The Great Race to Vietnam: A Zero-Tariff Treasure Trove for the World’s Economies

According to statistics from the Customs Department, the import turnover of plastic raw materials into Vietnam in July 2025 reached more than 841 thousand tons, worth more than $1 billion, up 17.5% in volume and 6.4% in value compared to the previous month.

In the first seven months of 2025, the country imported more than 5.5 million tons of this commodity, worth more than $7.32 billion, up 19.7% in volume and 13.4% in turnover compared to the same period in 2024.

The average price reached $1,319 per ton, down 5.2% over the same period last year.

In terms of market, China is the largest supplier of plastic raw materials to Vietnam, with 1.58 million tons, equivalent to nearly $2.2 billion, up 36.4% in volume and 26% in turnover compared to the same period last year. The average price was $1,395 per ton, down 7.6%.

South Korea is the second largest market with more than 900 thousand tons, equivalent to $1.26 billion, down 5.6% in volume and 5% in turnover. The average price was $1,397 per ton, up 0.7% over the same period last year.

Taiwan followed with more than 510 thousand tons, worth more than $724 million, up 8.3% in volume and 5% in turnover compared to the same period last year. The average price was $1,419 per ton, down 3.1%.

Notably, in addition to the above three dominant markets, imports of plastic raw materials from the US market increased strongly by 73.8% in volume and 50% in turnover compared to the same period last year, reaching 581,756 tons, equivalent to $656.22 million. The average price was $1,128 per ton, down 13.7%.

Plastics, also known as polymers, are important raw materials used to produce a variety of products serving human life as well as the development of many sectors and fields such as electricity, electronics, telecommunications, transportation, aquaculture, and agriculture.

Vietnam is able to produce raw materials such as PVC, PP, PET, PS, and PE, with a total capacity of nearly 3 million tons per year. Domestic raw materials can meet 30% of the domestic market demand, while the remaining 70% is imported from countries around the world, including Arab Saudi, South Korea, Thailand, Japan, the US, China, Taiwan, Malaysia, and Singapore.

Vietnam’s plastic industry is expected to continue growing in 2025 due to many positive factors. According to VNDirect’s forecast, domestic demand for asphalt will increase by more than 83% compared to the previous year due to the acceleration of key transportation projects, especially the asphalt paving phase. In addition, the recovery of the real estate market also contributes to boosting the consumption of construction plastics, especially plastic pipes, in 2025.

Currently, Vietnamese plastic products have been exported to more than 160 countries and territories worldwide, present in demanding markets such as the US, Japan, Australia, and European countries such as Germany, France, the UK, Italy, the Netherlands, and Spain. The Vietnamese plastic industry comprises nearly 4,000 enterprises, of which 90% are small and medium-sized enterprises, mainly located in the southern region of the country.