The executive order on implementing a new initiative to encourage biotechnology research and application has just been signed by U.S. President Joe Biden, which is considered a solid stepping-stone for bio-based products to be available, gain a foothold in this world’s largest and most demanding market.
In the latest effort to support the manufacturing sector of biotech products in the country, U.S. President Joe Biden has just signed an executive order implementing a new initiative to encourage technology research and application in biology. This initiative will promote biotechnology research and application in the pharmaceutical, agricultural, plastics and energy industries. Accordingly, the U.S. government wants to support the manufacturing sector of biotech products at home, rather than having new U.S. technologies used for production abroad.
According to the White House assessment, the bioeconomy remains a strength of the United States, opening great opportunities for industries, inventors, and businesses to research in this field. With great potential, biotechnology is expected to provide an alternative to petroleum-based products, which cause many unpredictable impacts to the environment and human health.
With this decree, businesses developing biotechnology, including bioplastics, will have a lot of favorable conditions to develop in the U.S. market, including An Phat Holdings, which already has decades of experience in trading and developing green products in this market.
As the leading high-tech, environmentally friendly plastic corporation in Vietnam, pioneering in the development of compostable products and materials, in the past 10 years, An Phat Holdings has thrived in the U.S. market.
Explaining the reason for choosing this highly competitive market, the leader of An Phat Holdings said that unlike some other countries in the world, the U.S. government has many policies to promote the development of bioplastic products, and the potential in the field of bioplastics here is huge.
In particular, the decree on encouraging research and application of biotechnology has just been signed by President Biden, which is considered a solid stepping-stone for An Phat Holdings to increase its chances of capturing a bioplastic market share in the U.S. The executive order, which requires increased “sustainable” procurement practices by federal agencies, is sure to boost demand for bio-based products in the United States in the near future.
With the main ingredients of PLA and modified starch, the AnEco compostable product has been successfully researched and developed by An Phat Holdings since 2013, and is now being well received by U.S. consumers. AnEco products are fully qualified for the line of compostable products that the U.S. market requires such as BPI Compostable. Especially in March 2021, AnEco successfully registered the trademark in the United States, which came with a validity of 10 years and can be renewed. Together with the above decree, this will be a strong motivation for An Phat Holdings to penetrate and invest intensively in the U.S. market, especially when An Phat Holdings’ PBAT Compostable Resin Plant is expected to go into operation in the future.
Mr. Pham Anh Duong, Chairman of An Phat Holdings affirmed: “North America, especially the United States, has always been the Group’s strategic goal in expanding the international market. The segment of compostable products and raw materials have been the strength of the Group for more than a decade and now. With new investments, the Group will bring different values for the global green material supply chain.”
Also according to the above decree, the U.S. government will increase support and encourage businesses to develop bio-based product lines right in the U.S., in order to create job opportunities for U.S. workers. This is very consistent with the business expansion activities of An Phat Holdings in recent times.
Currently, the Group has a member company, An Phat International, and affiliates such as AFC Ecoplastics in the United States. In particular, through AFC Ecoplastics, An Phat Holdings has cooperated with Nexeo Plastics – the world’s leading plastic resin distributor to distribute bioplastics throughout the U.S., Canada, and Mexico markets…. These bio-compounds meet the ASTM D6400 standard for industrial composting and types containing 30% or 80% biobased respectively, which are often ideal options for applications such as cutlery, straws, caps, and closures.
It can be affirmed that while many businesses in the same industry are still hesitant to enter the U.S. market, An Phat Holdings welcomes the wave of “green” consumption, bringing compostable products to a large number of American consumers which was a wise move. Especially with the decree to launch the National Biotechnology and Bioproduction Initiative just signed by President Biden, it is certain that An Phat Holdings’ business opportunities in the United States will become more and more open, and “made-in-Vietnam” compostable products will gain a foothold in the world’s largest economy.