Vietnam Plastic Packaging Films Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 0.52 Million tonnes |
| Market Volume (2029) | 0.61 Million tonnes |
| CAGR (2024 - 2029) | 3.24 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Plastic Packaging Films Market Analysis
The Vietnam Plastic Packaging Films Market size is estimated at 0.52 Million tonnes in 2024, and is expected to reach 0.61 Million tonnes by 2029, growing at a CAGR of 3.24% during the forecast period (2024-2029).
- Vietnam remains a top choice for foreign enterprises, drawing them in with its promising investment prospects and potential partnerships. Vietnam is a beacon for foreign direct investment (FDI) across various industries, bolstered by a robust economy, strategic positioning, and investor-friendly policies.
- Vietnam saw a notable uptick in foreign investment, with figures hitting USD 9.27 billion, a 4.5% rise from 2023, as the General Statistics Office (GSO) reported. Notably, the nation attracted an estimated USD 6.28 billion in FDI in the first four months of 2024, marking a five-year high.
- Foreign direct investments often bring in capital that can be used to expand and modernize production facilities. With an increase in FDI, Vietnamese plastic packaging film manufacturers can enhance their production capabilities, improve efficiency, and increase output to meet both domestic and international demand.
- Vietnam's strategic location in Asia and proximity to major regional shipping lanes also position the nation's manufacturers well to maintain a strong focus on exports. The country boasts a coastline stretching around 3,200 kilometers, dotted with 114 seaports. This extensive coastline plays a crucial role in the nation's trade and transportation sectors, facilitating both domestic and international maritime activities.
- Vietnam's location and extensive coastline with numerous seaports make it an ideal hub for export-oriented manufacturing. As more foreign enterprises set up operations in Vietnam, the plastic packaging films produced can easily be exported to neighboring countries and other global markets, driving growth in the industry.
- Increasing awareness and concern about plastic waste and its environmental impact are leading to stricter regulations on plastic production and usage. Compliance with these regulations can increase costs and require investments in sustainable practices and materials.
- While Vietnam is attracting significant foreign investment, other countries in the region, such as China, India, and Thailand, also have strong plastic packaging industries. Competing with these established markets can be challenging for Vietnamese manufacturers.
Vietnam Plastic Packaging Films Market Trends
Polyethylene Segment Is Expected to Witness Significant Growth
- ChemOrbis reported that for the week ending January 19, 2024, LDPE film import prices in Vietnam were assessed in the range of USD 1020-1100/ton. Meanwhile, HDPE film prices ranged from USD 1010-1070/ton, and LLDPE film prices stood at USD 970-1050/ton, all on a CIF basis. Compared to the prior week, LDPE film prices surged by USD 50-100/ton, HDPE film saw an increase of USD 20-50/ton, and LLDPE film remained stable or rose by up to USD 20/ton.
- The price increases, especially the significant spike in LDPE film prices, indicate strong demand for polyethylene films. Rising consumption in sectors such as food, agriculture, and consumer goods could drive this demand. Strong demand supports market growth as manufacturers ramp up production to meet it.
- The rise in plastic imports suggests a greater availability of raw materials, such as polyethylene, necessary for manufacturing packaging films. This increased supply can support the production capacity of local manufacturers, enabling them to meet higher demand and explore new markets.
- An article by the General Statistics Office of Vietnam, published in June 2023, reported that in 2022, Vietnam's imports of plastic in primary form were valued at around USD 12.4 billion, marking a notable surge from USD 7.58 billion in 2017.
- The significant import value may also reflect investments in higher-quality or more advanced forms of plastic. Access to better raw materials can lead to improvements in the quality and performance of polyethylene packaging films, making them more attractive to various industries, such as food, pharmaceuticals, and consumer goods.
Food Segment to Show Significant Growth
- The surge in retail sales indicates a rise in consumer spending. With higher disposable incomes, consumers are more likely to purchase a variety of products, including packaged goods. This, in turn, increases the demand for plastic packaging films used in food, beverages, and other consumer goods.
- Vietnam’s General Statistical Office reported in its July 2023 publication that Vietnam's total retail sales surged by 13% in 2022, reaching USD 192 billion. This growth was propelled by a resurgence in domestic consumption, buoyed by the country's record-high GDP growth of 8.02%.
- This transition is chiefly propelled by two factors: the swift growth of the middle class and the country's predominantly youthful population. With convenience stores, coffee shops, snack outlets, and the more comprehensive retail and hospitality landscape thriving, the demand for plastic packaging films is poised for a significant upswing.
- The rising consumption of food in the country has directly influenced the growth of the retail industry, presenting a lucrative opportunity for plastic packaging film manufacturers to view Vietnam as a significant market in Southeast Asia.
- The country's increasing consumption of food is the primary driver behind the significant demand for various packaging modes, notably plastic packaging films. For instance, according to the General Statistics Office of Vietnam, the country's food and beverage consumption was USD 26.07 billion in 2019, and it is forecasted to increase to USD 51.36 billion by 2024.
Vietnam Plastic Packaging Films Industry Overview
The plastic packaging films market in Vietnam is consolidated, with a few major players such as Rang Dong Long An Plastic Joint Stock Company, Polifilm Vietnam Co. Ltd, IFC Plastic Co. Ltd, Feliz Plastic Vietnam Co. Ltd, and Vietnam Packing Group occupying most of the market share. Several companies in Vietnam are forging alliances and engaging in mergers to bolster their market presence.
- October 2023: A.J. Plast (Vietnam) Co. Ltd, a subsidiary of A.J. Plast PLC, the largest producer of BO film in Southeast Asia, marked the opening of its state-of-the-art biaxially oriented plastic film production facility in Binh Duong province, Vietnam. A.J. Plast PLC is closely affiliated with SCGC, a prominent player in integrated chemicals within the ASEAN region.
Vietnam Plastic Packaging Films Market Leaders
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Rang Dong Long An Plastic Joint Stock Company
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Polifilm Vietnam Co. Ltd.
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IFC Plastic Co., Ltd.
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Feliz Plastic Vietnam Co., Ltd.
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Vietnam Packing Group
*Disclaimer: Major Players sorted in no particular order
Vietnam Plastic Packaging Films Market News
- May 2024: Dow and SCG Chemicals, also known as SCGC, signed a memorandum of understanding (MOU) in the Asia-Pacific region. Their goal is to convert 200KTA of plastic waste into circular products by 2030. The collaboration aims to fast-track technology advancements across the value chain. This will facilitate recycling via both mechanical recycling (MR) and advanced recycling (AR), broadening the spectrum of plastic waste that can be transformed into high-value applications.
- September 2023: SKC Co., a South Korean materials manufacturer, announced its intention to construct a manufacturing facility in Vietnam. The plant will focus on producing materials tailored for biodegradable plastics, aligning with the company's strategic move to strengthen its presence in the eco-friendly materials sector.
Vietnam Plastic Packaging Films Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Environmental Consciousness Fuels Embrace of Extended Producer Responsibility (EPR)
5.2 Market Restraints
5.2.1 Alternative Packaging Options Challenging the Market's Growth
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Polypropylene (Biaxially Oriented Polypropylene (BOPP) and Cast polypropylene (CPP))
6.1.2 Polyethylene (Low-Density Polyethylene (LDPE) and Linear low-density Polyethylene (LLDPE))
6.1.3 Polyethylene Terephthalate (Biaxially Oriented Polyethylene Terephthalate (BOPET))
6.1.4 Polystyrene
6.1.5 Bio-Based
6.1.6 PVC, EVOH, PETG, and Other Film Types
6.2 By End-user Industry
6.2.1 Food
6.2.1.1 Candy and Confectionery
6.2.1.2 Frozen Foods
6.2.1.3 Fresh Produce
6.2.1.4 Dairy Products
6.2.1.5 Dry Foods
6.2.1.6 Meat, Poultry, and Seafood
6.2.1.7 Pet Food
6.2.1.8 Other Food Products (Seasonings and Spices, Spreadables, Sauces, Condiments, etc.)
6.2.2 Healthcare
6.2.3 Personal Care and Home Care
6.2.4 Industrial Packaging
6.2.5 Other End-user Industry Applications (Agricultural, Chemical, etc.)
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Rang Dong Long An Plastic Joint Stock Company
7.1.2 Polifilm Vietnam Co. Ltd
7.1.3 IFC Plastic Co. Ltd
7.1.4 Feliz Plastic Vietnam Co. Ltd
7.1.5 Vietnam Packing Group
7.1.6 Bao Ma Production & Trading Co. Ltd
7.1.7 Nan Ya Plastics Corporation
7.1.8 A.J. Plast (Vietnam) Co. Ltd
8. RECYCLING & SUSTAINABILITY LANDSCAPE
9. FUTURE OUTLOOK OF THE MARKET
Vietnam Plastic Packaging Films Industry Segmentation
Plastic film packaging refers to various thin plastic materials that wrap or protect products. These films are commonly used in the food, pharmaceutical, and other industries. The report tracks the demand for converted packaging films across major resin and application types. This encompasses a range of materials and uses, reflecting the market's varied requirements and the evolving preferences of consumers and businesses.
The Vietnamese plastic packaging films market is segmented by type (polypropylene (biaxially oriented polypropylene (BOPP) and cast polypropylene (CPP)), polyethylene (low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE)), polyethylene terephthalate (biaxially oriented polyethylene terephthalate (BOPET)), polystyrene, bio-based, and PVC, EVOH, PETG, and other film types) and by end-user industry (food [candy and confectionery, frozen foods, fresh produce, dairy products, dry foods, meat, poultry, and seafood, pet food, and other food products (seasonings and spices, spreadable, sauces, condiments, etc.)], healthcare, personal care and home care, industrial packaging, and other end-user industry applications). The report offers market forecasts and size in volume (tonnes) for all the above segments.
| By Type | |
| Polypropylene (Biaxially Oriented Polypropylene (BOPP) and Cast polypropylene (CPP)) | |
| Polyethylene (Low-Density Polyethylene (LDPE) and Linear low-density Polyethylene (LLDPE)) | |
| Polyethylene Terephthalate (Biaxially Oriented Polyethylene Terephthalate (BOPET)) | |
| Polystyrene | |
| Bio-Based | |
| PVC, EVOH, PETG, and Other Film Types |
| By End-user Industry | ||||||||||
| ||||||||||
| Healthcare | ||||||||||
| Personal Care and Home Care | ||||||||||
| Industrial Packaging | ||||||||||
| Other End-user Industry Applications (Agricultural, Chemical, etc.) |
Vietnam Plastic Packaging Films Market Research FAQs
How big is the Vietnam Plastic Packaging Films Market?
The Vietnam Plastic Packaging Films Market size is expected to reach 0.52 million tonnes in 2024 and grow at a CAGR of 3.24% to reach 0.61 million tonnes by 2029.
What is the current Vietnam Plastic Packaging Films Market size?
In 2024, the Vietnam Plastic Packaging Films Market size is expected to reach 0.52 million tonnes.
Who are the key players in Vietnam Plastic Packaging Films Market?
Rang Dong Long An Plastic Joint Stock Company, Polifilm Vietnam Co. Ltd., IFC Plastic Co., Ltd., Feliz Plastic Vietnam Co., Ltd. and Vietnam Packing Group are the major companies operating in the Vietnam Plastic Packaging Films Market.
What years does this Vietnam Plastic Packaging Films Market cover, and what was the market size in 2023?
In 2023, the Vietnam Plastic Packaging Films Market size was estimated at 0.50 million tonnes. The report covers the Vietnam Plastic Packaging Films Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Plastic Packaging Films Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Plastic Packaging Films Industry Report
Statistics for the 2024 Vietnam Plastic Packaging Films market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Plastic Packaging Films analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
