Hanoi (VNA) – A world leading spice exporter with a revenue of some 1.5 billion USD every year, Vietnam should bolster intensive processing and trade promotion to increase added values, experts have said.
According to the Vietnam Pepper and Spice Association (VPSA), the country earned 322.7 million USD from shipping 87,400 tonnes of spices abroad in Q1, a year-on-year fall of 4.8% and 24.1%, respectively.
Except for chilli which witnessed a surge of 17.6% in export volume and 52.8% in value, shipments of key products like pepper, cinnamon, anise, ginger, and cardamom experienced a sharp fall in both quantity and value.
Vietnamese spices have been present in more than 120 countries and territories worldwide, and set a foothold in many important markets such as the US, the European Union, India, and China. However, export revenue to India and China have been on the downward trend.
Known as Vietnam’s cinnamon capital, Yen Bai province boasts more than 86,000 hectares of cinnamon-growing area, 14,000 hectares of which get international organic cinnamon certificate.
According to Deputy Director of the provincial Department of Industry and Trade Nguyen Dinh Chien, local cinnamon products have been present in more than 30 markets, including China, the Republic of Korea, Japan, Egypt, the US, Russia, and the UK. However, major investments have not been made in the production and processing chains, making cinnamon products fail to meet requirements of both domestic and foreign markets.
Regarding pepper, the Department of Industry and Trade of Binh Phuoc province said as the export value of the products in 2023 fell 45% year-on-year to only 26 million USD, it is necessary to develop high-quality and organic cultivation areas and focus on intensive processing.
President of the VPSA Hoang Thi Lien said trade promotion also has an important role to play to help Vietnamese spices reach out to the world.
The association is building a strategy for sustainable market development while popularising the Vietnamese spices, she said, adding it will support member enterprises to expand trade opportunities at large international exhibitions./.
