The plastic industry is forecast to pocket US $1 billion in export revenue in 2010, said the Vietnamese Ministry of Industry and Trade (MIT).

Vietnam’s plastic goods are available in 70 foreign countries and territories – Illustration photo

The export turnover of plastic products stood at over US $80 million each month since the beginning of the year.

According to the MIT, the total export revenue of plastic products has reached by US $554 million so far this year. Vietnam’s plastic goods are now available in 70 foreign markets.

As of July, biggest importers of made-in-Vietnam plastic goods were Japan (US $11.2 million in the second half of July), the US (US $5.7 million) and Cambodia.

According to the United Nations Commodity Trade Statistics Database (UN Comtrade), thanks to advantageous tax rates, Vietnam’s plastic products have a possibility to penetrate into other markets.

However, Vietnam has to import 80-90% of input materials.

Hence, it is necessary for Vietnamese plastic enterprises to solve the problem, diversify types of products, handle big contracts, and seek new markets in the Middle East, North Africa and Dubai.