Vietnam’s plastic products exports in December 2022 reached 410 million USD, down 0.2% over November 2022 and 17.1% compared to December 2021. In 2022, Vietnam's total plastic products export turnover was 5.447 billion USD, up 10.5% over 2021.
According to the General Department of Customs data, Vietnam’s plastic products exports in the first 11 months of 2022 were 5.037 billion USD, up 13.6% compared to the same period in 2021.
In November 2022, the total export turnover of plastic products in Vietnam reached 411 million USD, up 3.5% over October 2022 and down 10.1% over November 2021.
Exports to primary markets had slower growth in the first 11 months of 2022. The US, Japan, and Korea were Vietnam’s 3 largest plastic products exporting markets in this period. The total export turnover of plastic products to these markets accounted for 50% of Vietnam's total plastic products export turnover.
In 11 months of 2022, Vietnam’s exports of plastic products to the US were the highest, having reached 2.005 billion USD, accounting for 39.8% of the total export turnover. When compared to the same period in 2021, this turnover is an increase of 20.5%.
Japan was Vietnam’s second-largest plastic products exporting market, with a total turnover of 695.6 million USD after the first 11 months of 2022. Exports to this market accounted for 13.8% of Vietnam’s total plastic products export turnover, increasing by 10.5% over the same period in 2021.
Korea, Vietnam’s third-largest plastic products exporting market, witnessed a sharp growth in export turnover after the first 11 months of 2022. Plastic product exports to Korea were 289.5 million USD, accounting for 5.7% of Vietnam’s total plastic products export turnover. Compared to 2021, exports to this market increased by 11% over the same period.
Export of plastic products to Germany and Cambodia, Vietnam’s fourth and fifth largest plastic exporting market, increased sharply in the 11 months of 2022, reaching 165.4 million USD and 165.1 million USD respectively. Each market accounted for 3.3% of the total export turnover of plastic products. Compared with the same period in 2021, the export of plastic products to Germany increased by 15%, and the Cambodian market by 19.5%.
On the contrary, the export of plastic products to the Chinese market decreased in 11 months of 2022, reaching 151.8 million USD, accounting for 3% of the total export turnover of plastic products. Compared to the same period in 2021, the export turnover of plastic products to the Chinese market decreased by 11.5%.
Plastic manufacturing is among the industries predicted to benefit from the EVFTA, in terms of export and import. Currently, Vietnam’s plastic products are presented in 160 markets worldwide.
Despite being impacted by COVID-19, Vietnam’s plastic industry still reached over 5 billion USD in export turnover. EU is one of the markets that continuously import from Vietnam’s plastic suppliers. According to VCCI, Vietnam’s plastic possesses plenty of advantages when exported to the EU.
Compared with competitors, Vietnam plastic has the advantage of price and abundant cheap human resources, especially enjoying preferential tariffs. With the EVFTA coming into effect on August 1, 2020, all Vietnamese plastic products exported to EU countries will enjoy a tax rate of 0%. Not only exporting with a tax rate of 0% but also Vietnam's plastic industry in 2022 will benefit from importing raw materials from the EU market.
(First 11 months of 2022)
Viet Nam Jufeng New Materials Company Limited, An Phat Bioplastics Joint Stock Company, and Vietnam Yong Yu Flooring Company Limited were Vietnam’s top 3 plastic product exporters in the first 11 months of 2022. The three companies exported 244,643 thousand USD, 152,668 thousand USD, and 145,655 thousand USD of plastic products in the first 11 months of 2022.
Source: The Ministry of Industry and Trade
Compiled by VietnamCredit
