Plastics Industry Aiming for US$1Billion in Exports

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Mar. 9 – The Vietnam Plastic Association is aiming for an export turnover of US$1 billion this year, an increase of 15.9 percent compared to previous figures.

The plastic industry shows the most potential for growth considering its export growth rate in the past years. In 2006, export growth rate grew by 37 percent then 33 percent in 2007 and 34 percent in 2007.

According to the U.N. Comtrade, the Vietnamese plastic goods have the opportunity to break into foreign markets.The association said that the plastic industry is still struggling to develop world-class standards of quantity and design.

The industy will also not be immune from the effects of the global economic slowdown and is expected to reach a high export turnover. Moreover, other countries have economic barriers that protect their domestic industries and will make it harder for the Vietnamese to break though the plastic industry.

To cope with the challenges, the association will begin a a foundation to help improve the industry while also calling for the government to allow the import of specialized machines that produce high quality plastics. Local companies are advised to look into exporting to Japan and the Middle East.