E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
There are currently about 334 paper packaging companies nationwide, with more than 100 FDI companies and over 200 domestic companies. Photo courtesy of VTV News.
According to a newly released report by local financial data provider FiinGroup, the paper packaging market has maintained double-digit growth for many years, despite a slight decline in 2023.
However, the outlook for 2030 indicates that the industry will continue to recover and grow steadily, driven by both domestic consumption and export demand.
There are currently about 334 paper packaging companies nationwide, with more than 100 FDI companies and over 200 domestic companies. The market remains fragmented, with the top 10 largest companies accounting for only about 30% of the market share.
FDI companies often have advantages due to large capital, modern technology, automated production, and participation in the global supply chain.
Meanwhile, most domestic companies operate at medium and small scales, with limited capital and semi-automated production lines, primarily serving the domestic market.
One of the key growth drivers for the paper packaging industry is the boom in e-commerce. FiinGroup's report forecasts that the size of Vietnam's e-commerce market will reach $60 billion by 2030, leading to a massive demand for corrugated cartons used for shipping.
Additionally, the F&B sector, with its rapid expansion of retail chains and food delivery services, is also driving up the demand for paper packaging.
Pharmaceuticals represent another promising sector, with spending expected to increase by 47% from 2021 to 2027, requiring packaging that meets safety standards and clear printing.
At the same time, textiles and electronics, key export industries, are expected to continue their recovery starting in mid-2024, further strengthening the demand for paper packaging for logistics purposes.
FiinGroup evaluates the growth prospects for Vietnam's packaging paper industry as very promising. The fragmentation of the market not only creates competitive pressure but also opens up opportunities for investors to enter through M&A or capacity expansion.
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