Vietnam Report announces Top 10 prestigious packaging companies in 2024

“Top 10 Reputable Packaging Companies in 2024” is evaluated based on scientific and objective principles with 3 main criteria: Financial capacity shown in the most recent financial report; Media reputation assessed by Media Coding method; Survey of research subjects and stakeholders.

Vietnam Packaging Market: Moving Forward on a New Journey

The Vietnamese packaging market is witnessing strong growth with an increasing number of businesses operating in the industry. According to the Vietnam Packaging Association, the country has about 14.000 businesses in this field, of which 65% focus on plastic packaging production. 

The growth of the packaging industry is driven by the stable development of the domestic economy, with GDP in the first 9 months of 2024 increasing by 6,82%, opening up prospects for completing the annual target with a growth rate of 6,5% to 7%. The index of industrial production (IIP) also grew impressively with an increase of 8,6% over the same period last year, recording the recovery and expansion of key manufacturing industries. In addition, domestic consumption demand continues to increase, reflected in the total retail sales of goods and consumer service revenue in the first 9 months of the year estimated at VND 4.703.401 billion, up 8,8% over the same period in 2023. This is a great driving force for the packaging industry, especially packaging for the food and beverage industry, which is the main driving force for market development.

According to forecasts from Mordor Intelligence, the size of the paper packaging market in Vietnam will reach 2,6 billion USD in 2024 and is likely to increase to 4,14 billion USD in 2029, with a compound annual growth rate (CAGR) of 9,73% in the period 2024 - 2029. In the plastics industry, the packaging segment is expected to dominate the market with an expected output of 15,09 million tons in 2028, a CAGR of 8,44% in the period 2023 - 2028. This shows the strong potential of the packaging industry in Vietnam, especially when packaging exports are on the rise, opening up great opportunities for domestic enterprises in the coming time.

The journey to “green” the packaging industry

“Greening” the packaging industry is becoming an inevitable trend globally. To minimize waste and carbon emissions, businesses in the industry are making efforts to optimize production processes, invest in cleaner production technology, minimize waste and use renewable energy. Many businesses prioritize finding environmentally friendly sources of raw materials, especially recycled materials. In addition, creating a fair and safe working environment and promoting employee training and development programs are also part of the sustainable development strategy. 

With clear goals, businesses are increasingly moving towards implementing environmental - social - governance (ESG) commitments. According to a survey by Vietnam Report, the percentage of businesses that "have planned and partially implemented ESG commitments" is 37,5% (up 3,7% compared to the previous year), while "are in the ESG planning stage" is 40,1% and "have not set ESG commitments/no specific plans" remains at 22,4%. Businesses that have not set ESG commitments are mostly still facing financial problems from the previous difficult period. 

The journey of “greening” the packaging industry in Vietnam is being promoted more strongly through specific policies on recycling responsibility. In fact, Vietnam is gradually learning and applying advanced experiences in packaging recycling in the world. world; However, our country's waste collection and classification system at source is not yet complete, requiring close cooperation from relevant parties. Through Decree 08/2022/ND-CP on waste management and environmental protection, Vietnam is gradually perfecting the legal framework and moving towards a more effective packaging recycling model, marking an important step in the transition from a linear economic model to a circular economy.

In addition, in the context of globalization and increasingly stringent regulations on sustainable development, packaging manufacturing enterprises in Vietnam are encouraged to voluntarily apply international standards to meet market requirements, especially in the export sector, such as FSC (Forest Stewardship Council) - a voluntary standard, developed with the aim of promoting responsible forest management globally. 

Aiming for sustainable development is always a long-term strategy of businesses in the context of globalization and increasing social responsibility requirements. With an essential industry like packaging, businesses need to ensure compliance with regulations, constantly improve and enhance product quality to build reputation and aim for long-term prosperity.

(Source: Vietnam Report)