The industry grew at 30 percent annually in the last three years.
Nguyen Minh Tuan, analysis director for Saigonbank – Berjaya Securities Company, said plastic consumption per capita was on the rise and was expected to reach 40 kilogrammes next year, up from 25kg in 2005.
“Vietnam’s economy is forecast to achieve an annual growth rate of 5 to 6 percent in the next five years with the construction industry growing at 15 percent, food processing at 18 percent, and consumer goods at 20 percent, which will be potential markets for the plastics industry,” Tuan told a recent investors’ meeting.
Plastic exports have also been on the rise, reaching 601 million USD in the first nine months this year. The figure is expected to top 950 million USD for the whole year.
Last year it was worth 930 million USD, up from 750 million USD in 2007.
Tuan also said the industry imports 80-90 percent of its raw materials whose prices have fallen sharply since 2008. Besides three existing factories that produce raw materials for the industry, several others are also under construction and are expected to begin operations next year.
Fifteen plastics firms, including some major ones like Binh Minh, Rang Dong, Tan Tien, and Tan Dai Hung, are listed on the country’s two stock exchanges.