Plastic Exports to Fetch US$580Mln in 2007

Vietnam's plastic sector expects to earn some US$580 million from exports this year, an increase of 21.3 per cent against last year, said the Vietnam Plastic Association.

 

To reach the target, the Ministry of Industry asked local plastic makers to step up application of advanced technologies, and boost exports to potential markets such as the US and the European Union (EU).

 

They were also urged to expand projects to turn out high-quality plastic products to meet increasing world market demand. In addition, the ministry encouraged producers to coordinate with the Vietnam Oil and Gas Group, working out concrete projects producing plastic materials to serve domestic production.

 

The sector also expects a high annual growth rate average of 18 per cent between now and 2010, but the more looming problem is how to improve technology to address environmental pollution.

 

The industry would likely obtain stable high growth in the years ahead owing to many advantages, including low labor cost and an expanding export market.

 

By 2010, the country’s plastic production output should be some 3.8 million tons, or a per capita output of 42 kg a year, much higher than the 2006 figures of some 1.7 million tons and 23kg, respectively.

 

Vietnam is now home to 1,400 plastic product manufacturers, with more than 80 per cent located in Ho Chi Minh City. (Saigon Times Daily, VNA)