According to the recent report by IMARC Group, titled “Vietnam Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the Vietnam recycled plastics market size reached around 197,208 Tons in 2019. As the post-consumer and post-industrial plastics get accumulated in landfills, plastic recycling has gained traction worldwide. Recycling plastic products not only reduces the waste in landfills but also lowers greenhouse gas (GHG) emissions. This process includes several steps beginning from sorting, washing, and shredding to classification and extrusion. The recycled plastic is further utilized for manufacturing fabrics, toys, toothbrushes, bags, and more. One of the major factors fueling the growth of the recycled plastics market in Vietnam is the rising concern for the environment and the constant lookout for green solutions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Plastic recycling requires less energy and natural resources as compared to the production of virgin plastics. Growing awareness regarding the advantages of plastic recycling is providing a boost to the growth of the market in Vietnam. Earlier, a major portion of the plastic waste for recycling was imported from other countries, such as China. In 2018, the Government of Vietnam banned the import of these materials, which, in turn, has boosted the demand for domestic plastic waste. In addition to this, the Government has also initiated a new project - Zero Plastic Waste City - that aims to empower local waste pickers so as to improve the waste collection rates. Moreover, the Ministry of Natural Resources and Environment in Vietnam is offering financial support to enterprises that are engaged in the plastic recycling sector by proposing easy access to low-interest rate (2.6-3.6% per year) loans with the maximum lending rate of 70% of the total project investment under the Environment Protection Fund. On account of these factors, the market is anticipated to experience moderate growth during the forecast period (2020-2025).
- Based on the material, the market has been categorized into polyethylene terephthalate (PET), high density polyethylene (HDPE), polypropylene (PP), and others.
- On the basis of the application, non-food contact packaging represents the largest segment, accounting for the majority of the market share. Other segments are food contact packaging, construction, and household products.
- Region-wise, the market has been classified into Central, Southern, and Northern Vietnam. Currently, Southern Vietnam holds the biggest market share, which can be accredited to the high plastic waste collection rate in the area.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Trang Yen Plastic Trading Company Limited, Hung Phu Plastic Investment Company Limited, Tran Thanh Phat Company, Vinh Thanh Corporation, Trinh Nghi Joint Stock Company, Hiep Phat Plastic Trading Manufacturing Co., Ltd. Thien Phuoc Production & Trading Co., Ltd., Import and Export Joint Stock Company Suwon Vina, Quynh Quyen Hung Yen Trading and Production Company, and Tin Thanh Plastic Production - Trading Co., Ltd.
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