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Market Updates 06/06/2024

Mr. Tony Dinh – Chairman cum CEO of Stavian Group represented Vietnam Plastic Association at the Opening Ceremony of Hanoiplas 2024

On June 5, 2024, the 12th Hanoi International Plastic and Rubber Industry Exhibition - HanoiPlas 2024, a significant event for the Vietnamese plastic industry, opened at the I.C.E Hanoi International Exhibition Center. The event was organized by the Ministry of Industry and Trade, Vinexad National Trade Fair & Advertising., JSC, and Yorkers Exhibition Service Vietnam in collaboration with the Vietnam Plastics Association (VPA). Attending the event as Vice Chairman of the Vietnam Plastics Association, Mr. Tony Dinh - Chairman cum CEO of Stavian Group, shared about the Vietnamese plastic industry market.

Speaking at the opening ceremony, Mr. Tony Dinh said that Vietnam's plastic industry is increasing and has the potential to attract many international investors. Plastic industry revenue in 2023 reached 25 billion USD, down 0.67% compared to the same period in 2022. Vietnam's plastic product exports in the first six months of 2024 are expected to increase sharply, reaching over 3.15 billion USD, increasing over 32% over the same period last year. However, Vietnamese plastic products are still facing significant challenges, including the issue of plastic pollution, policies to reduce the use of virgin plastic, and an increase in the use of recycled plastic globally, especially in large markets such as the US, EU, and Japan. This will create challenges for businesses in the industry but also open up many opportunities if businesses know how to grasp them. For the Vietnamese plastic industry to meet the requirements for plastic products worldwide, plastic businesses and manufacturers must look for new technologies and suitable and environmentally friendly materials to meet the trend of circular economic development toward sustainable and environmentally friendly plastic products. The HanoiPlas 2024 exhibition is an opportunity for suppliers of new materials, machinery, and equipment to participate in the exhibition to anticipate this potential market.

In the future, Vietnamese plastic businesses, including Stavian Group, are committed to proactively seeking new technologies and environmentally friendly materials. This proactive approach aims to meet the world's requirements for plastic products and contribute to the trend of circular economic development towards sustainable and environmentally friendly plastic products.