Vietnam's plastic industry has experienced robust growth in recent years, with an annual growth rate of 16%-18% between 2010 and 2020. The industry is home to nearly 4,000 plastic companies, with 90% of them being small and medium enterprises (SMEs) concentrated in the southern region [31d6111e]. The plastic industry in Vietnam plays a significant role in the economy and provides job opportunities for the population. The Indian government also recognizes the importance of the plastic industry in the economy and its contribution to employment opportunities [80f1c203].
In 2022, the total revenue of Vietnam's plastic industry exceeded $25 billion, with exports accounting for 22% of that figure. In 2023, Vietnam imported $9.76 billion worth of plastic raw materials and $7.51 billion worth of plastic products. The production scale of the industry continues to expand, with a growing trend towards producing green and environmentally friendly products. Foreign investors, including those from ASEAN countries, have shown interest in the Vietnam plastic industry, and the Vietnamese market is expected to become one of the fastest-growing plastic markets globally [31d6111e].
The plastic industry in India is actively working towards improving plastic circularity and meeting regulatory requirements. The government has implemented regulations such as the Plastic Waste Management Rules to tackle plastic pollution. The Global Conclave on Plastic Recycling and Sustainability in New Delhi highlighted the importance of the plastic industry in the economy and discussed the need for collaboration across sectors. The plastic recycling industry in India is expected to reach USD 6.9 billion by 2033 [80f1c203].