Plastics industry grew at 7% in 2018
At the meeting of the members to celebrate New Year 2019, Vietnam Plastics Association summarized the preliminary situation of the plastics industry in 2018.
Vietnam Plastics Association held a Membership Meeting on January 15, 2019 to summarize 2018 and celebrate the Lunar New Year 2019, with the attendance of more than 160 guests from more than 100 member companies.
In the meeting, the Association also summarized the preliminary situation of the industry in 2018 with positive signals. Specifically, the estimated production output of the Plastics industry grew at 7% in 2018 to 8.3 million tons. In particular, the production of Packaging Plastics accounted for the largest proportion in the structure of the industry's value of 35%, while Plastics of Construction - Household - Engineering accounted for 24%, 22% and 19%, respectively.
In 2018, the export turnover of Plastics grew by 19.3%, equivalent to 3.04 billion USD, higher than 2017 (2017 growth rate reached 14.3% compared to 2016 respectively 2.5 billion USD). Besides, the industry's revenue still maintained the growth rate of 14.9% compared to 2017 with an estimated total revenue of USD 15.6 billion. Despite the revenue growth, he gross profit still decreased since the growth in processing and construction industry was slower than in 2017 and the price of raw plastic materials in the period of 2016 - 2018 continued to increase with the recovery of oil prices.
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