The pungent peel taken from the vast variety of crops grown in Lao Cai and Yen Bai, Vietnam is sold at a high price, higher than China and India

Published 2021년 12월 11일

Tridge summary

Vietnam is the world's largest producer of cinnamon, accounting for 17% of global production. The country's average export price of cinnamon is $40/kg, higher than that of China and Indonesia. The demand for cinnamon has increased faster than the increase in global supply, leading to higher prices and creating jobs and income for those growing cinnamon. However, there is a risk of unsustainable development due to the need for timely orientations and control of the supply chain. The General Department of Forestry has suggested focusing on producing high-value, certified raw materials and increasing export output to the EU and North America to improve the reputation and brand of Vietnam cinnamon. A new support program for the period 2021-2030 has been launched by IDH to address industry challenges and potentially improve the value of cinnamon trees.

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Original content

That's the information Mr. Vo Kim Cuong - representative of the Great Project research team gave at the Vietnam cinnamon sustainable development conference organized by the General Department of Forestry (MARD) and the Sustainable Trade Initiative (IDH). held on the afternoon of December 10. "The average export price of Vietnamese cinnamon is about 40 USD/kg, higher than the price of cinnamon in China and Indonesia," said Mr. Cuong. According to Mr. Nguyen Van Dien (Director of Forestry Production Development Department, General Administration of Forestry), by 2020, the cinnamon area in Vietnam will reach about 150,000 hectares. Cinnamon bark is the main product, currently bringing 76% of revenue from the cinnamon forest. Vietnam's cinnamon bark reserves are estimated at about 900,000 - 1,200,000 tons, the average output is about 70,000 - 80,000 tons/year. Cinnamon export value in 2020 reached 245.4 million USD, it is expected that in 2021 cinnamon export value will reach about ...

Source: Danviet