Cinnamon industry seeks to take advantage of trade deal to expand exports to the UK

Published 2024년 11월 29일

Tridge summary

Việt Nam is the world's leading cinnamon producer and exporter, with a plantation area of 180,000 hectares, and has held this position since 2021. The country exported nearly 90,000 tonnes of cinnamon, earning $260 million in 2022, accounting for 34.4% of the global market. With 16 free trade agreements in effect, including the UK-Việt Nam Free Trade Agreement (UKVFTA), the cinnamon industry aims to sustainably expand exports by addressing market requirements such as green consumption, carbon emission, and origin traceability. This involves advancing science, promoting sustainability in farming, improving value chain connections, and leveraging digital technologies for production management and traceability. The government and industry are encouraged to support farmers and businesses in meeting these standards, while building an ecosystem to facilitate FTAs and promote the global reach of Vietnamese cinnamon.

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Original content

According to the Việt Nam Pepper and Spice Association (VPSA), Việt Nam is the world’s largest cinnamon producer with a total plantation area of 180,000 ha and has become the world’s largest exporter of cinnamon products since 2021. The cinnamon industry of Việt Nam is seeking to develop an ecosystem to take advantages of free trade agreements (FTAs), including the trade deal between Việt Nam and the UK (UKVFTA) to expand exports sustainably. With 16 FTAs that Việt Nam is participating in, including new-generation trade pacts such as the UKVFTA, EU – Việt Nam FTA (EVFTA), the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP), Việt Nam has gained considerable competitive advantages in term of tariffs, providing significant opportunities for cinnamon products to expand global reach. According to the Việt Nam Pepper and Spice Association (VPSA), Việt Nam is the world’s largest cinnamon producer ...

Source: WTOCenter