Following the solid waste ban, domestic plants moved to foreign countries gradually

Vietnam started to exert force in 2018. Following the solid waste ban, domestic plants moved to foreign countries gradually. Vietnam has gathered solid re-PSF and a few HC virgin PSF plants. Imports in 2018 soared to 13,113 tons and reached 19,196 tons in 2019. In 2020, imports climbed up to 19,955 tons. Imports have exceeded over 10,000 tons in the first quarter of 2021, and reached 20,508 tons in the first half year, which has surpassed the overall imports of 2020. In Jan-Aug, 2021, imports totaled 25,510 tons. In terms of the monthly data of Vietnam, the imports have been high since October 2020. Previously, the monthly imports were 1,000-2,000 tons, but since October, 2020, the imports maintained above 2,000 tons, even 4,600-4,800yuan/mt in January and March, 2021. It was mainly attributed to the demand recovery, larger price spread between virgin PSF and recycled PSF and the speculative demand around the Lunar New Year. Last year, a few new plants engaged solid re-PSF put into operation, with a capacity of 50 tons per day, and the products are mainly delivered to China, so the monthly imports from Vietnam are higher than last year.