Modified Plastics In Vietnam: A New Growth Point For The Home Appliance Industry

The rapid development of Vietnam's plastic industry has attracted widespread attention. According to data analysis by Mordor Intelligence, it is expected that the size of the Vietnamese plastic market will increase from 10.92 million tons in 2024 to 16.36 million tons by 2029, with a compound annual growth rate of 8.44% during the forecast period. Although the operating revenue of Vietnam's plastic industry slightly decreased to 25 billion US dollars in 2023, the import volume and value of plastic raw materials achieved year-on-year growth of 28% and 17.3% respectively in the first five months of 2024, indicating that Vietnam's plastic industry still maintains a strong

development momentum.

The development is rapid, and modified plastics are particularly evident, "said Ding Desheng, Vice Chairman of the Vietnam Plastics Association, emphasizing that the development of the plastic industry plays an important role in the domestic economy. At present, there are about 4000 plastic enterprises in Vietnam, of which 90% are small and medium-sized enterprises. Overall, Vietnam's plastic industry is showing a thriving development trend and has the potential to attract many international investors. It is worth mentioning that the Vietnamese market also has enormous potential in the field of modified plastics.