Plastics Export Targeted at US$1.3Bln in 2010

Vietnam has set target to obtain US$1.3 billion from plastic product export in 2010, compared with the planned figure of some US$500 million this year.

 

According to the export strategy for 2006-2010 built by the Ministry of Trade (MoT), plastic products are considered one of the key items which will bring high export value although plastics currently are not a sector that rakes in high export value for the country.

 

Producers in the field exported US$40 million in May alone, bringing the total export turnover to US$173 million since January, a 30 per cent increase from the same period last year.

To reach the target, according to experts, in the coming years, in addition to boosting exports to traditional markets such as Japan, the US, Cambodia, Taiwan, the Philippines, South Korea, Australia, France and Malaysia, Vietnamese enterprises should access the EU’s new members such as Lithuania, the Czech Republic, Estonia, Hungary, Finland, as well as African and Middle East countries.

 

Vietnam’s plastics exports to the US accounted for only 0.2 per cent of the US’s total plastic import last year while the demand for plastics import of the US market has been around $25 billion a year during recent years. Vietnam targets to raise the rate to 1 per cent in 2010 to reach $250 million in the year.

 

The country also targets to gain $250 million from the EU market in 2010.

 

The experts said the world demand for the products are very high, standing at over $200 billion last year and its average annual import growth has been more than 7 per cent. This is a big chance for Vietnamese enterprises in the plastics industry.    

 

To develop the plastics industry, the Government of Vietnam has planned to spend nearly $1 billion to build and upgrade raw materials production plants in the country such as PVC and PP. After completion, these plants will be able to meet 50-60 per cent of the need for raw materials of the industry.

 

In addition, the Government has spent considerable amounts to support other activities of the industry such as trade promotion, organizing Vietnam Plastics Fairs, setting up data centers for the sector, and providing technical assistance for purchasing equipment and upgrading factories.