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Home > News > Regional News

Vietnam: Plastics market blooms in packaging, automotive and electronic sectors

Source：Adsale Plastics Network Date ：2025-01-28 Editor ：RC

Copyright： This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

Vietnam’s plastics market is estimated at 10.9 million tons in 2024, and is projected to grow by a CAGR of 8.4% from 2024-2029, reaching 16.4 million tons by 2029, according to a report by Mordor Intelligence.

CHINAPLAS 2025_Vietnam_cover.jpg

Vietnam has retained its attractiveness as a manufacturing hub for a growing number of foreign investors. (Source: Pexels)

The country attracts increasing investment inflows, reported the Ministry of Planning and Investment. With registered foreign direct investment amounting to US$15.2 billion in the first half of 2024 alone, 13% higher than the same period in 2023. This figure is expected to reach US$40 billion by end-2024.

Industries receiving significant investments for semiconductor and electronics, construction, automotive, energy and consumer products, thereby creating demand for plastics.

In plastics and rubber industries, extrusion technology is the dominant method for producing plastics products to be used in the construction industry, while the fast-moving consumer goods industry will drive demand for injection molding and blow molding technologies.

Among the industries, the packaging, automotive and electronics sectors account for a large share of Vietnam’s plastics market, with investments made to these sectors.

Investments in packaging sector

As the largest share of Vietnam’s plastics market, the packaging sector has seen substantial growth over the years due to the demand for lightweight, convenient and safe packaging products continues to rise in the food and beverage, medical and healthcare and personal care products.

Thantawan Industry Public Company Limited, a leading producer of plastic packaging in Thailand, signed a deal for a 30-year factory lease, marking its first in Vietnam. The packaging production facility, designed to achieve an annual production capacity of 9,000 tons, will be operated by the company’s subsidiary, Thantawan Industry (Vietnam) Co., Ltd.

CHINAPLAS 2025_Vietnam_01.jpg

Thantawan Industry Public Company Limited will set up its first factory in Vietnam. (Source: Savills Viet Nam)

Investment is also made in circular economy for packaging sector through digitalization. Duy Tan Plastics Manufacturing Corporation, one of the top 10 packaging companies in Vietnam, is expanding its markets through innovations, adoption of digitalization, and commitment to circular economy. Duy Tan specializes in various types of rigid packaging and the company’s products are exported to 60 countries.

CHINAPLAS 2025_Vietnam_02.jpg

Duy Tan Plastics is recognized for its innovations for sustainable production. (Source: Duy Tan Plastics)

Local and foreign investments in blooming automotive sector

Vietnam’s automotive sector is projected to grow by 14-16% annually by 2030. As the Ministry of Industry and Trade sets a target to raise vehicle sales to around 1 million units by 2030 in its proposed “Development Strategy for Vietnam’s Automotive Industry to 2030, with a Vision to 2045,” the industry is transitioning from fuel-powered vehicles to more fuel-efficient options such as electric vehicles, hybrids, and solar vehicles.

Local automotive brand VinFast has delivered over 50,000 electric vehicles (EVs) to the domestic market in 2024, standing as the best-selling brand in Vietnam, and competing head-on with foreign competitors. The company has also been exporting to other countries.

CHINAPLAS 2025_Vietnam_03.jpg

VinFast is successfully penetrating domestic and global markets with its electric vehicle models. (Source: VinFast)

Geely Auto Group is targeting on producing vehicles in Vietnam by 2026. The company is partnering with Vietnam's Tasco to construct a US$168 million plant with a production capacity of 75,000 vehicles annually in its first phase. This partnership involves the assembly of Geely models in Vietnam and vehicle sales.

CHINAPLAS 2025_Vietnam_04.jpg

Geely Auto Group is partnering with Vietnam's Tasco to construct a US$168 million plant in Thai Binh. (Source: Tasco)

Rising of electronics production

Electronics production has been identified as a key sector by the Vietnamese Government aiming for the country to become a major producer of electronics by 2030 through the adoption of advanced technologies.

The sector has seen rising exports over the years and has attracted significant investments from foreign companies. Most electronics production in Vietnam focuses on the assembly of imported parts and components.

The display maker BOE Technology Group, a supplier for both Apple and Samsung, is establishing its factory in Vietnam, with an investment of US$275 million. The plant will assemble and manufacture televisions, high-resolution screens for computers, electronic components, and plastic parts, with a projected capacity of over 134.7 million products annually.

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BOE Technology Group started construction of its electronics factory in Vietnam. (Source: BOE Technology Group)

Discover innovations at CHINAPLAS 2025

At CHINAPLAS 2025, a broad range of innovative technologies and high-performance materials will be showcased to provide manufacturers from dynamic end-user industries in Vietnam and other countries in Southeast Asia.

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Source：Adsale Plastics Network Date ：2025-01-28 Editor ：RC

CHINAPLAS 2025_Vietnam_cover.jpg

Vietnam has retained its attractiveness as a manufacturing hub for a growing number of foreign investors. (Source: Pexels)

Industries receiving significant investments for semiconductor and electronics, construction, automotive, energy and consumer products, thereby creating demand for plastics.

Among the industries, the packaging, automotive and electronics sectors account for a large share of Vietnam’s plastics market, with investments made to these sectors.