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Vietnam's plastics industry aims for export growth
(Thai Press Reports Via Thomson Dialog NewsEdge)Section: Regional News - The plastics industry has targeted an export revenue of US$500 million this year, an increase of 20 per cent compared with last year, according to the Vietnam Plastics Association (VPA).
Vietnam Plastics Association vice president Nguyen Dang Cuong said that in order to achieve the export plan, the industry would focus on upgrading technology to improve its plastics quality and productivity.
Cuong said that the industry also needed to further invest in the production of plastic packaging for the domestic and export markets. Plastic packaging already accounts for 80 per cent of the industry's total exports.
In addition to demanding markets like the EU, US and Japan, Cuong suggested that the industry approach smaller markets in South Africa, the Middle East, India and Latin America. The plastic industry's export value has steadily grown by 20-30 per cent a year over the last three years.
In 2005, the industry grossed US$380 million in exports, an increase of 37 per cent from the previous year.
Last May, a number of Vietnamese plastic enterprises attended an international plastic packaging fair in Germany. The fair afforded local manufacturers the opportunity to learn the latest modern technology and introduce their trademarks to foreign markets.
Aware of the promising trends in Vietnam, business teams from Hong Kong, Japan, Austria and Italy have been coming to the country to explore investment opportunities. They said that at least 30-40 per cent of the nation's plastic enterprises needed to upgrade their technology if they were to meet the growing export demand.
The VPA also proposed that the industry pay more attention to the domestic market by developing high-tech plastic products for use by the automobile, motorbike, and electronics industries and promoting plastic household utensils and children's toys for local consumption.
Cuong said that by 2010 the industry planned to produce 800,000 tonnes, or 20 per cent, of the total materials it needs for plastic production, so as to reduce its dependency on imported materials.
His association has also proposed that the Government offer incentives like capital lending, land and tax breaks to attract foreign investors ready to develop the domestic plastic industry.
By 2010 the industry hopes to earn US$1 billion through the export of 4 million tonnes of plastic goods. - VNS
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