Vietnam’ s plastics industry to hit a billion

"This goal is possible because in the first seven months of this year, the industry earned more than US$550 million from exporting plastic products," said the VPA's Administrative Affairs Division.

If the target is met, total plastic export turnover would have increased by between 15 percent and 20 percent while export volume would have grown by about 20 per cent.

The Industry and Trade Information Centre (VITIC) under the Ministry of Industry and Trade announced that in July alone, the plastics industry earned a turnover of $86.4 million, a year-on-year increase of 24.2 percent.

From the beginning of this year, VITIC said, monthly plastics export turnover had averaged $80 million per month.

Vietnamese plastic products are exported to more than 70 countries and territories. Seven of which have recorded import turnovers of more than $1 million, VITIC said.

Japan is now the largest importer of Vietnamese plastic products, accounting for 26.5 percent of Viet Nam's total plastic export volume. The country is followed by the US with 13.2 percent.

Other major markets include Germany and Cambodia which account for 8.1 per cent and 6.8 per cent of the country's total exports, respectively.

According to the VPA, about 50 per cent of Vietnamese export plastic products are packing products, while 15 per cent are household appliances and 35 per cent includes products such as technological products or office supplies.

Viet Nam has more than 2,000 plastic products manufacturers, of which 90 per cent are small- and medium-sized companies. About 80 per cent of them are based in HCM City and its neighbouring provinces such as Dong Nai, Long An and Binh Duong.

Only 15 per cent of manufacturers are based in the north and 5 per cent are in the central region.

The industry's revenue in 2009 totalled $4.5 billion, a $500 million decrease compared with 2008 due to lower prices.