Vietnam's 2010 plastic exports are expected to reach US$1 billion for the first time ever, following a dramatic increase in shipments from the previous year.
The country has shipped more than $554 million worth of plastic products a month so far this year, according to a report published by the Vietnam Economic Times Monday. In July alone, exports were reported to total $86.4 million, up 24.2 percent from the same month last year.
Vietnamese plastic products are now available in nearly 70 countries. Some of the largest markets are the US, Japan, Cambodia, Germany and the UK.
Plastic is one of the fastest growing industries in Vietnam and local products have great potential to secure their presence in the global market, the Ministry of Trade and Industry said.
According to the Vietnam Plastics Association, the biggest challenge for the sector now is its dependence on imported materials. The country has to import 1.6-1.7 million tons of plastic materials every year as domestic supplies add up to around 300,000 tons.