ONE OF THE LARGEST INDUSTRIES IN VIETNAM – THE CHEMICAL INDUSTRY

CHEMICAL INDUSTRY – A BRIEF OVERVIEW

The chemical industry is one of the oldest types of manufacturing industries that has been prevailing in this world since ancient times. The role of this industry is very important in meeting the day-to-day demands and needs of the people, both individually as well as at the industrial level.

In layman’s terms, a chemical is a substance that is made up of matter. Matter can be of any form now like solid, liquid, or gas. It can even be pure (element) or a mixture (compound or a solution) of two or more substances. Chemicals can also be classified as naturally occurring or artificially occurring. Examples of natural chemicals are mercury, pyrite, asbestos, and silica. Whereas examples of artificial chemicals are PVC and Bakelite.

Based on one of the most trusted reports of Vietnam, the Vietnam Chemical Industry Comprehensive Report 2022, the top companies that operate as chemical manufacturing and trading companies in Vietnam as of 2022 are:

·        Petro Vietnam Fertilizer and Chemical Corporation

·        Petro Vietnam Ca Mau Fertilizer Joint Stock Company

·        Vietnam Fumigation Joint Stock Company

·        Dry Cell and Storage Battery Joint Stock Company

·        Saigon Plant Protection Joint Stock Company

Many more companies are on the list who are adapting themselves to the changing world and becoming digitalized to expand their market and grow their revenue. With the help of digital smart chemical plants, companies are able to scale up their operations, reduce their risk, and increase the safety of their labor force.

 

 

 

The imports and exports of organic chemicals as per Vietnam Import Data and Vietnam Export Data for the last 5 years are as follows:

VIETNAM TRADE DATA – ORGANIC CHEMICALS (2017-2021)
YEAR	IMPORTS	EXPORTS
2017	USD 3.16 billion	USD 192.34 million
2018	USD 3.92 billion	USD 512.15 million
2019	USD 3.80 billion	USD 626.80 million
2020	USD 3.79 billion	USD 581.29 million
2021	USD 5.56 billion	USD 747.90 million

 

From the table, we can understand the trend of Vietnam Trade Data for the last 5 years which says that Vietnam is importing more organic chemicals than exporting them. This can be the result of low domestic manufacturers and exporters of chemicals in the nation.

VIETNAM ORGANIC CHEMICAL TRADE – 2020

In the year 2020, Vietnam was the country that exported organic chemicals worth USD 581.29 million and became the 44^th biggest exporter of chemicals in the world. According to Vietnam Export Data 2020, Vietnam was exporting organic chemicals to multiple countries but among them all, the major export partners of Vietnam as mentioned in Vietnam Export Data for that time were:

·        China (USD 421.95 million)

·        Japan (USD 49.91 million)

·        Taipei (USD 44.99 million)

·        Cambodia (USD 28.46 million)

·        The United States of America (USD 22.43 million)

From this, we get to know that China was the major export partner of Vietnam for organic chemicals and contributed more than 70% of total exports. Japan took the second spot with a total contribution of 8.43% in total Vietnam exports of organic chemicals. Other export partners of Vietnam were Nigeria and Bangladesh.

Similarly, Vietnam imported organic chemicals worth USD 3.79 billion as mentioned in Vietnam Import Data for the year 2020 and became the 25^th largest importer of chemicals in the world. Just like exports, Vietnam imported organic chemicals from many countries. the top 05 import partners of Vietnam as per Vietnam Import Data 2020 were:

·        China (USD 1.83 billion)

·        Taipei (USD 1.01 billion)

·        Thailand (USD 441.26 million)

·        Korea (USD 382.95 million)

·        Japan (USD 353.49 million)

Vietnam imports from China as per Vietnam Import Data and amount to almost 50% of total imports. It is then followed by Taipei with 26.6% of total imports to Vietnam. Saudi Arabia, Malaysia, and Singapore are also one of its fastest-growing import partners in Vietnam.

WHAT TRADEIMEX WANTS TO SAY…

The chemical market of Vietnam is driven by the coming up of new and innovative industries and procedures that require chemicals as a part of their primary operations. On one hand, coming up of new industries demand chemicals, and on other hand due to a lack of knowledge and awareness, the domestic people of the country are not able to produce chemicals in large quantities as a result, the exports of these items are rising and touching new heights.

In the next few years, it has been said that the Chemical Industry of Vietnam is going to grow rapidly, and it is also predicted that the R&D of big firms would start with great speed.

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