EVERYTHING YOU NEED TO KNOW ABOUT THE PLASTIC MARKET IN VIETNAM

Plastic is a new-age and the most popular material that is used to manufacture daily consumer items. Plastic has become the most important type of raw material too for most industries that assist in the creation of certain useful finished products. The plastic industry is growing at a very rapid pace and is able to replace iron and steel in the making of goods and products. As this industry is growing quickly, it has made its much importance in the global economy also.

The plastic industry is quite new in the global market and most specifically in Vietnam when compared with other traditional and age-old industries like electrical machinery, automobile, or textile. Despite being a new industry, the growth numbers of Vietnam are amazing, i.e., in the time duration of 2010-2020, the plastic industry of Vietnam went up by almost 16-18% every year. The plastic industry of Vietnam contributes a significant amount to Vietnam Trade Data at present with exceptional import and export values.

We are sure that you would be thinking how in such a short span of time the plastic industry got so popular and replaced other materials like iron and steel. The two main reasons behind the initial push to this industry are:

·        The market size of plastic consumption is very huge and large. In almost every domain, like packaging, construction, electric appliances, or automobile, plastic is used as the primary material to provide safety to the customer and the item remains light on weight.

·        Being the youngest and newest industry in the world, the plastic industry is still in the developing phase and is experimenting with different things. Due to this fact, the market is diversified and spread across various domains.

TREND OF VIETNAM TRADE DATA WITH RESPECT TO PLASTIC ITEMS (2017-2021)

In this section, we are going to observe the trend of Vietnam Trade Data that how much plastic items the nation imports, and how much it exports every year to understand the trade pattern in a better way.

VIETNAM TRADE DATA FOR PLASTIC ITEMS (2017-21)

YEAR

IMPORTS

EXPORTS

REMARKS

2017

USD 13.31 billion

USD 3.31 billion

USD 10.0 billion (Trade Deficit)

2018

USD 15.29 billion

USD 4.18 billion

USD 11.1 billion (Trade Deficit)

2019

USD 15.87 billion

USD 4.84 billion

USD 11.0 billion (Trade Deficit)

2020

USD 15.90 billion

USD 5.16 billion

USD 10.7 billion (Trade Deficit)

2021

USD 19.98 billion

USD 7.29 billion

USD 12.6 billion (Trade Deficit)

From the above table, we get to know clearly that Vietnam Import Data is always more than Vietnam Export Data since 2017 which has created a big trade deficit in the nation with respect to plastic products and articles.

Based on the trade statistics released by Vietnam Import Data for the year 2021, the topmost nations from whom Vietnam imported plastic items were:

·        China (USD 6.58 billion)

·        Korea (USD 4.05 billion)

·        Japan (USD 1.51 billion)

·        Saudi Arabia (USD 1.26 billion)

·        Thailand (USD 1.25 billion)

·        The USA (USD 807 million)

·        Malaysia (USD 473.72 million)

·        Singapore (USD 405.02 million)

·        Indonesia (USD 218.45 million)

·        The UAE (USD 209.83 million)

33% of total plastic imports to Vietnam were fulfilled by China in the year 2021, followed by a 20.2% contribution from Korea.

Similarly, similar kinds of statistics and country lists were also released in the Vietnam Export Data report for the year 2021. The top 10 countries to whom Vietnam exported plastic items the most were:

·        The United States of America (USD 2.14 billion)

·        Japan (USD 888.95 million)

·        China (USD 529.22 million)

·        Indonesia (USD 436.61 million)

·        India (USD 341.85 million)

·        Korea (USD 325.38 million)

·        Cambodia (USD 195.22 million)

·        Germany (USD 181.87 million)

·        The Netherlands (USD 178.6 million)

·        Thailand (USD 165.54 million)

In exports, almost 30% of total plastic exports from Vietnam were done to the USA, followed by a 12% share of Japan.

FINAL VERDICT

In the end, we would want to add that being a new industry, the Plastic market of Vietnam is spread out to various domains. Moreover, as it is observed from the table that the demand for plastic is very high in Vietnam due to which the domestic manufacturers are not able to reach that level. Due to this reason, the imports of plastic items are rising. Vietnam should keep a check on global trade also as it can create a trade deficit problem in the long run.

POINT TO BE NOTED

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