Vietnamese cinnamon has an optimistic and open market
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- Business
- 22:06 11/09/2023
DNHN - Cinnamon is becoming one of the Vietnamese crops with the highest economic value and the largest market potential.
Vietnam ranks third in the world for production and export of cinnamon, behind China and Indonesia. There are currently approximately 150,000 hectares of cinnamon plantations in Vietnam, with the majority located in provinces such as Yen Bai, Quang Nam, Quang Ninh, and Nghe An.
According to preliminary data from the Vietnam Pepper and Spice Association, Vietnam exported approximately 10,175 tonnes of cinnamon in August, generating a total revenue of USD 29.6 million, a 19.8 percent increase compared to the same month the previous year. July. By the end of the 31st of August, a total of 61,852 tonnes of cinnamon had been exported successfully, generating a total export turnover of 183.4 million USD, an increase of 24.9% in volume and 2% in value compared to the same period last year.
Currently, Vietnam's primary raw material export is cinnamon. Vietnam's largest export market for cinnamon is the Indian market, followed by the United States and Bangladesh.
Not only is cinnamon a well-known spice, but it is also utilized in numerous other industries, including the pharmaceutical, cosmetic, and food industries. Consequently, this product has garnered special market interest in recent years, resulting in increased selling prices and higher values.
Cinnamon is becoming one of the crops with the highest economic value and the largest market potential. In several communities across the nation, cinnamon production and processing are the subject of research and promotion.
PV (t/h)
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