Indian plastic manufacturers are seeking opportunities to raise their market share in Vietnam, a fast-growing market in Southeast Asia, a representative of the Plastics Export Council of India (PLEXCONCIL) said at a recent exhibition in Ho Chi Minh City.
They are also eyeing cooperation with Vietnamese firms, B. Swaminathan, managing director of Enterprising Fairs India Pvt. Ltd., said Thursday at PLASTICS, RUBEXPO and COMPACK Vietnam 2015.
Besides a fast growth rate, any new business can join the plastic industry, anywhere, any time and with any size of investment, Swaminathan said.
This will help Vietnam create new employment opportunities and also save on the foreign currencies needed to import finished plastic products, he added.
Similarly, packaging is one area that needs an immediate makeover, as it offers solutions for ensuring the products are delivered intact, with shelf appeal, good protection and affordable costs.
"With many free trade agreements in place and soon to be in place, Vietnam, besides catering to the growing domestic market, will exponentially grow in exports too,” Swaminathan said.
“This means the country needs high-tech productive machines, new technologies and next generation raw materials and additives,” he added.
Vietnam is one of the fastest-growing plastic markets in Southeast Asia, with an output of 4.25 million tons per year, behind only Thailand.
India's growth in this industry has been a phenomenon in the past 25 years, as from humble output of 50,000 tons of polymers annually, the South Asian country currently produces 16 million tons per annum.
The production is expected to reach 20 million tons in 2020.