From 2013 to 2023, the import value of polymers of propylene and olefins to Vietnam fluctuated, with some significant changes. In 2013, the imports peaked with a 42.41% increase compared to the previous year. However, in 2014, there was a sharp drop of 49.44%. This decline continued into 2015 with a 20.38% decrease. The years from 2016 to 2019 saw a mix of increases and decreases, with the import value stabilizing around 40 million USD. Notably, imports surged in 2017 by 29.16% and grew by 18% in 2021. The imports in 2023 stood at 46.276 million USD, marking a smaller increase of 2.8% year-over-year.
From 2019 to 2023, the compound annual growth rate (CAGR) was 2.07%. Compared to historical data, this period has shown steadier growth. Forecasts indicate a gradual increase in imports, with an expected 2.11% CAGR over the next five years, bringing the import value to 52.736 million USD by 2028, resulting in an 11.01% growth over this period.
Future trends to watch for include:
- Potential market adjustments as global supply chain dynamics evolve.
- Increased domestic production capacity impacting import levels.
- Regulatory changes that may affect trade policies and import tariffs.
