The transition to environmentally friendly products and increased research and development of new technologies will help the world and Vietnam Recycled PET Bottle Fiber industry meet market needs.
Get ahead of trends, seize opportunities
Speaking at the Congress of the Vietnam Plastics Association – VPA, term VII (2023-2028), Mr. Vo Tan Thanh – Vice President of the Vietnam Confederation of Commerce and Industry (VCCI) said that the Recycled PET Bottle Fiber industry is one of essential industries indispensable for production and consumption, and is one of the 10 industries prioritized by the State for development because of its high growth rate of over 10% over the years and its ability to compete with other countries. water in the area.
Vietnamese Recycled PET Bottle Fiber products in recent years have also been highly appreciated for their level of innovation and improvement in product quality and design. A series of domestic Recycled PET Bottle Fiber companies have invested in technical equipment in each production stage to create products that meet the increasing requirements of domestic and international customers.
Also according to VCCI Vice President Vo Tan Thanh, many businesses have made great efforts in connecting business, expanding markets, changing designs, and strongly promoting trade such as organizing survey programs, Find out more about international market research and potential areas…
“The Vietnam Plastics Association has also actively gathered and promptly reflected the opinions and recommendations of businesses in the industry to state management agencies to promptly remove difficulties and create a business environment. increasingly favorable for businesses,” VCCI Vice President Vo Tan Thanh shared.
At the same time, he also said that, with new policies related to circular economy and sustainable development, the Recycled PET Bottle Fiber industry in the coming time will face many challenges and opportunities.
Therefore, he hopes that businesses in the Recycled PET Bottle Fiber industry will make thoughtful and thorough preparations to stay ahead of the trend and promptly seize opportunities to bring Vietnam’s Recycled PET Bottle Fiber industry gradually towards environmentally friendly products. , green products and meet the requirements according to the world’s general trends.
Great expectations for Trade Agreements
According to Mr. Ho Duc Lam – Chairman of VPA, the scale of the Recycled PET Bottle Fiber industry in 2022 is estimated to reach over 25 billion USD, of which the largest proportion is packaging fiber and construction fiber. In addition to serving domestic consumption needs, products of the Vietnamese Recycled PET Bottle Fibers industry are currently present in 160 countries around the world. The export turnover of the Recycled PET Bottle Fibers industry in 2022 is estimated to reach 5.5 billion USD, growing 11.4% compared to 2021 and accounting for 1.2% of Vietnam’s export turnover.
According to VPA Chairman, Vietnam’s Recycled PET Bottle Fibers industry is considered a processing industry because it depends largely on imports, about 70-80%. For many years, machinery and equipment have also been imported almost 100%. The production capacity of businesses in the industry is being improved significantly since the end of 2019 and is expected to be able to meet 30-40% of domestic demand in the near future.
“With the world’s general trend of developing a circular economy in Vietnam in the future, the Government has policies to promote collection, recycling, and reuse to minimize natural resources. , minimizing plastic waste into the environment…”, VPA Chairman Ho Duc Lam shared.
According to data from the General Statistics Office, Vietnam currently has about 4,000 businesses operating in the plastics industry, most of which are small and medium-sized enterprises, accounting for nearly 90%, with more than 25,000 employees. Among them, manufacturing enterprises in the plastic packaging industry account for the largest proportion with 38%. Next are household plastic and construction plastic businesses, accounting for 30% and 23% of the structure of Vietnam’s plastic industry, respectively.
Assessing the prospects of Vietnam’s Recycled PET Bottle Fibers industry in the period 2023-2028, Mr. Lam said that in the next 5 years the world and Vietnam plastic industry will face many challenges, but there are also many opportunities for development. .
The transition to environmentally friendly products and increased research and development of new technologies will help the world and Vietnam plastics industry meet market needs and at the same time minimize negative impacts on the environment. school.
He also said that the biggest expectation of the Vietnamese Recycled PET Bottle Fibers industry today is trade agreements, especially the Vietnam – EU Free Trade Agreement (EVFTA). After EVFTA takes effect, tariffs on most Recycled PET Bottle Fibers products exported to the EU market are removed. This is a great advantage to increase the output of export Recycled PET Bottle Fibers products of the Vietnamese Recycled PET Bottle Fibers industry to an important market, the EU.
“In addition to growth prospects, Vietnam’s Recycled PET Bottle Fibers industry is expected to become less dependent on imported raw materials in the coming years, thanks to the improvement in domestic plastic raw material production capacity,” said Mr. Ho Duc Lam. know.
5 factors supporting the development of the Recycled PET Bottle Fiber industry
VPA Chairman Ho Duc Lam also pointed out factors that support the world plastic industry in general and Vietnam in particular to develop in the next 5 years:
Firstly, the growth in production and consumption of the world and Vietnam plastics industry is expected to continue to grow in production and consumption of plastics in the future, due to the need to use plastics in many fields such as packaging, automobiles, etc. automobiles, electronics, healthcare, and agriculture are still increasing.
Second, the trend of switching to environmentally friendly products. Due to increasingly serious environmental pollution, the world and Vietnam plastic industries will aim to convert to the production of environmentally friendly products, such as recycled plastic, bioplastic, and reusable plastic. .
Third, strengthen research and development. The world and Vietnamese plastic industries will increase investment in research and development of new plastic technologies, to create high quality products, save raw materials and energy, and minimize negative impacts on the environment. school.
Fourth, fierce competition. Due to increasingly fierce competition in the industry, plastic manufacturing enterprises will have to make efforts to increase productivity, improve product quality, reduce power consumption and reduce production costs to compete in the international market. international.
Source: Business Forum Magazine
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