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Economic 360 for Vietnam: Growth Prospects and Emerging Opporutnities in the Chemicals Industry
Frost & Sullivan, Dec 2010, Pages: 81
This research service highlights Vietnam's chemicals industry focusing on production, trade and key products. Highlighting key country trends and providing an in-depth analysis of the political environment, economic growth, legal framework, investment conduciveness and technology landscape, this research service also pans out the growth opportunities for the chemicals industry in Vietnam. Government initiatives to develop the industry by encouraging multiple projects in sectors like petrochemicals, fertilizers, pesticides and pharmaco is likely to enable growth as outlined in this study.
The chemicals industry plays a vital role in the economic development of any country, as it is an integral part of heavy industries. The chemicals industry broadly covers the sectors of petrochemicals, fertilizers, basic chemicals, pesticides, industrial chemicals, pharmaco chemicals and consumer chemicals. The key global participants in this space are the European Union, the United States and Japan, while Asia has been staking a claim to the global stage since the early 2000s, with India, China, Brazil, the Middle East and South East Asia emerging as competent players. Governments have been implementing new regulations such as ‘Registration, Evaluation, Authorization and Restriction of Chemical Substances' (REACH) and are encouraging initiatives to produce low-toxic and eco-friendly chemicals. Regulations, labour skills and cost, feedstock availability and price, energy cost and environmental pressures also play a critical role in the development of the chemicals industry.
Despite being export-driven, Vietnam's economy was relatively robust during the economic downturn, as the domestic demand shored it up. The country implemented prudent fiscal and monetary policy measures to resolve inflation and budgetary deficits. The industrial sector growth has driven the economy over the past five years and this trend is likely to continue, as it is a priority in Vietnams' development plans. The chemicals industry, nevertheless, was not completely insulated from the effects of the downturn, as has been proved by the deferment of several major projects. Investments in the country's emerging chemicals industry started improving in the early 2000s, especially after 2005, when the Government announced a 15 year-master plan for developing it. The country is highly dependent on agriculture, which, in turn, boosts demand for fertilizers and plant protection chemicals. These sectors are best poised for growth along with petrochemicals and pharmaco chemicals. However, the domestic production is inadequate and the Government has to depend on imports to meet the demand. As a member of Association of Southeast Asian Nations (ASEAN), Vietnam has sturdy trade relations with many countries. It has signed free trade agreements with Asian majors and is a part of the World Trade Organization's (WTO's) Chemicals Trade Harmonization Agreement (CTHA).
Meanwhile, with the rapid growth in population, there has been a corresponding rise in demand for chemicals (detergents, paints, synthetic polymers) and thereby, for the latest equipment and new technologies that produce chemicals with low toxicity. Advancements in chemicals manufacturing technologies and production equipment are likely to pave the way for a well-developed chemicals industry. Regional and infrastructural opportunities, coupled with favourable political and economic policies, will also give a leg up to the chemicals industry in Vietnam.
Frost & Sullivan's Chemicals & Materials Country Industry Forecast service provides vital inputs for evaluating the attractiveness of a country and its chemicals and materials industry. Apart from enabling decision makers to assess the impact of non-market forces, it also helps in identifying new market opportunities. This service provides a strong base for preparing contingency plans. In addition, investors can assess industry-specific risk factors as well as conduct a more in-depth micro research.
Benefits
The following benefits are offered by this research:
Identify New Market Opportunities
The trends of the economic environment of Vietnam have been analyzed along with their impact on the chemicals industry. This analysis will provide valuable information to industry participants on opportunities in specific sectors of the industry.
Comprehend Future Industry Trends
The research service gives an insight into Vietnam's chemicals industry, discusses its dependence on the prevailing economic scenario and describes the various infrastructure developments in the industry. This will enable participants to gauge the future direction of the market and help them devise appropriate strategies to improve market share.
Understand the Economic Environment
A detailed analysis of the economic framework of Vietnam chemicals industry provides insights into the economic parameters as they exist and the future direction of the same. This is particularly beneficial in the case of the chemicals industry, as these economic indicators form an important criterion for industry performance.
Devise Country Entry Strategies
The research service provides valuable information and analysis of the strengths and weaknesses of the economy of Vietnam, which are relevant to the chemicals industry. This is particularly useful in devising country-specific strategies for industry participants.
Evaluate Industry Segment Potential
This research service is focused on the chemicals industry in Vietnam with detailed coverage of the economic and infrastructure indicators affecting the industry. It provides both country and industry trends and forecasts for major variables and is an excellent tool for companies that plan to enter new geographic markets. This will help corporate planners in developing accurate business plans.
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