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Vietnam’s export of plastic products and plastic materials, despite being affected by the Covid-19 epidemic in 2020, still brought in an export turnover of 5 billion USD.
The plastic industry, including the production of plastic materials and plastic products, had impressive export growth in 2020, bringing in a turnover of 5 billion USD, of which plastic materials reached 1.45 million tons , worth 1.35 billion USD, an increase of 24.3% in volume and an increase of 6.5% in value compared to 2019, exports of plastic products reached over 3.65 billion USD, an increase of 6.35%.
Revenue from exports recorded 5 billion USD, but like many key export industries, foreign investors are holding the majority of total export turnover.
For example, of the 3.65 billion USD earned from exporting plastic products, FDI enterprises account for 66% of the export turnover of this product group. As for plastic materials, the FDI enterprises exported 889 thousand tons, worth 883 million, an increase of 21.8% in volume and 2.8% in value compared to 2019, accounting for 65.5% of the total value. commodity group export quota.
The 2020 Import-Export Report said that last year, our country’s plastic products were mainly exported to the US, Japan, EU markets…
Of which, Vietnam’s plastic product exports to the United States reached 1.1 billion USD, an increase of 58.9% compared to 2019, accounting for nearly 30% of the total export turnover of this item. Ranked second is the Japanese market, our country’s plastic product exports to this market reached 672.9 million USD, down 7.3% compared to 2019, accounting for about 18.4% of total plastic export turnover. this item.
Currently, Japan’s annual import demand for plastic products is about over 10 billion USD. Therefore, this will be a potential export market for plastic products of Vietnam. Exports to the EU reached 458.1 million USD, down 3.6% compared to 2019.
The plastic production industry in Vietnam is held by FDI enterprises, typically Thai investors entering Vietnam through mergers and acquisitions (M&A). For example, Siam Cement Group-SCG (Thailand) is gradually taking full control of the upstream and downstream of Vietnam’s plastic manufacturing industry through purchasing shares in large enterprises such as Duy Tan Plastics, Bien Hoa Packaging, Binh Minh Plastic…
Most recently, SCG announced the acquisition of 70% of the shares of Duy Tan Plastics, one of the leading enterprises in the Vietnamese market for rigid plastic packaging products, with main customers being multinational companies and domestic FMCG businesses.
In 2020, Duy Tan Plastics achieved revenue of 4,700 billion VND (equivalent to 6.1 billion baht), with total assets by the end of the year reaching 5,000 billion VND (6.5 billion baht). The annual capacity of this enterprise is 116,000 tons of rigid plastic packaging and household plastic products.
With the addition of Duy Tan Plastic, the list of companies in SCG’s packaging segment increased to 8, with the total revenue of this business segment alone exceeding the threshold of VND 10,000 billion.
