Speaking at the opening ceremony, Judy Wang, Chairman of Yorkers Exhibition Service Vietnam - one of the organisers, said the Vietnamese plastics and rubber sector has experienced remarkable growth in recent years, playing a crucial role in providing essential materials to various industries such as electronics, textiles, consumer goods and the automotive industry.
This event serves as a crucial platform for professionals in the plastics and rubber industry to explore cutting-edge solutions, showcase the latest technology, machinery and equipment, and network with their industry peers.
This year's exhibition features representatives from a vast array of countries and regions, including China, Germany, Hong Kong and Taiwan (China), India, Indonesia, Japan, Pakistan, Singapore, the Republic of Korea, Thailand and the US, with an impressive 9,000 sq.m. exhibition space, making this the largest in the event's history.
The exhibitors are showing the latest technologies and products, including injection machinery, rubber manufacturing equipment, one-stop processes, blown film machines, extrusion lines, recycling solutions and new chemicals and materials.
Delivering a speech at the opening ceremony, Dinh Duc Thang, Vice President of the Vietnam Plastics Association, said the Vietnamese plastics sector has momentum and is likely to become an increasingly attractive destination for international investment and business opportunities.
Thang said in 2023, imports of plastic raw materials declined 4.2 percent in volume to 6.82 million tons and decreased 21.2 percent in value to US$9.76 billion compared to 2022.
Overall revenue for the Vietnamese plastics industry in 2023 is projected to reach $25 billion, a slight dip of 0.67 percent from the previous year.
However, Vietnam's exports of plastic products are forecast to see a sharp increase in the first half of 2024, rising over 32 percent to surpass $3.15 billion compared to the same period in 2023.
He noted that despite the industry's growth, Vietnamese plastic products are still facing significant challenges, particularly around the issues of plastic pollution and policies aimed at reducing virgin plastic use in favor of recycled materials.
Demand for environmentally-friendly plastic products, especially from major export markets like the US, EU and Japan, is creating both challenges and opportunities for Vietnamese businesses.
To meet these evolving market demands, plastic manufacturers in Vietnam will need to adopt new technologies and materials that are more sustainable and aligned with the trend towards a circular economy.
HanoiPlas 2024 runs until June 8.
