Paper Industry Seeks Tax Reforms to Boost Domestic Recycling

Vietnam's paper and packaging industry is seeking tax reforms to promote domestic recycling amid soaring demand driven by the boom in e-commerce. FiinGroup reports that the Vietnamese e-commerce market is projected to reach US$60 billion by 2030, leading to a massive demand for corrugated cartons used for shipping. A recent three-day event showcased cutting-edge technologies and equipment in the paper and packaging sector, serving as a key platform for international trade connections. Notably, a new production line with a capacity of 6,000 cartons per hour was highlighted for its cost-effective production, waste reduction, and ability to meet growing demand for safe, convenient, and environmentally friendly food products. Under Vietnam's one-party system, economic growth remains a top priority for the government, with industrial sustainability and enhanced international competitiveness forming key pillars of national strategy. The paper and packaging industry's call for tax reforms could influence government policy decisions, especially in the context of tightening environmental regulations and the need to meet international sustainability standards. Furthermore, Vietnam emphasizes its economic ties with China while also diversifying its export markets. For instance, China has become a primary growth engine for shrimp exports, compensating for weaker sales to the US. This reflects Vietnam's efforts to reduce reliance on specific markets and manage geopolitical risks. Additionally, the Vietnamese government is actively promoting the digital economy, with platforms like TikTok Vietnam collaborating to revitalize the rural economy through e-commerce. This illustrates the multifaceted nature of Vietnam's economic growth strategy, encompassing industrial upgrading and expanded access to international markets. Information source: VietnamPlus English