In 2021, the Duy Tan Plastic Company shocked many people when it decided to sell itself to the Thai people. At that time, this leading plastics company in Vietnam was still doing very well. In 2019, Duy Tan Plastic achieved a revenue of 4,478 billion VND – an increase of 10%, with profits reaching 181 billion VND – three times higher than in 2018. In 2020, Duy Tan Plastic also brought in 4,700 billion VND in revenue, with a total asset size of around 5,000 billion VND.
By mid-2021, the deal for Duy Tan Plastic to sell 70% of its shares to SCG was completed, with a value of up to 6,400 billion VND. Apart from a few thousand billion VND in the bank, the part that Duy Tan Plastic’s founder retained was the recycled plastics segment with two subsidiaries, Duy Tan Recycled Plastic and Plascene. Many people even think that this businessperson had prepared a way out for himself and his family long ago when he bought the Plascene company in the US in 2011.
Chairman Tran Duy Hy (fourth from the left) and his son Tran Duy Minh Dat (third from the left) representing Duy Tan Recycled Plastic signing a cooperation agreement with LaVie in 2023.
Although there is no official information, looking at the composition of the Board of Directors of both Duy Tan Plastic and Duy Tan Recycled Plastic, it seems that the handover process from Chairman Tran Duy Hy to SCG has ended.
SCG’s parent company has sent Mr. Chamornwut Tamnarnchit to be the General Director of Duy Tan Plastic. Meanwhile, Mr. Hy himself and his associates such as Mr. Huynh Ngoc Thach and Mr. Le Anh have all returned to serve Duy Tan Recycled Plastic. Mr. Huynh Ngoc Thach continues to be the CEO of Duy Tan Recycled Plastic, while Mr. Le Anh – from the position of Marketing Director of Duy Tan Plastic has become the Sustainable Development Director of Duy Tan Recycled Plastic.
In addition, Mr. Le Anh is also the face of Duy Tan Recycled Plastic in recent times.
Recycled Plastic Duy Tan takes its first steps in a career of plastic recycling
In 2019, after receiving capital from HSBC, Duy Tan Plastic invested 60 million USD to build the most modern plastic recycling factory in Vietnam in Long An. At the time of the groundbreaking, Duy Tan expected that the plastic recycling plant would be the next driving force of the company, contributing 20 – 25% of the total revenue.
The investment plan for the operation of the Duy Tan Recycled Plastic Factory was divided into 3 stages. In which, Phase I was implemented from 2020 – 2021 with a total investment of 20 million USD for a capacity of 20,000 tons/year; Phase II will continue to be implemented in 2022 – 2023 with a total investment of 20 million USD and increase the capacity to 60,000 tons/year; Phase III from 2024 with a total investment of 20 million USD for a capacity of 100,000 tons/year.
The plastic waste dump inside the factory.
Duy Tan Recycled Plastic employees are guiding a delegation from Ajinomoto company to visit the koi fish pond inside the factory.
Inside the Duy Tan Recycled Plastic factory.
The factory uses “bottle to bottle” recycling technology from Europe. To date, the Factory has received 23 quality certifications such as the US Food and Drug Administration (FDA), the European Food Safety Authority (EFSA), and ISO certifications.
In reality, due to Covid-19, it was not until 2021 that the Duy Tan Recycled Plastic factory officially started commercial operation. In 2023, the capacity of the factory is close to 40,000 tons and the company is planning to increase its capacity to 60,000 tons in 2024 and operate at full capacity of 100,000 tons in 2026.
Mr. Le Anh – Sustainable Development Director of Duy Tan Recycled Plastic
”Our factory operates according to the ‘3-zero’ circular criteria: zero waste, zero emissions, zero wastewater”, said Mr. Le Anh. Duy Tan Recycled Plastic also raises koi fish to demonstrate the level of cleanliness of the wastewater during the production process after treatment.
Currently, the factory has 250 workers. The Duy Tan Recycled Plastic factory only sells plastic pellets/primary raw materials and does not sell finished plastic bottles/products.
Currently, 60% of the company’s output is exported to the US – Europe and 12 other countries, while 40% is consumed domestically. Also according to Mr. Le Anh, Duy Tan Recycled Plastic’s domestic customers are mainly multinational corporations – who have to comply with strict environmental protection standards such as Coca-Cola, La Vie, Nestle, Unilever… In contrast, domestic companies are still not very interested in the company’s recycled plastic products.
Plascene’s product lines
