Statistics: Vietnam polymer import in 2018 showed healthy growth

Latest data from the Vietnam Customs Department, reported by the Vietnam Plastics Association suggested a healthy growth in demand for most commodity polymer in the country in 2018. 

Grades such as PE, PET, PS, and ABS recorded two digits growth, which players contributed to the restricted in the import of plastic scrap that boosts demand for prime grade cargoes. 

The following table detailed out the quantity and year-on-year changes for each grade:   

Looking at the PE sector, there is no local production at the moment and therefore, Vietnam depends on the import market 100% for its consumption. The country would only have the first local PE plant once Long Son Petrochemical starts up in 2023. 

In the meantime, Vietnam only has two PP plants with a combined capacity of approximately 520,000 tons per annum, of which Nghi Son Refinery and Petrochemical only achieved the stable run rate during mid of 2018. Local production might continue to grow in 2019 as Hyosung Group plans to start up the first of the two phases of PP plant here, which could produce 300,000 tons per annum. As a result, Vietnam might depend less on import for PP cargoes moving forward. 

** Picture of Cat Lai Port from Vietnamnet