European plastic producers might be able to provide products at a competitive price since the euro is low.
To overcome the new challenges, the chairman recommended Vietnamese enterprises, apart from expanding to other markets or their market share, seek cheaper materials and make changes in product structuring to lower the price for the European market, which is vital to Viet Nam's plastic industry.
Estimates for export turnover in the plastic industry are over US$1 billion for the first half of the year. According to the association, the European market accounted for 60 - 70 per cent.
The industry saw a year-on-year increase of 10.3 per cent as turnover hit $4.2 billion for the first half of the year. The industry earned $9 billion last year.
In the larger picture, growth also depends on how Viet Nam competes with China, Japan and ASEAN countries. Exports to the European market fell across the East and South East Asia region. — VNS