MOSCOW (MRC) -- The chemical industry of Vietnam is under an overhaul with an aim to boost exports of high value products, as per GV.
The Ministry of Industry and Trade recently approved the restructuring plan for the chemical industry for the country's industrialisation, modernisation and sustainable development by 2020, with a vision for 2030.
One of the prime goals is to enhance the quality and diversify the tyre and tube product categories to firstly meet domestic demand and then boost exports of products of high value products such as radial tyres, special car tyres, and tube-less motorcycle tyres.
Vietnam currently has an estimated 830 firms involved in tyre products, including 30 manufacturers, 170 exporters and 460 importers.
The rubber industry is currently led by three giants, Sao Vang, Da Nang and the Southern Rubber Company, all of whom are under the Vietnam National Chemical Group.
Under the approved planning of the chemical industry, other sectors to be restructured include fertiliser, crop protection chemicals, petrochemicals, and the pharmaceutical chemistry, in addition to basic chemicals, chemical power, and industrial gas. Industries producing detergent wash and ink would also be restructured.
As MRC informed previously, in September 2014, Top Thai energy firm PTT Pcl said it would make a proposal to the Vietnamese government to build a USD20 billion refinery and petrochemical complex, revised down from an earlier project discussed two years ago. The project, which requires investment of about 600 billion baht (USD18.8 billion), now includes a 400,000 bpd refinery and olefins and aromatic petrochemical plants. The construction of the refinery is scheduled to be completed by 2021, and most of products will serve domestic demand in Vietnam. The petrochemical complex will have an annual production capacity of 2.9 million tonnes of olefins and 2 million tonnes of aromatic products, and most of the petrochemical products will be exported.
MRC