Business
Turkey offers opportunities for Vietnamese plastic exporters
There remains untapped potential for Vietnamese plastic exporters in Turkey due to the high demand for plastic materials needed by a wide range of sectors.
According to the Import-Export Department under the Ministry of Industry and Trade, Turkey has imported more than US$10 billion worth of plastic materials annually. This is because its plastic material production only meets 15% – 20% of the amount required by its market and foreign importers. The sectors with high demand for plastic materials include construction, automobiles, packaging and household goods production.
Turkey currently purchases plastic materials from more than 100 countries and territories around the world. Of the total amount purchased by the country, 63% comes from Saudi Arabia, Germany, Belgium and the Netherlands, as well as the Republic of Korea, Spain and Italy.
Turkey currently purchases plastic materials from more than 100 countries and territories around the world. Of the total amount purchased by the country, 63% comes from Saudi Arabia, Germany, Belgium and the Netherlands, as well as the Republic of Korea, Spain and Italy.
The department noted that Vietnam is also one of Turkey's plastic material providers. However, Vietnamese exports accounted for a modest 0.1% of the total import turnover of the product.
The department suggested that Vietnamese firms increase their market research and trade promotion as well as seek new Turkish trade partners to accelerate exports to this lucrative market.
After posting a positive export turnover of US$20.7 million in 2013, Vietnam's shipments of plastic materials to Turkey reached only US$6 million over the past 10 months of this year, showing a 43% decline year-on-year.
