Gov't Plans US$4.5Bln Fund to Reduce Plastic Imports
The Vietnamese government will inject US$4.5 billion to develop its chemical industry until 2010 in an effort to lessen its dependence on plastic imports.
The funding plan for major investment projects to develop the industry has been approved recently by the government.
Driven by growing demand from the automotive and electronic sectors, the plan centers on the building of three petrochemical units to increase capacities of production on polyethylene, polypropylene, polyester and PVC for plastic piping.
The Vietnam National Chemical Corporation says the aim is to halve annual imports in the next five years.
In 2005, the country imported nearly 1.5 billion tons of polymer materials worth US$1.43 billion, an on-year increase of 19.7 per cent.
Vietnam’s plastic industry is expected reach an export turnover of US$500 million this year, a rise of over 42 per cent against last year.
plasteurope.com, Young People
Vietnamese
