As part of the implementation of the ecosystem leveraging free trade agreements (FTAs), the Ministry of Industry and Trade recently collaborated with the Yen Bai Department of Industry and Trade to organize a "Direct exchange seminar with business leaders in provinces and cities on the ecosystem leveraging FTAs, including the Vietnam-UK Free Trade Agreement (UKVFTA), in the cinnamon sector" in Yen Bai province.
The conference was held in person with the participation of representatives from the Ministry of Industry and Trade (Multilateral Trade Policy Department); the Ministry of Agriculture and Rural Development (International Cooperation Department); representatives from agencies responsible for FTA implementation and import/export in Yen Bai province and the provinces of Lao Cai and Quang Nam ; representatives from the Vietnam Pepper and Spice Association; the Tony Blair Institute for Development (TBI); and relevant businesses and cooperatives in the province.
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A roundtable discussion with business leaders from various provinces and cities focused on leveraging FTAs, including the UKVFTA, in the cinnamon sector. |
Vietnam is currently one of the countries with a relatively strong position in cinnamon production and export worldwide . Meanwhile, cinnamon is a long-standing crop deeply rooted in the traditions, customs, and culture of the ethnic communities in Yen Bai province. Therefore, cinnamon has great potential for Yen Bai businesses to boost exports, not only to traditional markets but also to explore new markets with higher standards.
With Vietnam having implemented 16 FTAs to date, including 3 new-generation FTAs – the CPTPP, the EVFTA, and the UKVFTA – this presents a huge opportunity to bring cinnamon and cinnamon products to new trading partners. This is due to the impact of preferential import and export tax commitments and the demand from these new markets, thereby helping cinnamon businesses in Yen Bai in particular and Vietnam in general to increase their value and participate more deeply in regional and global production chains.
At the seminar, delegates introduced the Project on Ecosystem for Leveraging FTAs, including: objectives, connection methods, roles and benefits of participating parties, operational methods to support businesses in leveraging FTAs, participation criteria, difficulties in building the ecosystem, roadmap and steps for building the ecosystem in the coming time; shared information on the import and export situation of cinnamon products in the first six months of 2024; and the current situation of cinnamon cultivation, production, processing and export in the cluster of provinces with partners in new generation FTAs.
Furthermore, based on practical feedback from businesses and cooperatives, delegates discussed strategic directions to promote cinnamon exports to new-generation FTA markets, strengthen connections between central and local government agencies, businesses, associations, cooperatives, and the people, thereby building an ecosystem to leverage FTAs for the cinnamon industry in Yen Bai and other localities with strengths in this product.
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