Business

Local firms inject 53mln USD into ginseng projects

VinGroup and TH True Milk have registered to invest 1.2 trillion VND (53 million USD) in ginseng and herbs farm projects in mountainous Nam Tra My district of Quang Nam province.
Local firms inject 53mln USD into ginseng projects ảnh 1A 10-year-planted Ngoc Linh ginseng is introduced at a Ginseng Fair in Nam Tra My district in Quang Nam province (Photo: VNA)

QuangNam (VNA) - VinGroup and TH True Milk have registered to invest 1.2trillion VND (53 million USD) in ginseng and herbs farm projects in mountainousNam Tra My district of Quang Nam province.

Chairman of the district People’s Committee Ho Quang Buu said that it’s the twobiggest investment projects since the district launched its master plan on thedevelopment of the Ngọc Linh ginseng, cinnamon and herbs in 2014.

Buu said the two investors have begun surveying mass production from Ngoc Linhginseng and planning for material farms and support industries for herbproduction.

He said the district wants investment to develop 15,000ha of ginseng in thedistrict by 2030.

According to Quang Nam province, the Government agreed to fund 2 trillion VND(88.5 million USD) for infrastructure projects in the district.

Currently, 900 households farm 1,200ha of ginseng, cinnamon and herbs in thedistrict, while businesses have 100ha.

The district also hosts regular ginseng fair to link farmers, investors andbuyers and to draw tourists to the district.

According to the district, more than 2,300 tourists visited the ginseng fair,and 53kg of Ngoc Linh ginseng has been sold for 4.7 billion VND (208,000 USD)since 2017.

Each kilo of Ngoc Linh ginseng is priced from 100 million VND (4,400 USD) and200 million VND (8,800 USD) in Vietnam.

Farmers in the district can earn 3 million USD per ha after five years growingginseng.

The Ngoc Linh ginseng has been preserved as a precious and endangered floragene in the province, along with poor man’s ginseng or condonopsis, pepper,cinnamon, large-size rattan and corn in Quang Nam province.-VNA
VNA
#VinGroup #TH True Milk #ginseng farming #herbs farming #Nam Tra My district #Quang Nam province #Ngọc Linh ginseng #cinnamon farming #invest in Quang Nam #updated Vietnam news #Vietnamplus #Vietnam News Agency Quang Nam
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