Vietnam started to exert force in 2018

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 30,567 tons in 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.  In 2020, 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 year on year. In May 2021, Vietnam started the strict lock-down measures with the outbreak of epidemic. Till Sep, there were 729 tons imported, and 459 tons imported in Oct, the lowest level in recent two years.  With the relaxation of power rationing and control of epidemic, imports in Nov-Dec climbed up obviously to 2,000 tons. In addition, affected by surging sea freight, China-origin cheap fibers were hard to sell to Vietnam, and HC re-PSF sales were smooth in Vietnam. In Nov, 2022, it was heard that feedstock prices were relatively high, and re-PSF had no price edge to be exported to China. Local operating rate was not high overall.