unique market advantages and labor resources, Vietnam has now become a hot spot to attract the world's largest consumer brands to invest and build factories
.
Global brands such as Nike, Adidas, Foxconn, Samsung, Canon, LG, Sony and other multinational giants have set up factories in Vietnam
.
This will further bring more development opportunities to the packaging industry
.
Future car demand potential is great
Future car demand potential is greatIn the automotive industry, Vietnam has the advantages of low-cost manufacturing and free trade, coupled with the rise of the domestic middle class, the automotive industry is booming
.
From the perspective of production, the report shows that Vietnam will be the fastest-growing automobile production center in Southeast Asia.
At present, Vietnam already has Japanese, Korean and other auto giants in the local production
.
With the entry into force of the free trade agreement with the EU, EU auto companies will also establish factories in Vietnam, radiating the entire Southeast Asia region, making it the fastest-growing automotive production center in Southeast Asia
.
From the demand side, Vietnam's middle class is rapidly expanding.
According to a report by PwC, the number of Vietnam's middle class will reach 44 million by 2020 and 95 million by 2030.
This trend will greatly change Vietnam The life>
.
The Industrial Policy and Strategy Institute of Vietnam predicts that car sales will increase from about 300,000 in 2018 to 800,000 by 2025, and reach one million by 2030
.
At the same time, as the Vietnamese government pursues a policy of reducing carbon dioxide emissions by 2030, new energy vehicles will become a major trend in the future
.
Large input demand for raw materials and technical equipment
Large input demand for raw materials and technical equipmentVietnam's demand for plastic products is increasing, but Vietnam's local demand for raw materials is limited, and it is largely dependent on imports
.
According to the Vietnam Plastics Association, the country's plastics industry needs an average of 2-2.
5 million raw materials per year, but 75%-80% of the raw materials need to be imported
.
The association said earlier that as the Covid19 epidemic began to ease, demand for plastics began to pick up, imports of PP and PE plastics began to grow, and some suppliers had begun to raise prices
.
In terms of technical equipment, since most enterprises in the local plastics industry in Vietnam are small and medium-sized enterprises, they also mainly rely on imports in terms of technology and equipment
.
A number of machinery and equipment companies, such as Chinese plastic machine manufacturers such as Haitian, Yizumi, Borch, Jwell, etc.
, have successively set up production bases, spot warehouses, subsidiaries, and after-sales service points in the local area.
On the one hand, they take advantage of low-cost advantages.
On the other hand, it can meet the needs of the nearest local market
.
According to data from Mordor Inelligence Research, the compound annual growth rate (CAGR) of Vietnam's plastics industry in the period 2018-2023 is 6.
63%, of which injection molding technology accounts for the highest proportion
.
The technology is used in the production of plastic parts for household appliances, home electronics and automobiles
.
Packaging, automotive, electronics and other industries are expected to lead the market at this stage
.
Vietnam's processing and packaging industry is rated as the most attractive industry for machinery and equipment suppliers in this industry with an average annual double-digit growth
.
