Market Updates 02/06/2022
Stavian Chemical accompanies strong development of Vietnam’s plastic industry
Vietnam’s plastic industry – Opportunities and challenges
Although the plastic industry is considered a “late bloomer” compared to other long-standing industries such as mechanics, electricity – electronics, chemicals, textiles, etc., it has had strong growth and resilience in recent years.
In 2010-2020, Vietnam’s plastic industry strove to become one of the industries with the highest growth index in Vietnam, reaching an annual growth rate of 16 to 18% (only behind telecommunications and textiles), with several items growing at the rate of nearly 100% a year.
With the current rapid development, the plastic industry is now a dynamic industry of the Vietnamese economy. However, in the context of Vietnam opening and integrating into the region and the world, Vietnam’s plastic industry has been coping with many challenges.
A few to be named are the low production capacity compared to many countries in the region and the world, the high proportion of imported mould materials, and the lack of skilled labor force.
In addition, Vietnam’s plastic industry still faces many restrictions on input policies. In the second draft plan for the development of Vietnam’s plastic industry to 2020, a representative of the Vietnam Institute for Industrial and Trade Policy and Strategy said that the development goal of Vietnam’s plastic industry was to become a leading economic sector with a high and sustainable growth rate.
Remarkably, despite the pandemic, Vietnam officially became the fifth largest exporter of plastic products to the U.S. market. In the first six months of 2021, the export turnover dramatically grew, reaching US$108.2 million, up 29.5% over the same period in 2020.
This has been opening opportunities for Vietnamese plastic products in the international market, affirming the vital position of the plastic manufacturing industry in industrial production.
Vietnam’s plastic products are assessed as highly competitive in foreign markets due to the production technology that has gradually achieved the world’s current level. Vietnam’s plastic products have been consumed even in fastidious markets with developed industries such as the U.S., Japan, and the EU.
Referring to the success of Vietnam’s plastic industry up to now, it is impossible not to mention the persistent efforts of Stavian Chemical Joint Stock Company. For more than a decade of development, Stavian Chemical has been the leading distributor of plastic resins in the region and the world.
Stavian Chemical – Pride of Vietnam’s plastic industry
Stavian Chemical is one of the earliest pioneers as well as biggest manufacturers in the field of eco-friendly biodegradable plastic packaging in the Vietnamese market. The company has its products distributed in several major supermarkets and retail chains in Vietnam as well as in nearly 100 markets and countries around the world.
Over the years, Stavian Chemical has constantly developed and affirmed its position in Vietnam and the world.
In 2021, the Company was ranked 29th among the Top 500 Largest Private Enterprises in Vietnam, sixth among the Top 100 largest chemical distributors in Asia-Pacific, and 22nd among the Top 100 largest chemical distributors in the world.
Enterprises like Stavian Chemical have been contributing to motivating the dynamic development of Vietnam’s plastic industry, enabling the plastic industry to develop sustainably and integrate into the global economy.
With an aim to become a multi-industry and multinational corporation, Stavian Chemical Joint Stock Company always strives for sustainable development, creating thousands of job opportunities, ensuring high incomes for its employees, participating in environmental protection, and operating with high responsibility to the community.
Source: The Saigon Times