Vietnam reaps bigger plastic export earnings in Q1

Vietnam is estimated to earn 92 million U.S. dollars from selling overseas plastic products in the first quarter of this year, posting a year-on-year rise of 27.8 percent, according to the Vietnam Plastics Association Thursday.

Plasticware producers in the country are centering on renewing technology, further tapping such big markets as the European Union, the United States and Japan, penetrating into potential markets, including South Africa, the Middle East and India, and diversifying products.

They plan to turn out more products used in automobiles, motorbikes, electronics appliances, and drainage and oil industries, the association said, noting that local plastic packages currently account for 80 percent of the total export volume.

"Vietnam should build more plants specializing in making materials used for plasticware production. Now, we largely depend on material imports. Their prices are now 15 percent higher than those in early 2006," the association said.

Vietnam's plastic industry is expected to register export revenue of some 500 million dollars this year, up from 380 million dollars last year. It plans to export 4 million tons of products totaling 1 billion dollars in 2010.

Vietnamese plastic products are now available in more than 30 countries and regions, the association said.

Source: Xinhua