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ECONOMYINDUSTRY

Vietnam's paint sector sees bright future

Updated at Saturday, 23 Dec 2017, 09:27
The Hanoitimes - Vietnam’s paint and printing ink industry is expected to enjoy a growth rate of 8 percent in volume and 10 percent in value compared to last year, according to the Vietnam Paint and Printing Ink Association.
Speaking at a press briefing on December 20 in HCM City to introduce the upcoming Coatings Vietnam Expo, Nguyen Thi Lac Huyen, the association’s chairwoman, said “The industry has seen more than an annual 10 percent growth in recent years.”

Last year, the industry produced 497 million litres of paint with total production value of 1.64 billion USD. Construction paints accounted for more than half, she said.

 


 
Local firms have invested in building new factories in industrial parks and many foreign investors from the Republic of Korea, Thailand, Malaysia and Taiwan have shifted their paint and printing ink production facilities to Vietnam.

The paint and printing ink industry is a support industry for many other sectors, she said. The country’s stable economic growth and development of the construction and property sectors as well as an increase in infrastructure projects are expected to help the industry expand.

According to the industry’s development plan until 2020 with a vision to 2030, the industry will gradually replace outdated technologies and equipment with modern and advanced technologies, and minimise the use of harmful materials and chemicals to produce high-quality and environmentally friendly products at reasonable prices.


 
To reach the targets, firms involved in the industry need to invest more in research and development, Huyen said, adding that they should also focus more on building product brands so they can gain a strong foothold in the domestic market and promote exports.

The industry plans to focus on investment in high value-added products, with a special attention to plastics, pigments, chemicals and additives. “The 2018 Coatings Expo Vietnam will be an ideal opportunity for firms to learn about the latest trends and demand in the market and enhance cooperation with local and foreign counterparts,” she said.

The International Exhibition and Conference on Coatings and Printing Ink Industry (Coatings Vietnam 2018), to be held at the Saigon Exhibition and Convention Centre from June 13-15, will feature more than 40 exhibitors from countries and territories, including Japan, the RoK, Singapore, Hong Kong, France, China and Vietnam.
Anh Kiet - Cuong Tuan
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