According to the report analysis, ‘Vietnam Plastic Comprehensive Report Q1/2020’ states that in the Vietnam plastic market there are numerous companies which recently operating more effectively for leading the highest market growth and dominating the handsome worth of the market share around the region throughout the upcoming years while decreasing the linked prices, delivering the better consumer satisfaction, increasing the applications, durability and strength of the plastic, spreading the awareness related to the plastic, accepting the strategies and policies of profit making and studying and analyzing the competitor’s strategies includes Tien Phong Plastic Joint-Stock Company (NTP), Binh Minh Plastic JSC, An Phat Plastic and Green Environment Joint Stock Company(AAA), Ngoc Nghia Industry-Service-Trading Joint Stock Company (NNG), Dong Nai Plastic JSC, Dong A Plastic Group Joint Stock Company (DAG), Rang Dong Plastic JSC, Saigon Plastic Packaging Joint Stock Company (SPP), Tan Dai Hung Plastic Joint Stock Company (TPC) and several others.
Not only has this, the great players in the Vietnam Plastic market are progressively adopting the policies of joint ventures, mergers and acquisition, partnership, amalgamation, collaboration, new product development and several others for registering the handsome value of market share, obtaining the competitive edge, ruling across the globe and generating the effective percentage of revenue throughout the short span of time.
However, Plastic is a prevalent material utilized in the manufacturing with the several advantages such as durable, graceful, hard to break, colorful … The plastic industry has been one of the world’s steady growth industries over the past 50 years with Plastic packaging is the greatest region registering for 26% of entire plastic production.
The Vietnam’s plastic industry is the industry with a great amount of businesses, with approximately 4,000 enterprises countrywide and engaging up to 200,000 employees, most of which are concentrated across the South. More than 80% of domestic originalities are small and medium-sized enterprises (SMEs) with impartially restricted the technological level, nearly 85% of machinery and equipment in the industry are imported.
During the recent time, the Vietnam’s plastic industry is in a state of trade discrepancy when the import turnover of plastic products is much greater than exports. Plastic products export turnover of the Vietnam in the first 9 months augmented compared to the same duration in 2018.
The sales capacity of plastic industry in Q4 / 2019 is predicted to augment by 5.5% compared to 2018, thanks to speedily augmenting the requirement for plastics, particularly in the field of plastic packaging and construction, in addition, with the capital contribution and The dominion of the foreign investors also supports the businesses gain more capital and a specialized sales strategy, thereby booming the domestic consumption.
According to the VPA’s review, plastic export turnover will endure to augment in 2019, Japan and the US will be Vietnam’s major plastic import markets. For the domestic market, plastic packaging producers can also take benefit of the choice when spending on food and non-alcoholic beverages is predicted to increase by 11% in 2019.Therefore, in the coming years, it is predicted that the market of plastic will increase around the globe more actively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications