Vietnam targets plastics exports to hit $1.7 billion in 2012

Vietnam’s exports of plastic products are projected to reach $400 million in the second quarter this year, according to the Vietnam Plastics Association (VPA). VPA deputy chairman Ho Duc Lam announced that the country’s total plastics export value may hit $1.7 billion in 2012, up by as much as 28% over last year.

Buyers of Vietnam’s plastic products have already placed their order until the end of August. Followed by the US, with over $15.5 million in import value, Japan is now Vietnam’s largest plastics import market, mostly importing plastic bags, packing products and industrial plastics. In 2011, Vietnamese plastic products were listed among the top ten exports to Malaysia, a potential market which is expected to contribute more than $17 million to Vietnam’s total export earnings in the second quarter.

According to the Viet Nam Plastics Association, the plastic industry exported goods worth US$360 million in the first quarter, an increase of 26.5%  as compared to the same period in 2011. The association expects exports of $400 million in the second quarter.