Vietnam has experienced a surge in plastic production and exports in recent years, with the United States remaining the largest import market for Vietnam's plastic products.
According to the statistics of Vietnam Customs, in the first eight months of 2022, the export turnover of plastic products to the US market reached 1,562 billion USA, representing 40.7% of Vietnam's total export turnover of plastic products and up 31.9% over the same period in 2021.
Household plastic products exported to the US reached 220.7 million USD, accounting for 14.2% of total exports of plastic products to the US. Compared to the same period in 2021, export turnover to the US market increased by 12.3%. Plastic household products mainly exported to this market are eating utensils (knives, spoons), plastic straws, plastic curtains…
Some other plastic products exported to the US market are plastic products used in transportation and cosmetic packaging; sanitary equipment; sanitary, medical and surgical products. These plastic products have great potential to be exported to the US market in the near future due to the increasing demand of this market.
The competitive advantages of Vietnam in exporting plastics to the United States
Vietnam's plastic industry has several advantages over its competitors. The plastic products of Vietnam have a relatively good ability to penetrate the market and are accessed to be highly competitive.
Vietnam's plastic industry has good competitiveness in many product lines such as packaging, and household appliances. In recent years, Vietnam's plastic industry has shown a strong ability to adapt to modern production technology. Many Vietnamese enterprises have invested in technology to produce products that meet the high requirements of difficult markets, such as the EU, Japan, Korea, and the USA.
In comparison with many competitors, Vietnam’s plastic products have more competitive prices due to abundant cheap labour resources. This country also benefits from the EU's Generalized System of Preferences (GSP) and FTA commitments with other markets. Additionally, Vietnam's strategic location in Southeast Asia has also played a significant role in its success in exporting to the US. The country's proximity to major shipping lanes and its well-developed logistics infrastructure have made it easier and more cost-effective for Vietnamese plastic manufacturers to export their products to the US.