Plastic exports increase 30 pct year-on-year

Vietnam’s plastic exports from January to March reached US$279 million, or a 30 percent increase compared to the same period last year, said the Vietnam Plastic Association (VPA).

VPA however cautioned that local plastic manufacturers would face an increase of up to 15 percent in input prices as well as fiercer competition from China this year.

To reduce risks of an input price hike, VPA said many plastic manufacturers had decided to sign only short-term export contracts of 1 to 2 months instead of a whole quarter as before.

Vietnam plastic is exported to more than 41 countries and territories including the US, the EU, Japan and the Philippines.

VPA has set a target of $1.2 billion in total export turnover this year, or a 20 percent increase year on year.

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