Plastics firms seek new ways to sail through the slowdown

Huynh Thi My, general secretary of the Vietnam Plastics Association, cited data from the General Department of Vietnam Customs showing that the export turnover of Vietnam's plastic products is estimated to reach more than $3.7 billion in the first nine months of 2023, a decrease of 12.2 per cent against last year. A downward trend has been seen in most major markets, apart from China.

Meanwhile, the plastics industry imported nearly 5 million tonnes of raw materials with a value of about $7.42 billion in the first nine months of 2023, down 9.1 per cent in quantity and 27 per cent in value.

"We expect growth in the last four months of the year compared with previous quarters. However, the recovery pace remains slow. It will take a very long time for plastics exports to fully recover," said My.

"In particular, it is more challenging to export plastics to the European market, which is tightening regulations around their use. As a result, it is common for factories to reduce their output by 20 per cent, with some even cutting 30-40 per cent. There are very few factories maintaining full capacity like before," she added.

To facilitate growth and development, many Vietnamese firms have joined the 21^st Vietnam International Plastics and Rubber Industry Exhibition, VietnamPlas 2023, which is taking place in Ho Chi Minh City from October 18 to 21.

This year, it has attracted the participation of more than 625 exhibitors from 22 countries and territories, including Australia, China, South Korea, Japan, France, Hong Kong, Italy, and the US, offering a reliable trade platform for domestic and international businesses alike.

VietnamPlas 2023 features over 1,100 booths, covering an exhibition area of 23,000 square metres. This represents a doubling in the number of booths and exhibition space compared to 2022.

The expo gathers a wide range of solutions under one roof, including machinery and equipment for the production and processing of plastics and rubber. There are also exhibitors showcasing recycling machinery and raw materials for the industry.

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