Vietnam’s plastic product exports decreased steadily, except for the Chinese market
Among the major markets of Vietnamese plastic products, only exports to China increased in the first 9 months of 2023.
Chairman of the Vietnam Plastics Association – said economic difficulties caused the export of Vietnamese plastic products to Major markets in the first 9 months of 2023 mostly decreased compared to the same period in 2022.
Notably, among the major markets of Vietnamese plastic products, only export turnover to the Chinese market increased.
At the Congress of the Vietnam Plastics Association term VII (2023 – 2028) on October 25, Mr. Ho Duc Lam, Chairman of the Vietnam Plastics Association (VPA), Chairman of the Board of Directors of Rang Dong Holding Joint Stock Company (code RDP) shared , the growth rate of Vietnam’s plastic industry is showing signs of slowing down from the end of 2022 until now due to the effects of the global economic recession in general and the persistent impact of the Covid-19 pandemic in particular. “In the last months of 2023, the world economy has not prospered as much as expected. Difficulties have led to a continued decline in plastic product consumption in markets, but compared to last month, the market has seen an improvement. recovery,” Mr. Lam admitted.
Plastic industry shows signs of recovery
According to statistics from the General Department of Vietnam Customs, Vietnam’s export turnover of plastic products in the first 9 months of 2023 reached 3.711 billion USD, down 12.2% compared to the same period in 2022. In September 2023 alone, the export turnover of plastic products reached 416.4 million USD, down 10.8% compared to August 2023 but up 8% compared to September 2022.
In the last months of 2023, plastic exports are recovering, each month being higher than the previous month. According to statistics from the General Department of Customs, continuing the growth momentum in July, in August, Vietnam’s plastic product exports continued to increase. Specifically, Vietnam’s export turnover of plastic products in August reached 466.8 million USD, although down 0.5% over the same period last year but still increased 6.8% compared to July.
Currently , Inventories of major markets of Vietnamese plastic products have shown signs of decreasing, so VPA expects that consumption of Vietnamese plastic products will improve in the last months of 2023, with more orders from businesses. At the same time, domestic and international output is expected to progress positively throughout 2024.
Source: tuoitre and dautuchungkhoan
