Unlocking the potential of Vietnam's medicinal plant economy.

On July 25th, in Sam Son City, Thanh Hoa province, the Vietnam Cooperative Alliance organized the Vietnam Medicinal Herb Economic Forum - Strengths of the Collective Economy and Cooperatives.

Khai phá tiềm năng của kinh tế dược liệu Việt Nam

The Vietnam Medicinal Herb Economic Forum - Strengths of Collective Economy and Cooperatives opened on July 26th in Sam Son City, Thanh Hoa Province. (Source: Vietnam Cooperative Alliance )

Nearly 100 medicinal herb cooperatives in 63 provinces and cities across Vietnam participated in showcasing the finest medicinal herbs, creating the " Vietnamese Medicinal Herb Road, Green Treasure ." Vietcombank , Agribank, the Institute of Medicinal Herbs, and the Institute for Sustainable Development and Digital Economy are strategically collaborating with farmers and cooperatives to develop valuable medicinal herb genetic resources, provide technical training, seek export markets, and support loan access to expand raw material areas and preserve rare and valuable medicinal herb varieties in Vietnam.

At the Forum, delegates attended the workshop "Vietnam's Medicinal Herb Economy - Strengths of the Collective and Cooperative Economic Sector". Through the workshop, leading Vietnamese experts on medicinal herbs and the collective economic sector shared presentations on topics such as the medicinal herb economy in Vietnam - current situation and challenges; conservation and development of medicinal herbs in Vietnam; policy mechanisms to overcome difficulties for medicinal herb growing areas and promote sustainable investment in medicinal herb products...

The speakers at the program presented topics with a passionate commitment to supporting farmers in cultivating and caring for medicinal herbs, and developing Vietnam's medicinal resources in the future to meet domestic production and export needs.

In addition to discussions and seminars, the Forum also features the Vietnam Medicinal Herbs Route Exhibition, showcasing many valuable medicinal herbs being grown and produced in various localities. This is complemented by trade fairs and networking events to promote Vietnamese pharmaceutical products.

The Institute for Sustainable Development and Digital Economy and the Institute of Medicinal Materials have signed strategic cooperation agreements to partner with Vietnamese medicinal herb cooperatives such as Dong Nam Duoc Central Vietnam Joint Stock Company, Bao Minh Duong Traditional Medicine Healthcare Center, OCASY Company, VINANUTRIFOOD, and Ngoc Linh Forestry Pharmaceutical Joint Stock Company to seek customers and connect trade to promote products for Vietnamese medicinal herb cooperatives.

Minister and Chairman of the Committee for Ethnic Minorities Affairs, Hau A Lenh, visits the booths showcasing medicinal products at the Forum. (Source: Vietnam Cooperative Alliance)

According to Decision No. 376 of the Prime Minister approving the Program for the Development of the Domestic Pharmaceutical and Medicinal Materials Industry until 2030, with a vision to 2045, priority will be given to developing the domestic pharmaceutical industry and producing raw materials for medicines with high levels of incentive, preferential, and supportive policies and mechanisms.

At the same time, the government will strongly attract investment resources to develop the pharmaceutical industry, focusing on attracting foreign investment in the production of patented innovative drugs, specialized drugs, generic drugs with high-tech formulations, vaccines, reference biological products, and biosimilars. The state will also prioritize investment in scientific research, the production of new drugs, high-quality herbal medicines, and the development of herbal medicine production under national brands.

Regarding the export market for medicinal herbs, statistics from Japanese Customs show that in 2021, Vietnam's medicinal herb exports to Japan reached US$8.6 million. The Vietnamese Trade Office in Japan stated that the potential for Vietnamese medicinal herbs in Japan – the world's second-largest consumer of pharmaceuticals – remains very large, especially since many Japanese pharmaceutical companies have recently expressed their desire to import Vietnamese medicinal herbs.

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