On April 15th, U.S. time, the White House website reiterated that due to China's retaliatory measures, goods exported from China to the U.S. are now facing tariffs of up to 245%. As early as April 11, a spokesperson for China's Ministry of Commerce stated that the U.S. imposition of excessively high tariffs on China has turned into a numbers game, holding no practical economic significance. If the U.S. continues with this tariff numbers game, China will not pay it any heed. Actually, the latest statement from the White House "China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions." That is, the maximum (up to) tariff that goods going from China to the United States might face could be 245%, not all goods. The number is not a newly imposed tariff, but the result of adding the 100% tariff on some goods (such as syringes, needles) during the 2018 trade war to the additional 145% tariff in 2025. For instance, The New York Times previously illustrated that the tariffs on certain medical products could reach up to 245% due to the==== rule. Attached figure.

After being hit with a 46% tariff increase by the U.S., Vietnam is now in talks with the U.S. for a 0% tariff agreement. General Secretary Su Lin of the Vietnam Communist Party said that Vietnam is prepared to lower its tariffs to zero, and has asked the United States to do the same. Vietnamese official media reported that General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong, and U.S. President Donald Trump have agreed to discuss and sign a bilateral agreement to implement a zero-tariff commitment. Former President Trump posted on social media platform X: "I just had a conversation with General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong. It was very constructive. He told me that as long as Vietnam and the U.S. can reach an agreement, Vietnam is willing to reduce tariffs on the U.S. to 0. On behalf of the United States, I thank him and look forward to a formal meeting in the near future."

Hyundai Motor plans to launch a new generation of interior designs next year, with the core concept of enhancing driving safety by optimizing the interior layout. Simon Rozby, the Vice President of Design, revealed that the new design will retain physical buttons, reduce reliance on the central control screen, and at the same time reduce the size of the infotainment display and simplify the touch screen software functions. The aim is to ensure that drivers "keep their eyes on the road and hands on the steering wheel," avoiding distractions caused by frequent screen operations. The Hyundai design team believes that it is crucial to strike a reasonable balance between screen size and functional layout. Screens should only serve as auxiliary tools, not dominate driving operations. Overly large screens or complicated submenus can force drivers to be distracted, violating the principle of "focus on driving." This design philosophy coincides with Volkswagen's recent trend of returning to analog design, emphasizing a driver-centered safety experience.

On April 3, reports indicated that Vietnam's Ministry of Finance recently proposed cutting import tariffs on a range of products including cars, liquefied natural gas (LNG), wood, and agricultural goods. The tariff on certain types of cars would be reduced from a rate ranging between 45% and 64% down to 32%. This move aims to avoid potential additional tariffs that the U.S. might impose on Vietnam. Reports indicate that Vietnamese authorities stated that the decree revising the most-favored-nation tariff adjustment is expected to be released within 3 months. The statement indicated that the revised decree was "to address the complex and unpredictable developments in the global geopolitical and economic landscape," as tariff policies "significantly" impact the economies of countries worldwide, including Vietnam. In 2024, Vietnam's trade surplus with the United States expanded to $123.5 billion, making it the third highest country with a trade surplus against the U.S., following China and Mexico. In response, the equivalent tariffs imposed by the United States on Vietnam reach as high as 46%, making it the fourth highest among countries and regions on the tariff list, only behind Cambodia, Laos, and Madagascar. Additionally, apart from the United States, Vietnam has previously announced a series of import tariff adjustments targeting other automobile-exporting countries. According to the latest policy, starting in 2025, Vietnam will reduce import tariffs on luxury cars from regions such as Europe and Japan.  

International News Digest:Raw Material News - Shell Completes Sale of Refining and Chemical Assets in SingaporeKorean KG Mobility Teams Up with Chery Automobile to Develop Mid-to-Large-Sized SUVPackaging News - 9 million tons of plastic pressure, Vietnam's 870 trillion beverage market faces green packaging transformation!Exhibition Highlights - The RePlast Eurasia Expo will be held in Turkey in May, gathering pioneering forces in the plastic recycling industry.Equipment News - Swiss Auto Injector Manufacturer Invests $220 Million to Build Factory, Entering the U.S. Auto Injection Equipment MarketMarket News - Brazilian Congress Plans to Draft Legislation to Counter Unilateral Trade ActionsMarket Price News - Ethylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton Here is the translated content:The following is an overview of international news:Shell completes sale of Singapore refining and petrochemical assetsOn April 1, Shell announced that it had completed the sale of its Singapore Energy and Chemicals Park to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. Specific financial details were not disclosed. Shell announced the transaction on May 8, 2024. The Singapore Energy and Chemicals Park includes refining and chemical assets located on Pulau Bukom and Jurong Island. The assets on Pulau Bukom include a refinery with a capacity of 237,000 barrels per day, which was established in 1961, and an ethylene cracker with an annual capacity of 1.1 million tons.2. BASF Launches New High-Temperature Nylon Product!Recently, BASF has further expanded its Ultramid® Advanced T1000 series products for durable components requiring special thermal management. This product series is developed based on polyamide 6T/6I resins, and the latest additions include optimized products with high hydrolysis resistance (HR) and high purity (EQ, or electronic grade). The newly developed HR and EQ grades exhibit excellent high strength and high rigidity at elevated temperatures, while also demonstrating outstanding creep resistance and good compatibility with coolants. Their overall performance significantly surpasses that of standard polyamide grades and many other PPA products available on the market.3. In May, the RePlast Eurasia Exhibition will land in Turkey, bringing together pioneering forces in the plastic recycling industry.RePlast Eurasia, as Turkey's first and only exhibition focused on the plastic recycling industry, holds a unique position in the industry. From May 8 to 10, 2025, the exhibition will once again gather leading brands and authoritative experts from the global recycling field. The event is jointly organized by Tuyap and the PAGCEV Association, dedicated to showcasing cutting-edge technological innovations in every aspect of the plastic recycling process. During the exhibition, visitors will have the opportunity to explore hundreds of products and service types, including raw materials, equipment (including advanced waste sorting equipment), recycling technologies, collaboration resources from waste collection and sorting companies, professional design agencies, and consulting services.4. The United States has made a final ruling on the anti-dumping and countervailing duties for epoxy resin, with the dumping margin for Chinese producers/exporters at 354.99%.On March 31, 2025, the U.S. Department of Commerce issued an announcement, making the final ruling on anti-dumping duties for epoxy resins imported from China, India, South Korea, Thailand, and Taiwan, China. Due to the lack of participation in the response from Chinese enterprises, the dumping margin for producers/exporters from China was determined to be 354.99%, while for producers/exporters from India it was 12.69%-15.68%, for those from South Korea it was 5.62%-7.59%, for those from Thailand it was 5.25%, and for those from Taiwan, China it was 10.93%-26.98%.5. Korea's KG Mobility Collaborates with Chery Automobile to Develop Mid-to-Large SUVsOn April 2nd, it was reported that South Korean automaker KG Mobility announced today that it held a joint development signing ceremony for mid-to-large SUV models with Chery Automobile in Wuhu, Anhui yesterday. The two parties will strengthen technical cooperation to promote future development. This signing ceremony follows the strategic partnership and platform licensing agreement signed with Chery in October last year, marking a concrete plan for substantive collaboration. Both sides will jointly develop mid-to-large SUVs for domestic and international markets and enhance cooperation in areas such as autonomous driving and software-defined vehicle E/E architecture (electrical/electronic hardware and software, etc.).6. Plastic Parts manufacturer Pittsfield Plastics installs a 1600-ton injection molding machine to produce PE parts.Injection molder Pittsfield Plastics Engineering (PPE) has announced the installation of a new 1,600-ton Jupiter 14000 injection molding machine from Absolute Haitian Corp. for large-part molding. The press, along with associated robotics and auxiliary equipment, will allow PPE to meet the needs of its latest customer, a manufacturer of septic products and services for the residential and commercial sanitation waste industry.7. Swiss automatic injector manufacturer invests $220 million to build a factory, entering the U.S. automatic injection molding equipment market.SHL Medical, a syringe manufacturer based in Switzerland, officially opened its most advanced new manufacturing plant in North Charleston, South Carolina. SHL Medical stated that the expansion, first announced in summer 2022 with an investment of $220 million, contributed to the local economy and created hundreds of new jobs in the area.8. 9 million tons of plastic pressure, Vietnam's 870 trillion beverage market faces green packaging transformation!The Vietnam Beer-Alcohol-Beverage Association (VBA) highlights that packaging plays a pivotal role in the modern economy by safeguarding products throughout the complex supply chain from production to consumption. It serves as a vital medium for brand communication and is crucial to the efficiency of the entire production and consumption system. Particularly for an economy like Vietnam, which boasts robust exports and strong domestic demand, the healthy development of the packaging industry holds strategic significance. Data from Nguyen Thanh Giang, General Director of Tetra Pak Vietnam, indicates the packaging industry's immense growth potential: Vietnam's food and beverage sector is projected to achieve a compound annual growth rate (CAGR) of 10.3% by 2027, with the market size reaching 872.9 trillion Vietnamese dong. This powerful market momentum not only demands expanded production capacity in the packaging industry but also raises higher expectations for innovation, functionality (such as aseptic preservation), design, and sustainability. Overseas macro market information:【Brazilian Congress Proposes Bill to Counter Unilateral Trade Actions】 On April 1 local time, the Economic Affairs Committee of the Brazilian Senate unanimously passed a proposal titled the "Economic Reciprocity Bill," aimed at authorizing the Brazilian government to take countermeasures when its foreign trade interests are harmed. Since this bill adopts a fast-track mechanism, it will bypass a full Senate vote and be directly submitted to the House of Representatives for deliberation.【Tesla European Sales Plunge】 Tesla electric vehicles have seen a sharp decline in sales in several European markets due to dissatisfaction with CEO Elon Musk and a boycott of his company's products, as well as reduced appeal after being on the market for many years. According to a report by Agence France-Presse on April 1, data from the French automotive manufacturer and sales platform showed that in March, Tesla's sales in France fell by 36.8% year-on-year amidst a slight dip in the overall French electric vehicle market. Swedish data indicated that Tesla's sales in March dropped by 63.9% year-on-year, and by 55.2% in the first quarter. In Denmark, Tesla's sales in the first quarter declined by 56% year-on-year.Goldman Sachs: Downgrades forecast for 10-year Japanese government bond yield by the end of 2025 to reflect U.S. recession risks; yen is the preferred tool to hedge against U.S. recession and tariff risks. Goldman Sachs' research team stated in a report that it has lowered its forecast for the 10-year Japanese government bond yield by the end of 2025 from the previous 1.60% to 1.50% to reflect the increased risk of a U.S. economic recession. Goldman Sachs noted that the rising risk of such an outcome may affect market pricing of the Bank of Japan's continued tightening policy. Goldman Sachs stated: "The downward trend in the stock market and relatively low U.S. economic growth also tilt the risks towards a stronger yen."Goldman Sachs expects the yen to strengthen to the lower end of the 140 zone against the dollar this year, as concerns around US growth and trade tariffs will boost demand for the yen. It believes that if the risk of a US economic recession increases, the yen will be the best hedge for investors.On April 1st local time, the Mexican government issued a statement saying that President Sheinbaum held his first telephone conversation with new Canadian Prime Minister Carney on the same day, during which both sides reached a consensus on the importance of maintaining economic competitiveness in North America. The statement noted that the leaders of the two countries agreed to continue dialogue to promote the process of regional economic integration while respecting the sovereign rights of member states. The Canadian government's statement described the leaders' call as productive, stating that Canada and Mexico are committed to deepening trade relations and jointly building a stronger economy.【Japanese Rice Prices Hit 12th Straight Week of Record Highs, Average Price per Bag Exceeds 200 Yuan】Latest statistics from Japan’s Ministry of Agriculture, Forestry and Fisheries show that the average price of a 5-kilogram bag of regular rice in Japan is 4,197 yen (approximately 204 yuan RMB), which is about twice the price of the same period last year, marking 12 consecutive weeks of record highs. Japanese Prime Minister Shigeru Ishiba stated on April 1st that if necessary, the government will release more reserve rice into the market to stabilize prices.【Canada to Avoid Tariff Retaliation That Could Affect Domestic Jobs and Drive Up Prices】 Canada will refrain from implementing tariff countermeasures that could impact domestic employment and increase prices, according to two federal trade advisors. The country will not impose retaliatory tariffs on most U.S. food products and other essential goods.Finland has announced that it will completely shut down coal-fired power plants this spring. On April 1, the Finnish government stated that as two energy companies gradually close all coal-fired power plants, Finland will fully stop using coal in energy production this year. The Finnish government indicated that in the future, energy companies will rely on electric boilers, heat pumps, energy storage, biomass energy, and waste heat recovery to produce thermal energy, while the focus of electricity generation will shift to wind, nuclear, hydro, and solar energy.【MOFCOM Extends Anti-Dumping Investigation on Imported Brandy from EU to July 5】 In accordance with the provisions of the "Regulations of the People's Republic of China on Anti-Dumping," on January 5, 2024, MOFCOM issued Announcement No. 1 of 2024, deciding to initiate an anti-dumping investigation into imported brandy originating from the EU. On December 25, 2024, MOFCOM issued Announcement No. 59 of 2024, deciding to extend the investigation period to April 5, 2025. Given the complexity of this case, in accordance with Article 26 of the "Regulations of the People's Republic of China on Anti-Dumping," MOFCOM has decided to further extend the investigation period to July 5, 2025. Price information:【The central parity rate of the renminbi against the US dollar was下调18 basis points.】Note: It seems there is a missing word in the original Chinese sentence. The correct sentence should be "【人民币兑美元中间价下调18个基点】". The translation provided is the closest accurate representation given the context, but typically it would be phrased as "The central parity rate of the renminbi against the US dollar was下调18 basis points." or more naturally, "The central parity rate of the renminbi against the US dollar was adjusted down by 18 basis points."The central parity rate of the yuan against the US dollar was set at 7.1793, down by 18 basis points. The previous trading day's central parity rate was 7.1775, the official closing rate was 7.2687, and the overnight rate closed at 7.2706.Upstream raw material USD market priceEthylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton.Propylene Northeast Asia: FOB Korea average price 800 USD/ton; CFR China average price 820 USD/ton, down 5 USD/ton.North Asia frozen cargo CIF price, propane $627-629 per ton; butane $617-619 per ton.The onshore price for South China frozen goods in April is as follows: propane 627-629 USD/ton; butane 617-619 USD/ton.The landed price of frozen goods in the Taiwan region: propane $627-629 per ton; butane $617-619 per ton.【LLDPE U.S. Dollar Market Price】Film: $955/ton (CFR Huangpu);Injection molding: 1010 USD/ton (spot in Dongguan bonded area);【HDPE US Dollar Market Price】Film: $940-950 per ton (CFR Huangpu).Hollow: $890-965/ton (CFR Huangpu)Injection molding: $825/ton (CFR Huangpu).LDPE USD Market PriceFilm: $1120/ton (CFR Huangpu), down $15/ton;Coating: $1360 per ton (CFR Huangpu).PP USD Market PriceAverage concentration: 935-990 USD/ton (spot), down 5 USD/ton;Co-polymer: $995-$1060/ton (CFR Huangpu spot)Film material: 1030-1105 USD/ton (CFR Huangpu);Transparent: $1020-$1050 per ton (CFR Huangpu spot);Tubing: $1,160 per ton (CFR Shanghai).

The United States recently announced a 25% tariff on all imported automobiles, effective from April 3, covering imported passenger vehicles (such as sedans and SUVs) and light trucks, as well as key automotive components (including engines and transmissions). The measure may also be extended to other parts if necessary.In response, Toyota Motor and Hyundai Motor, among other automakers, have commented. Toyota Motor stated that it will continue to maintain its existing operational model, strive to reduce fixed costs, and temporarily will not increase the prices of vehicles sold in the U.S. market.Honda Motor plans to ship as many vehicles to the U.S. as possible before the tariffs take effect. It says it's now trying to figure out what price increases consumers will accept for its various models, and is still planning to review its production base and export markets.Hyundai has issued a warning to its U.S. dealers and stated that it is evaluating its pricing strategy in response to the upcoming 25% tariff on imported cars and parts in the United States. Randy Parker, the CEO of Hyundai and Genesis North America, mentioned in a notification to dealers that it cannot guarantee the current vehicle prices, and wholesale prices for vehicles after April 2 may be subject to adjustment.

On April 1, 2025, global energy giant Shell officially announced that it had completed the sale of its energy and chemical park in Singapore to a joint venture formed by commodities trader Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. This transaction marks an important step for Shell in optimizing its global asset allocation and focusing on its core business strategy, while also injecting new vitality into Singapore's chemical industry.According to Shell's statement, this transaction involves Shell's entire stake in the energy and chemical park in Singapore, including refining and chemical assets located on Bukom Island and Jurong Island. These assets are an important part of Shell's layout in the Asian region and are also one of the largest integrated energy and chemical complexes in Singapore. However, specific financial details, such as the transaction amount and terms, were not disclosed in the statement by Shell.Shell stated that this sale is part of its global strategic adjustment, aimed at optimizing asset allocation to enhance the company's operational efficiency and profitability. At the same time, Shell emphasized that it will continue to seek suitable asset allocation opportunities worldwide to achieve the company's long-term strategic goals. Regarding the sale of the Singapore Energy and Chemicals Park, Shell indicated that this decision was made after careful consideration, and the company believes that this transaction will bring a win-win outcome for both Shell and the buyer.Globally renowned commodity trader Glencore and PT Chandra Asri Pacific, as buyers in this transaction, have undoubtedly become among the greatest beneficiaries. Glencore’s acquisition will solidify its prominent position in Singapore, one of the world's premier refining and trading hubs. Meanwhile, as an Indonesian chemical manufacturer, PT Chandra Asri Pacific stands to gain from this acquisition by expanding its market share in Singapore and enhancing its overall competitiveness.For Singapore, this transaction also brings positive effects. The sale of the Shell Energy and Chemicals Park will attract more international capital and technology into Singapore's chemical industry, promoting the upgrading and development of the industry. At the same time, the establishment of new joint ventures will create more job opportunities and tax revenue for Singapore, fostering local economic prosperity.It is worth noting that while the specific financial details of this transaction have not been disclosed, market analysis suggests that it likely involves a substantial amount of money. Shell, as a global energy giant, has valuable assets in its energy and chemical park in Singapore. Meanwhile, Glencore and PT Chandra Asri Pacific, as financially strong buyers, also have the financial capability to complete this transaction.

IT House reported on April 2 that South Korean automaker KG Mobility announced today that it held a signing ceremony with Chery Automobile in Wuhu, Anhui, yesterday for the joint development of a mid-to-large SUV. The two companies will strengthen technical cooperation to drive future growth.This signing ceremony represents the concrete implementation of the substantive collaboration between the two parties, following the strategic partnership and platform licensing agreement with Chery Automobile in October last year. Together, they will develop mid-to-large SUVs for both domestic and international markets, while strengthening cooperation in areas such as autonomous driving and software-defined vehicle E/E architecture (electrical/electronic hardware and software).The medium and large SUV project is named "SE-10" and is scheduled to be completed by 2026, with its release date to be determined based on market conditions. KGM plans to not only expand its fuel vehicle lineup but also introduce eco-friendly models by leveraging strategic partnerships such as Chery Automobile's global platform.IT Home Note: KGM was formerly known as Ssangyong Motor, which was initially famous for manufacturing diesel, four-wheel drive, and off-road SUV vehicles. In 1997, Daewoo Motors acquired Ssangyong Motor, but due to financial issues within the Daewoo Group, it was sold again in 2000. SAIC acquired 49% of Ssangyong Motor in 2004, and later became its largest shareholder in 2005.However, due to mismanagement and the impact of the global economic crisis in 2008, SsangYong Motor filed for bankruptcy protection in 2009. SAIC Group had planned to acquire SsangYong Motor, but ultimately failed to do so. Subsequently, SsangYong Motor was acquired by the Indian automotive giant Mahindra Mahindra.In June 2022, the Seoul court in South Korea chose a Korean consortium led by KG Group as the final candidate to take over and merge with SsangYong Motor. The court confirmed the acquisition in August, and the company's restructuring process was completed in November. It was renamed KG Mobility in March 2023.Shuanglong once introduced models such as the Rexton, Musso, and Actyon in the Chinese market.

In an era where the global economy is increasingly focused on sustainability, Vietnam’s packaging industry is at a critical juncture for transformation and upgrading. To maintain and enhance its international competitiveness, the industry must proactively adopt green production practices and principles of sustainable development. This response not only addresses global market trends but is also a necessary choice in light of domestic environmental pressures and policy directions. The green transition of the packaging industry is a strategic adjustment driven by both market demand and environmental responsibility.The Vietnam Beer-Alcohol-Beverage Association (VBA) emphasizes that packaging plays a crucial role in the modern economy. It safeguards products throughout the complex chain from production to consumption, serves as an important medium for brand communication, and is vital to the efficiency of the entire production and consumption system. Particularly for an economy like Vietnam, which is active in exports and has strong domestic demand, the healthy development of the packaging industry holds strategic significance.The Vietnamese packaging industry is experiencing strong growth, driven mainly by an active domestic consumer market (especially in the food and beverage, fast-moving consumer goods, and e-commerce sectors), the demand for high-quality packaging from an export-oriented economy, and the enhancement of technology, management, and market requirements brought by foreign direct investment (FDI).However, high growth comes with severe challenges, particularly regarding issues related to sustainable development. Firstly, the market's demands for the functionality, aesthetics, and environmental friendliness of packaging are continuously increasing, driving the industry to innovate towards greener, smarter, lighter, and recyclable/degradable solutions.At the same time, traditional production methods are energy-intensive and produce high emissions, requiring businesses to invest in upgrades to achieve energy conservation and emission reduction, thereby lowering environmental impact. The plastic waste crisis is one of the most pressing issues. Vietnam's plastic consumption surged from about 200,000 tons in 1990 to over 9 million tons in 2022, and it is expected to double again by 2029. If not managed properly, this will lead to severe "white pollution" and waste disposal crises. Nguyen Thi Thanh, from the Ministry of Natural Resources and Environment (now the Ministry of Agriculture and Environment), emphasized the need for urgent measures to curb plastic waste.In addition, the increase in environmental awareness has led consumers to prefer sustainable packaging. Packaging companies need to incorporate this into their products and brand values. Both domestic and international markets have increasingly stringent requirements for packaging quality, safety, and compliance, and companies need to continuously improve.Nguyen Thanh Giang, General Manager of Tetra Pak Vietnam, confirmed the huge potential of the industry: Vietnam's food and beverage industry is expected to achieve a compound annual growth rate of 10.3% by 2027, with a market size reaching 872.9 trillion Vietnamese dong. This powerful market force not only demands an expansion in production capacity from the packaging industry but also sets higher requirements for innovation, functionality (such as aseptic preservation), design, and sustainability.Facing opportunities and challenges, Vietnamese packaging companies are actively exploring sustainable development paths. Nguyen Thanh Giang believes that the industry needs to focus on three key areas to adapt to market demands. First, optimize production costs by improving energy efficiency, reducing waste, optimizing the supply chain, and automating processes while promoting green practices. Second, apply green technologies by investing in clean energy, water-saving technologies, environmentally friendly inks/adhesives, and efficient waste disposal technologies. Third, strengthen recycling efforts by establishing a comprehensive packaging waste recycling system, which requires collaborative efforts from enterprises, the industrial chain, and society as a whole.Turning to sustainable materials is at the core of industry transformation. Companies are increasing the proportion of recycled plastics (such as rPET), promoting highly recyclable paper-based packaging, and exploring bio-based/degradable plastics (such as PLA) and new materials made from agricultural waste. At the same time, the concept of "designing for recyclability" has gained widespread acceptance, encouraging packaging to adopt single materials and simplify structures to improve recycling efficiency.Embracing digitalization and automation, technology is an important driver of sustainable development. The introduction of the Internet of Things, big data, artificial intelligence, and automated production lines can significantly improve production efficiency, reduce energy consumption and waste rates, optimize supply chain management, decrease carbon emissions, and enhance product traceability. Tetra Pak is a pioneer in this regard, not only optimizing its own operations but also investing heavily in recycling technology, collaborating with various parties to reintroduce recycled materials (such as paper, plastic, and aluminum separated from composite packaging) into the market, supporting its "net zero emissions" strategy.Strengthening industry collaboration and social participation, sustainable development requires the combined efforts of the ecosystem. Since its establishment in 2019, the Packaging Recycling Organization Vietnam (PRO Vietnam), has united many leading enterprises to jointly promote responsible packaging waste management. Its Chief Operating Officer, Chu Kim Thanh, emphasized that effective recycling requires the participation of all sectors of society. Through member collaboration, the alliance funds projects that raise recycling awareness, improve collection facilities, and promote sorting and reuse, laying the foundation for the implementation of the extended producer responsibility system.Achieving a circular economy requires cooperation across the entire supply chain, from suppliers, manufacturers, and brand owners to retailers and consumers. Brand owners should choose recycled materials, retailers should set up recycling points, and consumers should participate in sorting, collectively reducing reliance on virgin resources, promoting the application of sustainable materials, and ensuring the smooth operation of the recycling system. The Vietnamese government guides and regulates the industry towards sustainable development through legislation (such as EPR regulations), setting standards, financial incentives (tax breaks, subsidies), and supporting research, development, and infrastructure.The Vietnamese packaging industry is at a transformative juncture, characterized by both dynamism and challenges. Market demand serves as a strong driving force, while environmental pressures and sustainability requirements present hurdles that must be overcome. The future of the industry hinges on effectively balancing growth with environmental protection, and cost with innovation.Embracing sustainable materials, investing in green technologies, advancing digital automation, improving recycling systems, and deepening cross-sector collaboration will be the key pathways for the industry to move toward a more resilient, responsible, and globally competitive future. Despite the formidable challenges, through the joint efforts of the government, businesses, industry organizations, research institutions, and the public, Vietnam's packaging industry is poised to seize the opportunities of green transformation. By achieving its own high-quality development, it can contribute to the overall sustainable growth of Vietnam's economy, ultimately realizing the harmonious unity of economic, social, and environmental benefits. 

International News Digest:Shipping NewsPrice hike! Shipping companies announce April rate adjustments!Raw Material NewsThe prices of PE and PP resins in the United States have declined.Mechanical News-Strong partnership! Baolvete and LNJ lead a new era of bottle-to-bottle food-grade recycled PET.Packaging NewsCalifornia, USA, plans to ban the intentional addition of these substances in food packaging. Here is the translation of the provided Chinese text to English:The above content is an international news summary:1. 2,300 Tons of Treasure Found in 4,600 Tons of Plastic Waste! Italian Town Launches Polyethylene Recycling RevolutionOn April 1, Ecopolietilene and STR jointly announced a landmark achievement in a polyethylene recycling experiment. Over the past three years (2022-2024), the two organizations successfully extracted 2,300 tons of polyethylene products from 4,600 tons of urban plastic waste. This amount is equivalent to converting half of a landfill's 'white pollution' into recyclable 'green gold.' As a specialized institution under the Eco-lighting System Alliance focusing on polyethylene management, Ecopolietilene collaborated with STR, a leading solid waste management entity in the Province of Cuneo, Piedmont region. Through the implementation of targeted sorting and recycling programs, not only did they achieve a 40% increase in polyethylene product identification rates, but they also innovatively transformed the recycled materials into industrial raw materials such as construction films and reclaimed pipes.2. Price Increase! Shipping Companies' April Price Adjustment Notifications Have Arrived!Despite the persistent low levels of freight rates in the spot market, it is noteworthy that several well-known shipping companies have recently decided to go against the trend and have announced new price increases set to take effect in April. This price hike covers multiple important routes, including those to South America, the Mediterranean, and West Africa, with the increase being quite significant. According to the notice, the freight rate for the largest containers will be raised by up to $1,000 each.3. Powerful Collaboration! Polyt and LNJ Lead the New Era of Bottle-to-Bottle Food-Grade Recycled PETRecently, BOLONG and LNJ GREENPET, a subsidiary of Bhilwara Energy Limited in India, signed a contract to provide a food-grade PET bottle recycling and cleaning system for the largest recycled PET resin project in Rajasthan, India. BOLONG will supply its next-generation ES process, delivering high-quality food-grade recycled PET through an energy-efficient, stable, and reliable production method.4、BASF launches biomass-balanced flexible polyurethane foam system for the North American furniture industry.BASF is expanding its product portfolio for the furniture industry with the introduction of biomass-balanced grades of Elastoflex® polyurethane systems. These mass-balanced products, along with several BASF plants, have received REDcert2 certification, including the recently certified facility in Livonia, Michigan, USA. Staci Wegener, Director of Polyurethanes for BASF in North America, stated, "Supporting our customers in achieving their sustainability goals is our top priority. With our new biomass-balanced products, our customers now have access to solutions that replace fossil-based raw materials with renewable alternatives, potentially significantly reducing the product carbon footprint compared to traditional polyurethane foam systems."5. Market Disrupted by Tariffs, Yet Brazil's Plastic Industry Sees Rising InvestmentsBrazil's plastics industry association Abiplast has revealed that despite potential tariff threats that could destabilize trade relations, the Brazilian plastics sector remains optimistic about investment prospects in the coming years, with an anticipated annual investment of 10.5 billion reais (approximately $1.8 billion). During the industry event "Plastivision Brazil," the association highlighted that factory expansion plans, innovations in sustainable packaging technology, the development of new recycling techniques, and the strengthening of reverse logistics will be key drivers of investment growth. However, influenced by multiple factors such as tariff threats from U.S. President Trump and fluctuations in the global market, the Latin American polyester market is entering a period of uncertainty.6. US PE and PP resin prices declineAccording to Resinsights, prices for prime polyethylene (PE) and polypropylene (PP) continue to decline, with the lower levels encouraging broader demand. However, the average transaction size remains relatively small as packaging trucks are favored over bulk railcars. Resin sales have shifted more towards the domestic market: European buyers have curtailed imports from the U.S. as they may face a 25% tariff on American resins, and if tariffs are imposed, they could also face the threat of local price increases. Latin American and Asian buyers, recognizing the potential reduction in U.S. resin substitute sales, have become more aggressive by lowering their bids. PP activity has returned to a more moderate pace, with completed transactions falling below the average level from a week ago. PP prices dropped another half-cent, marking the fourth consecutive week of declines."Plastic Film Waste 'Turns the Tables', Coveris Joins Forces with Nextek to Tackle Recycling Challenges" Austrian packaging manufacturer Coveris has partnered with UK-based environmental consultancy Nextek to "upgrade" the mechanical recycling of flexible polyethylene and polypropylene films into high-quality food-grade recycled resins and films. Nextek's COtooCLEAN technology, recently recognized by the Alliance to End Plastic Waste (AEPW), uses carbon dioxide to purify plastic film waste, which is then reprocessed to produce new food-grade films. Overseas macro market information:"Shell completes sale of Singapore Energy and Chemicals Park"Shell has completed the sale of its Energy and Chemicals Park in Singapore to a joint venture between Glencore and Indonesian chemicals maker PT Chandra Asri Pacific, the company said in a statement."Goldman Sachs Raises U.S. Recession Probability, Warns Tariff Policies Heighten Economic Risks"On March 30 local time, Goldman Sachs Group of the United States released a report raising the probability of an economic recession in the U.S. over the next 12 months from the previous 20% to 35%. The report stated that the U.S.'s aggressive tariff policies would increase inflation and unemployment rates, hinder economic growth, and elevate the risk of a recession. Goldman Sachs noted that "a sharp deterioration in household and business confidence, as well as remarks from White House officials indicating a greater willingness to tolerate short-term economic weakness to achieve policy goals," contributed to the upward revision of the recession probability. Following the implementation of President Trump's tariff policies, the U.S. economy would face broad negative impacts, with "the risks posed by tariff policies being greater than many market participants anticipated." Goldman Sachs also predicted that the average U.S. tariff rate would rise by 15 percentage points this year, 5 percentage points higher than previously expected. Higher tariff levels could keep inflation persistently elevated. The firm projected that by the end of this year, the year-on-year increase in the U.S. core CPI would reach 3.5%, significantly higher than the previous forecast of 2.8% and the Federal Reserve's 2% target. By then, the U.S. unemployment rate is expected to climb to 4.5%."U.S. Commerce Secretary urges companies to increase investments, American chip funding at a standstill."知情 sources say that U.S. Commerce Secretary Howard Lutnick has hinted he may reject promised Chips Act funding, as he is pushing companies eligible for federal semiconductor subsidies to significantly expand their investment projects in the U.S. Those familiar with the matter say Lutnick wants companies receiving incentives under the Chips Act to follow the footsteps of Taiwan Semiconductor Manufacturing Co., which recently announced it would invest an additional $100 billion at its U.S. facilities. Lutnick’s goal is to secure hundreds of billions of dollars in semiconductor investment commitments without increasing the scale of federal grants."Vietnam Officially Reduces Import Tariffs on Cars, Agricultural Products, and More"Vietnam has announced a reduction in import tariffs on a range of products, including liquefied natural gas and automobiles, with the tariff cuts taking effect on Monday. Vietnam has lowered the tariff rate for certain types of cars from a maximum of 64% to 32%, and the tariff rate for liquefied natural gas from 5% to 2%. The tariff rate for ethanol has been reduced from 10% to 5%. The announcement stated that import tariffs on agricultural products, including fresh apples, frozen chicken, almonds, and cherries, have also been lowered.IMF Chief Says Tariff Uncertainty Could Weigh on Global Economic GrowthOn March 31, Kristalina Georgieva, the President of the International Monetary Fund (IMF), stated in an interview that the uncertainty surrounding the U.S. government's tariff policies poses risks to global economic activity and could hinder global economic growth.Shell: Australia's Natural Gas Reservation Plan May Intensify ShortagesShell warned on Tuesday that a proposed Australian plan to mandate the release of export natural gas into the domestic market could deter investment and exacerbate supply shortages. As the Australian general election on May 3 approaches, energy issues have become a central campaign topic. The conservative Liberal-National coalition has pledged to reduce electricity prices through a gas reservation mechanism and prevent potential shortages on the east coast.Price information:CNY to USD Central Parity RateThe central parity rate of the Chinese yuan against the US dollar is reported at 7.1775, up by 7 basis points; the previous trading day's central parity rate was 7.1782, the official closing price was 7.2516, and the night session closed at 7.2570."Upstream raw material USD market prices"Ethylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton.Northeast Asia Propylene: FOB Korea average price $800/ton; CFR China average price $825/ton.North Asia frozen cargo CIF, closed for holidays.In April, the landed prices for refrigerated goods in South China were: propane at $639-$641 per ton; butane at $629-$631 per ton.The landed price of frozen goods in the Taiwan region, market closed.【LLDPE US Dollar Market Price】Film: $955/ton (CFR Huangpu), down $5/ton;Injection molding: $1010/ton (Dongguan Bonded Zone spot).【HDPE US Dollar Market Price】Film: 940-950 USD/ton (CFR Huangpu); Hollow: $890-$965 per ton (CFR Huangpu);Injection molding: $825/ton (CFR Huangpu), down $5/ton.【LDPE USD Market Price】Film: $1120-1130/ton (CFR Huangpu), down $20/ton.Coating: 1,360 USD/ton (CFR Huangpu). 【PP USD Market Price】Homo-polymer: $935-995/ton (spot), up $5/ton.Copolymer: $995-1060/ton (CFR Huangpu spot).Film material: 1030-1105 USD/ton (CFR Huangpu);Transparent: $1020-1050/ton (CFR Huangpu spot);The pipe material: $1160 per ton (CFR Shanghai).

**Gasgoo News** According to Reuters, on March 31, French automaker Renault Group and Japanese automaker Nissan Motor announced that they have agreed to further revise their 20-year alliance agreement, reducing their cross-shareholding ratios, aiming to help Nissan revitalize its business.Image source: Nissan Motor official websiteReports indicate that the revised terms will lower the minimum cross-shareholding requirement for both parties from the previous 15% to 10%, and Nissan will also cease its contributions to Renault.Electric VehicleThe obligation of investing in Ampere. Previously, Nissan had committed to investing 600 million euros in Ampere.Nissan's newly appointed CEO, Ivan Espinosa, stated in a declaration: "Nissan is committed to maintaining the value and benefits of the alliance's strategic partnership while implementing efficiency-enhancing corrective measures." Renault CEO Luca de Meo said in a statement: "As Nissan's long-term partner in the alliance and its largest shareholder, Renault Group is fully willing to assist Nissan in swiftly turning around its performance."Renault also announced that it will acquire majority ownership of the joint venture in India from Nissan, which means that Nissan will exit the manufacturing business in the Indian market and focus on sales and services. However, Renault will continue to produce cars for Nissan at the joint factory located in Tamil Nadu, India. Industry data shows that the factory has an annual production capacity ofCapacityExceeding 400,000, but the current utilization rate is only about one-third.Renault CFO Duncan Minto said in a conference call that Ampere will still develop and produce an electric model designed by Nissan based on the Renault Twingo, proving that the cooperation between the two sides "remains vibrant." De Meo said that Renault's acquisition of Nissan's 51% stake in their Indian joint venture aims to help the French automaker further expand its overseas markets.Despite the acquisition of a 2 billion euro impact from the stake in Nissan's joint venture business in India, Renault still maintains a target of at least 2 billion euros in free cash flow by 2025.Prediction"Minto表示，此举赋予日产更大灵活性，可以出售资产以充实现金流，”这将有助于日产重组。" Translation: "Minto stated that 'this move gives Nissan greater flexibility to sell assets to boost its cash flow,' which will help Nissan's restructuring."Both parties stated that the revision of the alliance agreement and the termination of Nissan's investment commitment to Ampere need to meet several prerequisites, and it is expected to be completed by the end of May.

Recently, Baoluete signed a contract with LNJ GREENPET (hereinafter referred to as "LNJ"), a subsidiary of Bhilwara Energy Limited in India, to provide a food-grade PET bottle recycling and cleaning system for its largest recycled PET resin project in the Rajasthan region of India. Baoluete will provide its new generation ES process, which achieves high-quality production of food-grade recycled PET through efficient energy saving and stable, reliable technology. ▲Baolvte and LNJ sign a contractThe project is located in Rajasthan, with a total investment of 7.5 billion Indian Rupees (approximately 632 million RMB), covering an area of 95 acres, and is expected to create 750 jobs. The project is scheduled to commence operations in September 2026, with the capacity to recycle 20 million PET bottles annually (400-500 tons per day) and produce 100,000 tons of food-grade recycled PET resin each year.BaoLT's ES process is centered around high modularity and integrated processes, enhanced by intelligence, achieving an efficiency greater than 1+12. In terms of land use, the ES process reduces the footprint by nearly one-quarter compared to traditional process solutions, significantly decreasing customers' investment in land and factory construction. Additionally, the pulse washing process in the ES system boasts excellent cleaning capabilities, effectively removing impurities from flakes while ensuring negligible chemical residue. Flakes after heat washing can improve the filtration performance in the downstream pelletizing process by 25%, ensuring the output of high-quality recycled PET flakes. These flakes not only meet the stringent requirements for bottle-to-bottle production but also satisfy the strict demands for ultra-fine fiber production. Thanks to its high degree of automation, the ES process increases efficiency while reducing on-site labor needs by one-third compared to traditional processes, optimizing unit production energy consumption and significantly lowering production costs. Furthermore, with sustainability as a guiding principle, the equipment achieves a 13.3% reduction in energy consumption per ton of finished product through online fine filtration of chemical water.India is a key market in Balingte's global布局 seems to be cut off, assuming it was meant to be "layout", the sentence would translate as:India is a key market in Balingte's global layout, and we have consistently deepened our presence in the local market to support sustainable development. The successful implementation of the LNJ project marks another instance of Balingte successfully entering the Indian food-grade rPET market.In the future, we will continue to deepen our presence in the Indian market, collaborate with more local enterprises, promote technological upgrades in the PET recycling industry, support the sustainable development of the global renewable resources industry, and jointly build a more environmentally friendly and efficient circular economy system. 

Recently, Japan's semiconductor materials giant, Resonac Holdings (formerly Showa Denko), announced a comprehensive development of chemical recycling technology in collaboration with Microwave Chemical Co., Ltd. (MWCC).Two companies jointly launched a project rated as a "Green Innovation Fund Project" by Japan's New Energy and Industrial Technology Development Organization (NEDO). The project category is "Development of plastic raw material manufacturing technology using carbon dioxide, etc.," specifically, "Development of chemical recycling technology for producing basic chemicals from mixed plastic waste."Although there are pyrolysis oil conversion technologies that can transform highly sorted or single-type waste plastics into blended oils such as naphtha-equivalent oil, and chemical recycling technologies that can directly convert them into basic chemical products like ethylene and propylene, the quantity of such sorted or single-type waste plastics is limited. Additionally, sorting and separating plastics incurs costs, and many types of plastics are difficult to separate. Therefore, establishing a chemical recycling technology that can directly thermally decompose mixed-state waste plastics into basic chemical products without requiring extensive sorting is expected to significantly contribute to further reducing greenhouse gas (GHG) emissions. Value chain and life cycle of various chemical products Image source: ResonacSince 2022, Resonac and MWCC have been collaborating to develop a technology that breaks down old plastics into basic chemical products by irradiating them with microwaves. Microwaves, also used in microwave ovens, transmit energy specifically to the target material. This technology concentrates microwave energy on the old plastics, thereby efficiently breaking them down into basic chemical products.In this project, the company will develop a novel pyrolysis technology to directly convert and recycle real mixed plastics into basic chemical products, aiming to produce useful base chemicals with a yield exceeding 60 wt% (weight percentage) and reduce CO2 emissions during production to below 0.8 kg-CO2/kg-olefin. The company's goal is to establish a recycling technology capable of processing various waste plastics at a demonstration scale of several thousand tons per year by employing innovative methods such as microwave heating for plastic pyrolysis.Subdivisions in the field of plastic recycling and the objectives of this projectSource: Resonac Both companies had previously experimented with a prototype plastic system, focusing on optimizing the conditions and processes for decomposition reactions. In a ternary system of polyethylene (PE), polypropylene (PP), and polystyrene (PS), they achieved a yield of 80 wt% useful basic chemicals. In a more realistic quinary system including polyethylene terephthalate (PET) and polyvinyl chloride (PVC), the yield reached 70 wt%. In this project, we will first select the decomposition process and reactor type at the laboratory (experiment) and bench (small-scale prototype) levels, then scale up to pilot (medium-scale prototype) and large-scale demonstration levels while optimizing operating conditions. Additionally, we will simultaneously identify and address potential challenges that may arise during future commercialization.Research on plastic decomposition methods to date and the initiatives of this projectSource: Resonac In this project, Resonac Corporation will undertake RD activities listed in items ① to ⑥, and MWCC will conduct research using microwave heating technology from laboratory scale to benchtop scale for each of the RD projects listed in items ① to ⑥, as well as basic design of pilot equipment. Image source: Resonac It is worth noting that as early as April last year, Resonac also announced the recycling of plastic waste emitted during the semiconductor manufacturing process. Through plastic chemical recycling technology, the waste is decomposed into hydrogen and carbon dioxide, which are then reused for the ammonia and dry ice needed in semiconductor manufacturing. It is reported that Resonac completed the first verification test in late January 2024 and confirmed that there were no issues during the gasification process.  

According to Nikkei, Japanese automakers have been exporting more vehicles made in Mexico to the United States in recent months, apparently to increase inventory before the latest tariff policies by President Trump take effect.Image source: Honda Mexico websiteNikkei援引行业情报公司MarkLines的数据报道称，去年12月至今年2月，日本汽车制造商从墨西哥向美国出口了21.7万辆汽车，比上年同期增长17%。上周，特朗普宣布将从4月3日起对进口汽车征收25%的关税。Among them, Honda exported 43,000 vehicles from Mexico to the US market between last December and February, a year-on-year increase of 4%. The company produces the relatively low-priced HR-V model in Mexico, and exported a total of 170,000 HR-V vehicles to the US throughout 2024, accounting for its sales in the USCar salesThe reported impact of Trump's auto tariffs, including those on Canada, is expected to affect Honda by 700 billion yen (about $4.7 billion). The company has been taking measures to mitigate this blow.Shinji Aoyama, Honda's executive vice president in charge of risk management, said in February that the company would try to ship more cars produced in Mexico and Canada to the U.S. before the tariffs are officially imposed.Among all Japanese automakers, Toyota Motor saw the largest increase in car exports from Mexico to the U.S. between December last year and February this year, reaching 64,000 units—3.7 times the level of the same period the previous year. The company currently produces the Tacoma pickup truck model in Mexico. However, in late 2023 and early 2024, Toyota halted production in Mexico to transition to new models, resulting in a lower base figure.Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory, stated, "There is strong demand for cars in the U.S. market. Considering Trump's tariffs, (automakers) may realize the necessity of increasing inventory."Reports suggest that the tariff policies of the Trump administration will force Japanese automakers to restructure their production networks in North America. Jennifer Safavian, president and CEO of trade organization Autos Drive America, stated in a release that automobile tariffs will ultimately lead to "higher prices, fewer consumer choices, and fewer manufacturing jobs in the U.S."

March 31的消息， Translation: The news on March 31, or March 31 news. (Note: There seems to be a repetition of "消息" (news/information) in the original sentence, which I've translated as "news" both times for consistency. If this was unintended, please clarify or provide additional context.)Today, Japan's Ministry of Economy, Trade and Industry announced that it will provide an additional subsidy of up to 802.5 billion yen (approximately 38.871 billion yuan) to chip manufacturer Rapidus to support its advanced semiconductor manufacturing project.Thus, the Japanese government’s cumulative support for Rapidus will reach approximately 1.72 trillion yen (about 83.13 billion yuan RMB).Of the additional 802.5 billion yen, 675.5 billion yen will be used to support the front-end processes of chip manufacturing, and another 127 billion yen will be allocated to support back-end processes, including chip packaging and testing.The Japanese government has submitted a relevant legal amendment to the current Diet to provide a legal basis for its support to Rapidus. In addition to 1.7225 trillion yen, it plans to invest another 100 billion yen in the second half of 2025 based on the amended law.Rapidus aims to mass-produce 2nm chips by 2027 and will begin trial production in April. In an interview last year, the chairman of Rapidus stated that this plan represents the "last chance" for Japan's semiconductor industry to return to the global map.

Recently, five major departments including the State Administration of Taxation, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, and the State Administration for Market Regulation jointly issued the "Announcement on Optimizing Services and Standardizing Management for the Export of Goods Subject to Domestic Taxation" (hereinafter referred to as the "Announcement").The "Announcement" emphasizes that taxpayers of taxable export goods, customs declaration enterprises, customs declarants, and other relevant entities and individuals must not forge, alter, or trade customs declaration forms, and must not fabricate export businesses, overstate or understate the value of goods.The core purpose of the joint announcement by the five national departments is to target low-price tax evasion in exports, particularly in the steel industry, commonly referred to as "false declaration exports" in the industry. Given the massive export volume and significant tax implications involved in steel false declaration exports, they have become a key focus of this announcement.Industry analysis suggests that this policy carries significant influence, as the "Announcement" essentially represents a comprehensive review and enhancement of previous issues related to low-price tax evasion through export buying. This move signals that the government's crackdown on tax evasion via export buying has escalated from sporadic actions to the level of laws and regulations, indicating that such practices will be fundamentally curbed.How tax evasion and fake export schemes profit and their harmsAccording to analysis, since 2021, the government has completely abolished export tax rebates for all steel product categories. This change has resulted in exporters no longer needing to rely on invoices from upstream suppliers or export documents to apply for tax rebates at tax authorities.At the same time, foreign recipients have never required domestic exporters to provide invoices, so domestic exporters have accumulated a large number of goods that do not require invoicing.These "no-invoice-needed" goods provide exporters with a new "profit channel": they can be resold to downstream users who "only need input invoices without actual goods." By purchasing these VAT invoices at a low price, downstream users use them as input tax credits, thereby obtaining tax reductions without actually purchasing the steel.In this industrial chain, all parties benefit: exporters earn certain profits by selling tax tickets; downstream users reduce their tax burden by purchasing tax tickets for input tax credits; foreign recipients acquire the required goods at lower prices. However, the only party that suffers is the national revenue.To evade potential subsequent audits and accountability, many companies that exploit low prices to evade taxes through export declarations adopt the strategy of quickly registering foreign trade companies and immediately deregistering them after completing transactions.Since these enterprises are not required to provide tax payment certificates when they are deregistered, they can often evade the investigation of the tax authorities, making this kind of tax evasion behavior more concealed and difficult to crack down on.Analysis suggests that in recent years, the booming steel exports have stimulated a peculiar phenomenon of false invoicing, which has far-reaching consequences. At its core, low-price exporters and foreign clients benefit from this practice, while the national tax revenue suffers significant losses. Additionally, this behavior severely damages the reputation of China's steel exports and provides foreign countries with "ammunition" to launch anti-dumping investigations against Chinese steel exports.Article 4 of the *Announcement* clearly stipulates: Taxpayers must complete registration information confirmation with the tax authorities through the electronic tax bureau or tax service hall before declaring export dutiable goods to customs. For taxpayers who have not completed registration information confirmation or have tax-related irregularities such as deregistration, abnormal status, or evasion (loss of contact), they must first resolve the relevant tax matters before proceeding with customs procedures. Article 5 stipulates that before the taxpayer of export goods subject to taxation applies for cancellation with the market supervision department, they must first apply for tax cancellation with the tax department and apply for cancellation registration with the market supervision department with the tax clearance certificate."Full Text and Interpretation of the 'Announcement'"Interpretation of the Announcement by the State Taxation Administration, Ministry of Finance, Ministry of Commerce, General Administration of Customs, and State Administration for Market Regulation on Optimizing Services and Regulating Management of Export of Goods Subject to Domestic TaxationOne, what is the background for the release of the "Notice"?In order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, further optimize the business environment, guide and help taxpayers prevent the tax risks involved in the export of goods subject to domestic taxation (hereinafter referred to as taxable goods), and effectively maintain the order of foreign trade exports, the State Administration of Taxation, together with the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, and the State Administration for Market Regulation, has issued the "Announcement". The "Announcement" further reiterates and clarifies the policies and regulations related to the export of taxable goods, communicates these policies to taxpayers, provides services and guidance for taxpayers to handle export-related matters in compliance with regulations, promotes the fulfillment of relevant tax obligations in accordance with the law, and jointly drives the high-quality development of foreign trade exports.The scope of goods subject to export duties includes which items?According to the provisions of the first item of Article 7 and the first item of Article 8 of the "Notice of the Ministry of Finance and the State Administration of Taxation on the Value-Added Tax and Consumption Tax Policies for Export Goods and Labor" (Cai Shui [2012] No. 39), the scope of goods subject to value-added tax and consumption tax policies for export is as follows: (I) Export goods subject to VAT taxation policy1. Export enterprises exporting or deemed to be exporting goods for which the Ministry of Finance and the State Taxation Administration have determined to cancel the export tax refund (exemption) according to the State Council's decision [excluding processing trade exports, bid-winning electromechanical products, listed raw materials, water, electricity, and gas input into special regions, and marine engineering structures].Export enterprises or other units sell daily consumer goods and transportation tools to special areas.3. Export enterprises or other units that have their value-added tax refund (exemption) processing suspended by the tax authorities due to fraudulently obtaining export tax rebates during the period of export of goods.Export enterprises or other units providing goods with false filing documents.5. Export enterprises or other units have forged or false content on VAT refund (exemption) certificates for goods.Export enterprises or other entities that fail to declare tax-exempt write-off within the time limit specified by the State Administration of Taxation, as well as those for which the competent tax authority does not approve the tax-exempt write-off for exported cigarettes.The export of goods or services by export enterprises or other entities that fall under one of the following circumstances:(1) Handing over blank export customs declaration forms, export collection verification certificates, and other tax exemption documents to other units or individuals, excluding freight forwarding companies and customs brokers that have signed a power of attorney contract, or freight forwarding companies designated by the overseas importer (providing contractual agreements or other relevant proofs).(2) Exporting in the name of self-operation, where the export business is essentially carried out by units or individuals other than the enterprise itself or its invested enterprises under the name of the exporting enterprise.Exporting in the name of self-operation, where the same batch of goods is covered by both a purchase contract and an agency export contract (or agreement).(4) After the export goods are cleared by customs, if the exporter or the entrusted freight forwarder modifies the name, specifications, etc. on the ocean bill of lading or other transportation documents, resulting in discrepancies between the export customs declaration and the relevant contents of the ocean bill of lading or other transportation documents.(5) Exporting under its own name but not bearing the risks of quality, collection of payment, or tax rebate of the export goods, namely, not bearing the responsibility for claims from the buyer in case of quality issues of the export goods (unless the contract specifies the party responsible for quality issues); not bearing the responsibility for non-cancellation due to failure of collecting payment on time (unless the contract specifies the party responsible for collecting payment); not bearing the responsibility for non-refund of tax due to problems with the documents or certificates submitted for export tax rebate (exemption).(6) Exporting under the pretense of being self-operated while not substantially participating in export activities and merely engaging in other export businesses introduced by intermediaries.(II) Export goods subject to consumption tax policyExport enterprises that export or are deemed to export goods subject to the consumption tax policy shall pay the consumption tax as stipulated, without refunding the consumption tax already levied at previous stages, and are not allowed to offset it against the consumption tax payable for domestically sold taxable consumer goods. Three, how should the VAT and consumption tax payable for taxable goods exported by taxpayers be calculated?According to Article 7 of the Notice of the Ministry of Finance and the State Administration of Taxation on the VAT and Consumption Tax Policies for Export Goods and Services (Cai Shui [2012] No. 39), taxpayers who export goods subject to taxation on their own or through agents shall declare and pay VAT and consumption tax in accordance with the unified regulations applicable to domestic sales of goods.(I) Calculation of VAT PayableFor export goods and services subject to the VAT levy policy, the payable VAT shall be calculated according to the following method:1. General taxpayer for exported goodsOutput tax amount = (FOB price of export goods - amount of bonded imported materials used in processing trade) ÷ (1 + applicable tax rate) × applicable tax rateIf the exported goods have been calculated for the non-refundable and non-deductible tax amount based on the difference between the levy and refund tax rates and have already been transferred to the cost, the corresponding tax amount should be transferred back to the input tax credit.2. Export of goods by small-scale taxpayersTax payable = Export goods offshore price ÷ (1 + tax rate) × tax rate (II) Calculation of Consumption Tax PayableConsumption tax is calculated based on ad valorem rates, specific rates, or a combination of both (hereinafter referred to as composite taxation). The formula for calculating the tax payable is as follows:The tax payable calculated using the ad valorem method = Sales amount × Proportional tax rateTaxable amount calculated using the fixed quantity method = sales quantity × fixed tax rateThe tax payable calculated using the composite tax method = sales amount × proportional tax rate + sales quantity × fixed tax rate IV. When should taxpayers exporting taxable goods complete the confirmation of tax registration information, and what matters should be noted? Taxpayers engaged in the export of taxable goods, like other taxpayers, are required to complete tax registration information confirmation. Specifically, when the tax obligation first arises, they should complete the tax registration information confirmation and other related tax matters through the nationwide standardized electronic tax bureau or tax service halls. They must also handle tax declarations honestly according to the declaration deadlines and content stipulated by laws and administrative regulations.5. What are the specific requirements and procedures for issuing entrusted export certificates and agency export certificates for taxpayers exporting taxable goods? For exported goods subject to tax that are handled through consignment, the principal party should, within the value-added tax (VAT) and consumption tax declaration period of the month following the month in which the goods were declared for export, submit the 'Proof of Entrusted Exported Goods' to the competent tax authority based on the entrusted agency export agreement (copy). After reviewing the entrusted agency export agreement, the competent tax authority will affix its seal to the 'Proof of Entrusted Exported Goods.' The principal party then forwards this proof to the agent party, who can then use it to apply to the competent tax authority for the issuance of the 'Proof of Agency Exported Goods.' 6. Why should taxpayers complete the confirmation of tax registration information before declaring export dutiable goods to customs? Export taxpayers of taxable goods have already encountered tax-related matters in the process of purchasing goods or raw materials for production. Therefore, according to the relevant provisions of the Tax Collection and Administration Law, they should promptly confirm their registration information with the tax authorities. When they apply to the customs for export declaration procedures, the aforementioned behavior has already occurred, so they need to complete the confirmation of registration information and other tax-related matters with the tax authorities as required. It should be noted that Article 4 of the "Announcement" clearly states that if the taxpayer has not completed the confirmation of registration information with the tax authorities, or is in an abnormal tax situation such as cancellation, abnormal status, or absconding (loss of contact), they should complete the handling of related tax matters at the competent tax authority before proceeding to handle the declaration procedures with the customs department. 7. Tax-related matters that taxpayers exporting taxable goods need to pay attention to when applying for deregistration with the market regulatory authorities. For the taxpayers of exported dutiable goods, they should apply for tax deregistration with the tax authorities before applying for deregistration with the market supervision department. After the tax authorities complete the tax deregistration, they will issue a tax clearance certificate, and the taxpayers can apply for deregistration registration with the market supervision department based on the tax clearance certificate. To facilitate taxpayers to handle related tax affairs and simplify the deregistration process, if the market supervision department and the tax authorities have shared the tax clearance information, taxpayers are no longer required to submit paper tax clearance certificate documents.  VIII. What are the key points that taxpayers should pay attention to when exporting taxable goods at the customs declaration stage? According to the relevant provisions of the "Tax Collection and Administration Law of the People's Republic of China" and the "Regulations on the Implementation of Administrative Penalties by the Customs of the People's Republic of China," the "Announcement" reiterates that taxpayers, customs declaration enterprises, customs declarants, and other entities and relevant personnel involved in the export of taxable goods must not forge, alter, or trade customs declaration forms, must not fabricate export businesses, overstate or understate the value of goods. If any of the aforementioned illegal acts exist, or if assistance is provided in carrying out such illegal acts, the relevant departments shall handle them according to their respective responsibilities in accordance with the provisions of laws and regulations such as the "Tax Collection and Administration Law of the People's Republic of China" and the "Regulations on the Implementation of Administrative Penalties by the Customs of the People's Republic of China." If the illegal acts constitute a crime, they will be transferred to the judicial authorities for criminal investigation in accordance with the law.

Gulbrandsen, a company专注于生产聚氨酯用锡催化剂, has announced plans to establish additional polyethylene wax manufacturing capabilities and a new functional polymers plant at its facility in Dahej, India.The expansion, expected to be operational by mid-2026, will help Gulbrandsen increase its production of specialty polymers and waxes to meet growing global demand, ensure supply reliability, and expand its product portfolio.Specialty polymers and waxes are fundamental components of everyday materials. Product lines related to end uses include expanded polystyrene (EPS), release agents, personal care and cosmetics, adhesives, inks, and coatings."This investment highlights our commitment to serving global customers," said Ron Hatchell, Global Business Director of Gulbrandsen. "By expanding our production capacity and diversifying our product offerings, we are enhancing our ability to meet the evolving needs of our customers and solidifying our leadership position in the industry."In addition to this major expansion, Gulbrandsen has also recently completed de-bottlenecking work that has unleashed additional capacity at its existing wax plant in Vadodara.The new facility in Dahej will utilize state-of-the-art technology and adhere to the highest safety and environmental sustainability standards, reflecting Gulbrandsen's commitment to responsible manufacturing.

Recently, Bae In-han, General Manager of Hyosung Dong Nai Company and the highest representative of Hyosung in Vietnam, stated that the group will continue to invest an additional approximately $1.5 billion in Vietnam to build a biotechnology plant and a carbon fiber plant in Ba Ria-Vung Tau Province. This move not only highlights Hyosung Group's firm confidence in the Vietnamese market but also reaffirms its long-term commitment to "placing the next 100 years in Vietnam." Bae In-han also highly praised Vietnam for its stable and business-friendly investment environment, which provides a solid foundation for the group's long-term growth.Since officially entering the Vietnamese market in 2007, Hyosung Group has established a wide-ranging presence in the region, investing in multiple production bases covering areas such as tire cord, elastic fabrics, steel cord, technical fibers, nylon, polytetramethylene ether glycol (PTMG), and engines. Years of efforts have enabled Hyosung to achieve remarkable success in the Vietnamese market. In the 2022 fiscal year, for instance, the company generated $1.65 billion in revenue and $94.35 million in profit in Vietnam, fully demonstrating the success of its business model and the enormous potential of the Vietnamese market.On March 30, 2024, at the "Bà Rịa - Vũng Tàu Province Vision Declaration and Investment Approval Ceremony" held in the Phước Bình 2 Industrial Park in the south of Vietnam, Hyundai TNC successfully obtained investment approval from the Bà Rịa - Vũng Tàu Provincial Government for the "Hyundai BDO Project." This project is a key layout by Hyundai Group in the field of sustainable development. The group plans to invest $1 billion to build a bio-based BDO factory with an annual production capacity of 200,000 tons, actively adapting to the global trend of the materials market transitioning towards sustainable products.Once the factory is completed and operational, Hyosung TNC will establish Vietnam's largest bio-based spandex factory. Notably, this will be the world's first vertically integrated production system for bio-spandex, spanning from raw materials to fibers. On the raw material side, the factory innovatively employs sugarcane fermentation technology, replacing traditional fossil fuels like coal with environmentally friendly sugarcane extracts to produce bio-based BDO. This not only reduces environmental impact at the source, aligning with the global trend of green development, but also lays the foundation for Hyosung Group to enhance its brand image in the high-end eco-friendly materials market.To ensure the efficient advancement of the project, Hyosung TNC recently entered into a technical collaboration with Geno, a leading U.S. company in sustainable materials and technology, securing the licensing of GENO™BDO technology. Leveraging Geno's mature and advanced technology, Hyosung TNC is confident in achieving the production and sales target of 50,000 tons of bio-based BDO annually by the first half of 2026. Chairman Cho Hyun-joon of Hyosung Group stated, "The transition from traditional fossil-based raw materials to eco-friendly raw materials in bio-based businesses will become the core pillar of Hyosung's development for the next 100 years. With the bio-based BDO and bio-based spandex production systems, we will fully enter the global sustainable market, further enhancing Hyosung's high-end brand position."In its overall strategic planning, Hyosung Group has developed a unique "Vietnam semi-finished products + Korea finished products" model. Leveraging Vietnam's relatively lower production costs, the group prioritizes the production of technical fibers, PTMG, and other semi-finished products in Vietnam. These intermediate products are then transported to its factory in Changwon, South Korea, for further processing into high-end spandex, nylon, and other finished goods, which are ultimately exported worldwide. This dual-benefit model not only effectively circumvents certain trade barriers but also significantly enhances product price competitiveness through cost optimization. Additionally, it boosts the production efficiency of the Korean factory, solidifying Vietnam's pivotal role as a hub in Hyosung Group's global supply chain.In fact, Hyosung Group's investment in Vietnam did not happen overnight. As early as 2007, Hyosung established its first factory in Dong Nai Province, initially focusing on producing inner tubes and tire materials. Since then, the group has continued to increase its investment in Vietnam, expanding its business scope and gradually covering multiple provinces such as Bac Ninh, Quang Nam, and Ba Ria-Vung Tau. To date, Hyosung's cumulative investment in Vietnam has reached approximately $4 billion, creating over 9,000 local jobs. For example, at the end of 2021, the group opened a poly...Propylene（PPThe plastic production base and LPG liquefied gas storage facility, with an annual capacity of up to 650,000 tons, have strongly propelled Vietnam to become one of the world's major suppliers of PP raw materials.In recent years, Xiaoxing Group has gradually shifted its investment direction in Vietnam towards high-tech and sustainable development fields. In July 2023, the company announced plans to invest $1 billion in building a carbon fiber factory in the Phu My 2 Industrial Park in Ba Ria-Vung Tau Province. In October of the same year, it received preliminary approval from the Ba Ria-Vung Tau Industrial Park Authority to invest $540 million to construct the carbon fiber factory, covering an area of 19.2 hectares. In December, it announced plans to invest an additional $720 million to build a biofiber factory in Ba Ria-Vung Tau. These concentrated investment initiatives not only demonstrate Xiaoxing Group's determination to deepen its presence in Vietnam but also inject strong momentum into the transformation and upgrading of relevant industries in Vietnam and sustainable development.The Xiaoxing Group has maintained good interaction and cooperation with the Vietnamese government. During a meeting between Vietnamese Prime Minister Pham Minh Chinh and Xiaoxing Group Chairman Zhao Xianjun, Xiaoxing announced plans to invest an additional $4 billion in Vietnam, focusing on areas such as data centers, high-tech industrial materials, aviation biofuels, and carbon fiber production. Meanwhile, Xiaoxing also invited the Abu Dhabi National Oil Company (ADNOC) from the UAE to join as a partner in the investment project in Vietnam. The Vietnamese government responded positively, with Prime Minister Pham Minh Chinh personally promoting tax incentives for high-tech projects undertaken by Xiaoxing and other companies, and suggesting that enterprises prioritize the use of local raw materials to reduce import dependence, achieving a win-win situation of "Made in Vietnam" and enhancing global competitiveness.Looking to the future, Xiaoxing Group plans to develop Vietnam into a global comprehensive manufacturing base covering four core products: tire cord, elastic fibers, carbon fibers, and more. At the same time, Xiaoxing TNC has set clear sales targets, aiming to increase the proportion of sustainable spandex in its total spandex sales from the current 4% to around 20% by 2030, achieving more than fourfold growth in sales volume. To achieve this goal, Xiaoxing TNC will continue to deepen cooperation with major global customers and chemical brands, launching more functional and sustainable innovative products based on bio-based BDO, leading the development trend of the global sustainable materials market. Xiaoxing Group will also continue to recruit talent in Vietnam, further expand its business scale, and accelerate its journey toward sustainable development, especially in the high-tech field, continuing to write a glorious chapter in the Vietnamese market.

Background: By the end of the 2025 Spring Festival holiday, the PVC industry inventory saw a continuation of the destocking trend. Although domestic downstream demand resumed, the storage volumes and order pressures in downstream processing enterprises made it difficult to rapidly accelerate the destocking process. From January to February, PVC export shipments surged to 610,000 tons, an 85% increase year-over-year. The rapid growth in export demand effectively alleviated the supply-demand imbalance pressure during the holiday period, playing a positive role in the destocking of upstream inventories and the market.One, impressive PVC exports, rush to export amid multiple policy pressuresFigure 1 PVC Export Trend Change in 2024-2025 (Unit: Million Tonnes)Despite the impact of the Spring Festival on PVC export deliveries in January, the year-on-year change in PVC exports still showed a strong performance. According to statistics, domestic PVC exports in January and February 2025 were 280,000 tons and 330,000 tons respectively, totaling 610,000 tons, a significant increase of 85% compared to the 330,000 tons in January-February last year.The rapid and substantial increase in PVC exports is related to changes in global trade policies. The potential rise in prices and export risks due to additional tariffs imposed by the US, as well as the anti-dumping duties on imported PVC and BIS policies in India, have influenced foreign PVC traders and manufacturers to stock up and procure PVC materials in advance. Additionally, lower shipping costs accelerated the concentrated delivery of PVC exports. Since October 2024, following the rumors of tariff increases in the US and the import policy risks in India, various customers have started to procure and store goods in advance, leading to a significant year-over-year increase in exports.2. India remains the primary export destinationIn 2024, China's total PVC exports amounted to 2.6175 million tons, with the top five trading partners being India, Vietnam, Thailand, Nigeria, and Uzbekistan. The total exports to these five countries accounted for 68% of the export volume.Figure 2 Structure Chart of PVC Export Main Destinations (Unit: 10,000 tons)The main export trade partners in January-February 2025, including India, Nigeria, Vietnam, Thailand, and others, remained unchanged. Among them, India accounted for over 43% of PVC exports, making it the largest destination for China's PVC exports.III. PVC Export Deliveries Remain High, Facilitating Domestic Inventory ReductionFigure 3 Comparison of Changes in Domestic PVC Industry Inventory and Export Delivery Volume (Unit: 10,000 tons)As shown in Figure 3, excluding the impact of the Spring Festival in February when PVC industry inventory surged rapidly, the overall PVC industry inventory has been on a steady decline, while PVC exports have correspondingly shown a steady increase. Apart from the Spring Festival effect in February, domestic demand has remained relatively stable in other months. This indicates that both the total volume and the incremental growth of PVC exports have a direct impact on the domestic PVC industry inventory.The PVC exports are expected to maintain a high delivery volume in March and April. According to the statistics of Longzhong Data, there is still a window period for PVC exports to India before the anti-dumping duties on imported PVC in India take effect in May and before the impact of BIS on shipping schedules in May. Considering the rainy season in Southeast Asia and India, the main PVC consuming regions, which will start in May and June and lead to an off-season, the short-term increase in PVC exports will continue to help reduce the inventory in the PVC industry.

In recent years, domestic packaging industry listed companies have turned their attention to the Southeast Asian market. Companies such as Yutong Technology, Hengxin Life, Zhongxin Co., Jialian Technology, and Tianyuan Co. have established production bases in Thailand, Vietnam, and other locations to be closer to international clients like Apple and Samsung, and to cope with the uncertainties brought about by Sino-U.S. trade frictions.On March 28, 2025, Prince New Materials (002735.SZ) released its annual report for 2024, stating that the company achieved operating revenue of 1.989 billion yuan, a year-on-year increase of 12.15%. However, the net profit attributable to shareholders plummeted by 213.51% to -68.5025 million yuan, marking the first annual loss since its listing. The financial report indicated that the profitability of the company's core business is under pressure, with a year-on-year decline of 236.59% in net profit after deducting non-recurring gains and losses, and the net cash flow from operating activities turning negative, reflecting a dilemma of increasing revenue without increasing profit.Main reasons for losses: Asset impairment and cost pressuresWangzi New Materials attributed the decline in performance to multiple factors. First, the holding subsidiary Chongqing Fuyida Technology's profits did not meet expectations, leading to an impairment provision of 68.9 million yuan, which reduced the current period's profit and loss. Additionally, the disposal of non-current assets incurred a loss of over 12.99 million yuan, further dragging down profit performance.Notably, the company's cash flow situation is concerning. During the reporting period, cash outflows from investment activities surged by 432.32% year-on-year to 528 million yuan, primarily used for the construction of production bases and equipment procurement in Southeast Asia. Meanwhile, cash inflows from financing activities decreased by 121.60% year-on-year, reflecting the capital market's cautious stance on its expansion strategy.Prince New Materials Deepens Southeast Asia Layout, Global Strategy Advances Another StepFacing intensified domestic market competition and changes in the international trade environment, Wangzi New Materials is accelerating its overseas expansion. Following the establishment of Thailand Tian Tai Environmental Packaging Technology Co., Ltd. in January 2024 to delve into the supporting materials market for industries such as new energy and electronic appliances, the company announced a major breakthrough in the Southeast Asian market on March 27, 2025.This strategic layout includes two core initiatives: First, a joint venture with a local Vietnamese company to establish Prince (Vietnam) Co., Ltd. (tentative name), focusing on developing packaging material markets for the electronics and home appliances and new energy industries, serving international leading enterprise customers within the region. Second, the establishment of Dianbang Technology (Thailand) Co., Ltd. in Thailand, concentrating on localized research, development, and production in emerging fields such as energy storage and mobile power sources.The above layout will create a synergistic dual-hub effect in Southeast Asia, integrating regional resources to further enhance the company's global supply chain service network and provide comprehensive end-to-end solutions for strategic emerging industries such as new energy and consumer electronics.Shareholder investment situation of Thailand Tian Tai Environmental Protection Packaging Technology Co., Ltd.Wangzi (Vietnam) Co., Ltd. Shareholder Capital Contribution StatusDianbang Technology (Thailand) Co., Ltd. Shareholder Capital Contribution StatusIndustry Trend: Packaging Companies Clustering in Southeast AsiaPrince New Materials'布局 in Southeast Asia is not an isolated case. In recent years, listed companies in China's packaging industry have increasingly set their sights on the Southeast Asian market. Companies such as Yongtong Technology, Hengxin Life, Zhongxin Co., Jiaquan Technology, and Tianyuan Co. have all established production bases in Thailand, Vietnam, and other locations to be closer to international clients like Apple and Samsung, and to mitigate uncertainties brought about by Sino-US trade friction. Analysts point out that the Southeast Asian region boasts significant demographic dividends, large consumer market potential, and dense preferential trade agreements with European and American markets, making it an important destination for the relocation of Chinese manufacturing.Taking Yuto Packaging Technology (002831) as an example, as a leading provider of comprehensive packaging solutions for high-end brands in China, it has an extensive presence in Southeast Asia, with factories in Bac Ninh, Vietnam; Rayong, Thailand; and Penang, Malaysia. By establishing local production bases, Yuto Packaging Technology can quickly respond to customer needs and achieve localized production.Hengxin Life (301501) also established Hengxin Life Technology (Thailand) Co., Ltd. in February 2024. Hengxin Life's biodegradable plastic packaging products cover the catering industry, including fast food, takeout, and beverages, as well as various consumption scenarios, with a wide sales area. Setting up a factory in the Golden Pool Industrial Park in Thailand will help it further expand into the Asian market as well as the international markets of North America, Oceania, and Europe.Zhongxin Co., Ltd. (603091) has also turned its attention to Thailand. In November 2023, it registered Thailand Zhongxin Environmental Technology Co., Ltd., planning to invest 50 million USD to purchase 130 acres of land in the Jinchi Industrial Park, to build a production base for 50,000 tons of pulp molded dining utensils annually. As a world-leading company in "disposable plant fiber biodegradable environmental dining utensils," Zhongxin's products are primarily for export, mainly to North America, Europe, and other countries and regions. The decision to establish a factory in Thailand is mainly due to local advantages such as lower labor costs and minimal tariff impact. Currently, the first workshop of its Thai factory has successfully commenced production, and the second workshop is in the process of equipment installation. It is expected that the output will exceed 30,000 tons in 2025 and reach 50,000 tons by 2026.Jialian Technology (301193), as a new tea beverage supplier, is mainly engaged in the research, development, production, and sales of high-end plastic products and fully biodegradable products. In 2023, the company completed the registration of its subsidiary in Thailand, Thai Jiaxiang Co., Ltd., and purchased land for the investment in a new production base, with a planned investment amount not exceeding 300 million yuan. Jialian Technology's production capacity was originally concentrated in China; establishing a factory in Thailand can better explore and meet the needs of overseas customers, improve business layout and medium to long-term strategic development planning, and enhance the company's competitiveness and risk resistance in the international market. After the United States launched "anti-dumping and countervailing investigations" against similar products from China and Vietnam, the Thai factory has become a key node for undertaking orders from Europe and the United States, with external sales revenue expected to account for more than 60% in 2024.However, industry insiders remind that overseas expansion needs to be cautious of risks such as geopolitical issues, labor regulations, and local management. Wangzi New Materials admitted in its annual report that the Thailand project is still in the early stages of construction and may be difficult to contribute profits in the short term. The company will continue to pay attention to investment returns and cash flow balance.