Representatives cutting a ribbon to open the exhibition. — VNS Photo

HÀ NỘI — More than 200 exhibitors from 13 countries and regions have gathered to showcase the latest technologies and products at the 12th Hanoi International Plastics & Rubber Industry Exhibition (HanoiPlas 2024) which officially started in the capital city today (June 5).

This event serves as a crucial platform for professionals in the plastics and rubber industry to explore cutting-edge solutions, showcase the latest technology, machinery and equipment and network with their industry peers.

This year's exhibition features representatives from a vast array of countries and regions, including China, Germany, Hong Kong China, India, Indonesia, Japan, Pakistan, Singapore, South Korea, Taiwan, Thailand and the United States, with an impressive 9,000 sq meters exhibition space, making this the largest in the event's history.

The exhibitors are showing the latest technologies and products, including injection machinery, rubber manufacturing equipment, one-stop processes, blown film machines, extrusion lines, recycling solutions and new chemicals and materials.

Delivering a speech at the opening ceremony, Đinh Đức Thắng, the Vice President of the Vietnam Plastics Association said the Vietnamese plastics sector has momentum and is likely to become an increasingly attractive destination for international investment and business opportunities.

Thắng said in 2023, imports of plastic raw materials declined 4.2 per cent in volume to 6.82 million tons and decreased 21.2 per cent in value to $9.76 billion compared to 2022.

Overall revenue for the Vietnamese plastics industry in 2023 is projected to reach $25 billion, a slight dip of 0.67 per cent from the previous year.

However, Việt Nam's exports of plastic products are forecast to see a sharp increase in the first half of 2024, rising over 32 per cent to surpass $3.15 billion, compared to the same period in 2023.

He noted that despite the industry's growth, Vietnamese plastic products are still facing significant challenges, particularly around the issues of plastic pollution and policies aimed at reducing virgin plastic use in favour of recycled materials.

Demand for environmentally-friendly plastic products, especially from major export markets like the U.S., EU and Japan, is creating both challenges and opportunities for Vietnamese businesses.

To meet these evolving market demands, plastic manufacturers in Vietnam will need to adopt new technologies and materials that are more sustainable and aligned with the trend towards a circular economy.

Visitors see a booth of Taiwan Union Plastic in the exhibition. - VNS Photo

At the event, Judy Wang chairman of Yorkers Exhibition Service Vietnam said the Vietnamese plastics and rubber sector has experienced remarkable growth in recent years, playing a crucial role in providing essential materials to various industries such as electronics, textiles, consumer goods and the automotive industry.

HanoiPlas 2024 will end on Friday (June 8). — VNS