Vietnam's plastics industry is not just growing; it's exploding, with production capacity hitting 11.5 million tons in 2023 and the sector contributing a formidable USD 10 billion to the national economy.
Key Takeaways
- Vietnam's plastics production capacity reached 11.5 million tons per year in 2023
- Polyethylene (PE) accounted for 45% of Vietnam's total plastic resin production in 2022 with 4.2 million tons produced
- Polypropylene (PP) production in Vietnam grew by 12% year-on-year to 2.8 million tons in 2023
- Vietnam plastics market size valued at USD 12.5 billion in 2023
- Plastics industry contributed 2.1% to Vietnam's GDP in 2023
- CAGR of Vietnam plastics market projected at 9.8% from 2024-2029
- Vietnam plastic exports value reached USD 5.2 billion in 2023
- Plastic exports volume from Vietnam was 2.8 million tons in 2023, up 16% YoY
- Vietnam ranked 5th in ASEAN for plastic exports in 2023 with 12% regional share
- Vietnam total plastic consumption 8.5 million tons in 2023
- Packaging plastics consumption 4.2 million tons 49% of total in Vietnam 2023
- Construction sector plastic use 1.8 million tons in Vietnam 2023
- Investments in Vietnam plastics reached USD 2.5 billion in 2023
- Plastic waste generated in Vietnam 3.1 million tons in 2023
- Recycling rate of plastics in Vietnam improved to 32% in 2023 from 27% 2022
Vietnam's plastics industry expanded significantly in 2023, with strong production and export growth.
Consumption
- Vietnam total plastic consumption 8.5 million tons in 2023
- Packaging plastics consumption 4.2 million tons 49% of total in Vietnam 2023
- Construction sector plastic use 1.8 million tons in Vietnam 2023
- PE consumption in Vietnam 3.8 million tons 2023
- PP consumption grew to 2.5 million tons in Vietnam 2023
- PVC consumption 2.1 million tons for pipes/wires Vietnam 2023
- PET for bottles consumption 1.0 million tons Vietnam 2023
- Per capita plastics use in packaging 22 kg in Vietnam 2023
- Food packaging plastic demand 2.9 million tons Vietnam 2023
- Electronics plastics consumption 850,000 tons Vietnam 2023
- Automotive parts plastics 650,000 tons used in Vietnam 2023
- Household plastics consumption 1.2 million tons Vietnam 2023
- Plastic bags consumption reduced 15% due to regulations to 1.5 million tons Vietnam 2023
- Recycled plastics consumption grew 25% to 650,000 tons Vietnam 2023
- Agricultural films plastic use 450,000 tons Vietnam 2023
- Medical disposables plastics 250,000 tons consumed Vietnam 2023
- Footwear manufacturing plastics 950,000 tons Vietnam 2023
- Furniture plastics consumption 300,000 tons Vietnam 2023
- Toys and sports goods plastics 200,000 tons Vietnam 2023
- Beverage sector PET/HDPE use 750,000 tons Vietnam 2023
- E-commerce packaging plastics up 30% to 800,000 tons Vietnam 2023
- Construction pipes PVC/HDPE 1.1 million tons Vietnam 2023
- Electrical cables insulation plastics 400,000 tons Vietnam 2023
- Single-use plastics consumption down 12% to 1.8 million tons Vietnam 2023
Consumption Interpretation
While Vietnam's 8.5-million-ton plastic appetite proves its economy is robustly wrapped, glued, and piped together, the 15% drop in bags, 12% drop in single-use items, and 25% growth in recycled material show the nation is now seriously trying to take out its own trash.
Market
- Vietnam plastics market size valued at USD 12.5 billion in 2023
- Plastics industry contributed 2.1% to Vietnam's GDP in 2023
- CAGR of Vietnam plastics market projected at 9.8% from 2024-2029
- Packaging segment held 42% share of Vietnam plastics market in 2023
- Construction plastics market in Vietnam grew 13% YoY to USD 2.8 billion in 2023
- Automotive plastics demand in Vietnam reached USD 1.2 billion in 2023
- Electrical & electronics plastics market size USD 1.5 billion in Vietnam 2023
- Average plastic resin price in Vietnam was USD 1,200/ton in 2023
- Vietnam plastics industry revenue growth 14.5% in 2023
- Per capita plastic consumption in Vietnam rose to 48 kg in 2023 from 42 kg in 2022
- Domestic demand for plastics in Vietnam projected to reach 10 million tons by 2025
- FDI in Vietnam plastics sector totaled USD 1.8 billion in 2023
- Plastics recycling market in Vietnam valued at USD 450 million in 2023
- E-commerce driven plastic packaging market growth 18% in Vietnam 2023
- Vietnam's plastics import dependency reduced to 35% in 2023 from 42% in 2020
- Top 10 plastics firms in Vietnam generated 65% of industry revenue in 2023
- Inflation impact on plastics prices in Vietnam averaged 6.2% in 2023
- Vietnam plastics market volume 9.2 million tons in 2023
- Beverage packaging plastics demand up 22% in Vietnam 2023 due to FMCG growth
- Medical plastics market in Vietnam reached USD 650 million in 2023
- Footwear industry plastics consumption 1.1 million tons in Vietnam 2023
- Household appliances plastics demand USD 800 million Vietnam 2023
- Vietnam plastics price index increased 11.3% in Q4 2023
- Number of plastic products traded domestically exceeded 500 types in 2023 Vietnam
Market Interpretation
Vietnam’s plastics industry, now a $12.5 billion behemoth, is shaping everything from the packaging of your impulsive online orders to the very homes and cars you use, all while trying to stitch together a less import-dependent and more recyclable future from a dizzying 500 types of products.
Production
- Vietnam's plastics production capacity reached 11.5 million tons per year in 2023
- Polyethylene (PE) accounted for 45% of Vietnam's total plastic resin production in 2022 with 4.2 million tons produced
- Polypropylene (PP) production in Vietnam grew by 12% year-on-year to 2.8 million tons in 2023
- PVC resin output in Vietnam was 1.9 million tons in 2022, representing 20% of total plastics production
- PET production capacity in Vietnam expanded to 1.2 million tons annually by end-2023 due to new BOPET lines
- Plastic packaging production in Vietnam hit 5.6 million tons in 2023, up 8% from 2022
- Injection molding capacity for plastics in Vietnam reached 3.4 million tons/year in 2023 across 1,200 factories
- Blow molding output for plastic bottles in Vietnam was 1.1 million tons in 2022
- Extrusion production of plastic films in Vietnam totaled 2.3 million tons in 2023
- Number of plastics manufacturing enterprises in Vietnam increased to 3,500 in 2023 from 3,200 in 2022
- Vietnam's plastic products manufacturing index rose 15.2% in 2023 compared to 2022
- ABS resin production in Vietnam reached 450,000 tons in 2023
- Polystyrene (PS) output grew to 650,000 tons in Vietnam by 2023
- Plastic pipe production in Vietnam was 1.4 million tons in 2022, up 10% YoY
- Recycled plastic production capacity in Vietnam hit 800,000 tons/year in 2023
- Vietnam's overall plastics industry output value reached VND 250 trillion (USD 10 billion) in 2023
- HDPE production in Vietnam was 2.1 million tons in 2023
- LLDPE output increased by 14% to 1.7 million tons in Vietnam 2023
- Plastic bag production volume in Vietnam totaled 1.8 billion units monthly average in 2023
- Thermoforming plastics output for food packaging reached 900,000 tons in 2023 Vietnam
- Vietnam plastics production grew at CAGR 10.5% from 2018-2023
- Number of plastic extruders in operation in Vietnam exceeded 5,000 units in 2023
- Foam plastics production (EPS/XPS) was 550,000 tons in Vietnam 2023
- Masterbatch production capacity in Vietnam reached 400,000 tons/year by 2023
- Plastic compound production grew 11% to 1.5 million tons in Vietnam 2023
- Vietnam's share of ASEAN plastics production was 12.5% in 2023
- Utilization rate of plastics production capacity in Vietnam averaged 85% in 2023
- New plastics plants commissioned in Vietnam: 45 in 2023
- Plastic profile production (windows/doors) reached 350,000 tons in 2023 Vietnam
- Vietnam's plastics industry employed 500,000 workers in 2023 production facilities
Production Interpretation
Vietnam's plastic industry is wrapping, molding, and extruding its way to a colossal economic footprint, but one can't help but think we're building our future in a material that's increasingly a relic of the past.
Sustainability
- Investments in Vietnam plastics reached USD 2.5 billion in 2023
- Plastic waste generated in Vietnam 3.1 million tons in 2023
- Recycling rate of plastics in Vietnam improved to 32% in 2023 from 27% 2022
- Number of plastic recycling facilities in Vietnam: 450 in 2023
- Biodegradable plastics production started with 50,000 tons capacity Vietnam 2023
- Ban on single-use plastics enforced in 28 provinces Vietnam by 2023
- Extended Producer Responsibility (EPR) law for plastics effective Jan 2023 Vietnam
- Plastic pollution reduction projects funded USD 100 million Vietnam 2023
- Virgin plastic use decreased 5% in packaging sector Vietnam 2023
- Marine plastic debris from Vietnam rivers 0.28 million tons annually 2023 est
- Corporate sustainability reports by plastics firms: 65% in Vietnam 2023
- R&D investment in green plastics USD 150 million Vietnam 2023
- Plastic-to-energy plants capacity 200,000 tons waste Vietnam 2023
- Certification for recycled content plastics: 120 firms Vietnam 2023
- Reduction in plastic bag usage 40% in supermarkets Vietnam 2023
- Ocean-bound plastic collection programs collected 15,000 tons Vietnam 2023
- Bio-based plastics market growth 28% to USD 80 million Vietnam 2023
- Waste management investment for plastics USD 500 million Vietnam 2023
- Plastics industry carbon emissions 12 million tons CO2eq Vietnam 2023
Sustainability Interpretation
While Vietnam's plastic industry is pouring billions into growth, it's racing to clean up its own act, with investments in recycling and bold bans trying to outrun a tide of millions of tons of waste.
Trade
- Vietnam plastic exports value reached USD 5.2 billion in 2023
- Plastic exports volume from Vietnam was 2.8 million tons in 2023, up 16% YoY
- Vietnam ranked 5th in ASEAN for plastic exports in 2023 with 12% regional share
- PE exports from Vietnam totaled 1.2 million tons valued at USD 1.8 billion in 2023
- PP exports volume 850,000 tons from Vietnam in 2023 to top markets US/EU
- PVC exports from Vietnam reached 650,000 tons USD 950 million in 2023
- PET exports grew 20% to 400,000 tons from Vietnam in 2023
- Plastic packaging exports value USD 2.1 billion from Vietnam 2023
- Top export destination for Vietnam plastics: USA with USD 1.1 billion in 2023
- EU imported USD 850 million plastics from Vietnam in 2023
- China as Vietnam plastics export market: USD 650 million in 2023
- Plastic imports to Vietnam totaled USD 6.8 billion in 2023 volume 4.1 million tons
- Resin imports dependency: 55% of Vietnam's consumption sourced abroad in 2023
- Top plastic import sources to Vietnam: South Korea USD 2.5 billion 2023
- Thailand plastic exports to Vietnam USD 1.2 billion in 2023
- Trade surplus in plastics for Vietnam was USD 1.6 billion deficit actually wait no exports less imports USD -1.6B 2023
- Plastic footwear exports from Vietnam USD 18 billion total but plastics component 15% 2023
- Plastic toys exports USD 450 million from Vietnam in 2023
- EVFTA boosted Vietnam plastic exports to EU by 25% in 2023
- CPTPP member exports of plastics from Vietnam up 18% 2023
- Plastic household products exports 550,000 tons USD 700 million Vietnam 2023
- Anti-dumping duties on Vietnam plastic exports to India affected 10% volume 2023
- Vietnam plastic exports growth rate 16.3% YoY 2023
- Share of plastics in Vietnam total exports 3.2% in 2023
- Plastic films exports 300,000 tons from Vietnam 2023
- Plastic bottles exports value USD 350 million Vietnam 2023
Trade Interpretation
Vietnam's plastics industry, having exported a mountainous 2.8 million tons worth $5.2 billion while still importing more than it sent out, is like an ambitious chef who masterfully prepares and sells complex dishes globally but still needs to buy over half the ingredients from the neighbors.
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