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Chemicals and resources in Vietnam - statistics & facts

The chemicals and resources sector has been among the most profitable sectors in Vietnam in recent years. Together with the rapid growth of the industry and construction sector, there has been a high demand for chemicals and basic materials, including plastics and rubber. To meet the demand for these commodities, the country has been dependent on both national production and imports. In 2021, the mining and quarrying sector contributed 2.4 percent to the country’s GDP.

Importance of chemicals and resources in the Vietnamese economy

Having started as a wartime industry, the chemical industry in Vietnam has developed into an integral part of the economy, providing a diversified range of resources for other sectors. For instance, the agrochemical segment within this industry has been supplying essential products for the agriculture sector, historically the most important sector of the Vietnamese economy. The production volume of agrochemical products, such as insecticides and pesticides, has been increasing gradually in recent years to meet the growing domestic demand from farmers. On the other hand, domestic suppliers have been struggling to produce enough chemicals and chemical products for the rapidly expanding, resource-intensive industrial sector. Consequently, imports of selected chemicals and resources, including rubber imports, plastic products imports, and paper imports, have been used to address the domestic production shortages in the country.

Challenges of the chemical industry in Vietnam

Despite playing a crucial role in the emerging economy of Vietnam, the chemicals and resources sector has been facing several issues recently. Low productivity is a major contributor to the dependence on chemical imports, especially from China. In addition, much of the technology employed by players within this sector is outdated, leading to their inability to supply products needed for manufacturing, such as sodas, synthetic fibers, or dyes, which are all essential for textile and garment production, one of the leading exports of Vietnam. Another challenge lies in the negative environmental impact of chemical and resource processing. The waste treatment system and safety guidelines for workers are still largely underdeveloped across the country, indicating a lot of room for improvement. Lastly, global chemical production, including in the Asia Pacific region, was hit hard due to the COVID-19 pandemic. On the flip side, the sector is expected to recover as the Vietnamese industry and manufacturing sectors have also been showing positive signs of recovery.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Minh-Ngoc Nguyen, Oct 26, 2022

Key insights

GDP contribution of mining and quarrying in Vietnam
203.15tr. VND
After tax profit of chemical sector in Vietnam
9.39tr. VND
Leading company in basic materials sector in Vietnam
Hoa Phat Group
Get more insights

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