Illustrative image (Source: VNA)

HCM City (VNS/VNA) - Exports of plastic products were worth 1.43 billion USD in the first half of the year, a year-on-year increase of 20 percent, according to the General Department of Vietnam Customs.

They were shipped to many markets, with Japan being the largest, with 312.5 million USD, 15.7 percent up.

Shipments to the US were worth 223.7 million USD, while the other major buyers were the Netherlands (75.9 million USD) and the Republic of Korea ($75.3 million USD).

Exports to many markets, including India, Hong Kong, Turkey, China, Ukraine, Russia, and Bangladesh, are rising.

Shipments to India rose by over 159.4 percent to 17.6 million USD. Exports to Hong Kong were up 158.8 percent to 29 million USD.

But exports to certain markets such as the Philippines (down by 31.3 percent), Laos (26.3 percent) and UAE (26.2 percent) declined.

According to the Vietnam Plastics Association, the industry is one of those to achieve steady growth of 14-15 percent a year with its export growing by 12-14 percent annually.

The industry still has a lot of room to grow because the per capita consumption of plastic products in Vietnam remains low at 41kg per year, while it is 48.5kg in Asia and 69.7kg globally.

Companies have increased investment in technology and plants and are tying up with foreign partners to improve their competitiveness.-VNS/VNA