According to statistics from the General Department of Customs, Vietnam's plastic exports in the first three months of 2022 reached 1.39 billion USD, up 28.9% over the same period in 2021. In March 2022, the export turnover of plastic products reached 536.3 million USD, up 54.8% compared to February 2022 and 23.4% higher than March 2021.
In March 2022, Vietnam's export of plastic products reached the highest turnover so far. The export turnover of plastic products in March 2022 increased sharply partly because exports to the two largest markets, the US and Japan, increased sharply in March 2022 due to the great demand of these two markets.
In the first three months of 2022, Vietnam's exports of plastic products to most major markets increased significantly compared to the same period in 2021. However, exports to some markets such as China, the UK, Hong Kong, and Russia decreased.
The US is still the largest market for Vietnam's exported plastic products in the first 3 months of 2022, reaching 555.6 million USD, accounting for 40% of the total export turnover of plastic products. Compared to the same period in 2021, the export turnover of plastic products to the US increased by 48.3%.
Japan is the second-largest plastic export market of Vietnam in the first 3 months of 2022, reaching 190 million USD, accounting for 40% of the total export turnover of plastic products. Compared to the same period in 2021, export turnover to Japan increased by 20.6%.
South Korea is the third-largest market for Vietnam's plastic products in the first quarter of 2022, with an export turnover of 72.8 million USD, accounting for 5.2% of the total export turnover of plastic products. Compared to the same period in 2021, export turnover to this market increased by 15.8%.
Vietnam’s plastic exports to Cambodia’s market increased in the first 3 months of 2022, with the export turnover of plastic reaching 50.7 million USD, accounting for 3.6% of the total export turnover of plastic products. Compared to the same period in 2021, the export of plastic products to this market increased by 28.9%.
Plastic exports to Germany and Indonesia increased sharply in the first 3 months of 2022, reaching 44.9 million USD and 41.6 million USD, accounting for 3.2% and 3.0% of total turnover, respectively. Vietnam’s plastic exports to Germany increased by 30.7% and the Indonesian market increased by 49% over the same period in 2021.
Notably, plastic products exported to the Indian market increased sharply in the first 3 months of 2022, reaching 30.9 million USD, accounting for 2.2% of the total export turnover of plastic products. Compared to the same period in 2021, the export of plastic products to this market increased by 44.9%.
On the other hand, Vietnam’s plastic exports to some major markets decreased in the first 3 months of 2022, namely China and the UK, with a turnover of 37.2 million USD and 27.7 million USD respectively. Those numbers account for respectively. 2.7% and 2.0% of the total export turnover of plastic products. Compared to the same period in 2021, the export turnover of plastic products to these two markets decreased by 1.4% and 4.9%, respectively. China and the UK are the 8th and 10th largest markets for Vietnamese plastic products in the first 3 months of 2022.
Vietnam's plastic products have many potential exports to the Nordic markets in the coming time since plastic products are imported and consumed a lot and have grown steadily over the years.
Plastics are used in packaging, construction, agriculture, automobiles, electronics, etc. The trend of using plastic products that can be recycled and reused many times is popular in Nordic countries.
According to the Vietnam-EU Free Trade Agreement (EVFTA), Vietnam's import tax rate for plastics and plastic products into the EU will be 0% from August 1, 2020. Therefore, the plastic industry and plastic products are assessed as having potential when exporting to EU countries and, in particular, Northern Europe.
However, the EU and especially Northern European countries are paying attention to environmental protection, as the EU has committed to recycling and reusing 50% of plastic packaging materials by 2025. The EU member states’ governments must recycle 30% of plastic packaging by 2020 and 50% by 2021; 50% reuse and recycle plastic waste by 2040. Vietnam's plastic manufacturers will have to improve in technology and use eco-friendly materials to produce products that stand a chance of competing in the Northern Europe market.
Source: The Ministry of Industry and Trade
