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Vietnam boasts a versatile and economically valuable tree crop, cinnamon. With an estimated cultivation area of 180,000 hectares in the northern mountainous regions and north-central coast, cinnamon plays a significant role in the country’s economy.
Vietnam’s cinnamon bark reserves are estimated at 900,000 to 1,200,000 tons, yielding an average annual harvest of 70,000 to 80,000 tons. In 2022, Vietnam was the world’s top cinnamon exporter, with a turnover of over $292 million.
However, to meet export demands, Vietnam also imports cinnamon from neighboring countries. According to preliminary statistics from the Vietnam Pepper Association (VPA), in July 2024, Vietnam imported 245 tons of cinnamon, valued at $0.7 million, with Indonesia and China being the primary suppliers.
From January to July 2024, Vietnam’s cinnamon imports totaled 2,979 tons, with a turnover of over $7.1 million, a 75.2% decrease compared to the same period last year. Indonesia and China remain the main sources of these imports.
Source: VPA
Indonesia, the world’s fourth-largest cinnamon exporter in 2022, generated over $157 million in revenue. The primary destinations for Indonesian cinnamon include the US, the Netherlands, Vietnam, Thailand, and Germany.
In Vietnam, cinnamon cultivation provides a livelihood for hundreds of thousands of ethnic minority households in remote areas and contributes significantly to local socio-economic development. Cinnamon is one of the oldest spices globally, first discovered in China.
Currently, only a handful of countries cultivate cinnamon, including China, Vietnam, Laos, Indonesia, Sri Lanka, and South America. Cinnamon has a wide range of uses in production and daily life, such as a spice, flavoring agent, medicine, food additive, animal feed, and fertilizer.
In 2023, Vietnam exported nearly 90,000 tons of cinnamon, with a turnover of over $260 million, a 14.6% increase in volume but a 10.7% decrease in value compared to 2022. The main export markets for Vietnam in 2023 were India, the US, and Bangladesh.
The global demand for spices remains high, not only in the food industry but also in pharmaceuticals, cosmetics, and dietary supplements. In Vietnam, dozens of companies have invested in modern cinnamon processing lines, producing ground and powdered cinnamon to meet market demands.
According to the Ministry of Industry and Trade, Vietnam is known for its diverse and abundant medicinal plant resources on the world map of medicinal plants. Statistics show that Vietnam has over 5,100 medicinal plant species, presenting significant potential and advantages for developing the medicinal plant industry.
Additionally, Vietnam’s participation in 16 FTAs, including modern-generation agreements like EVFTA, CPTTP, and CREP, has provided the country with favorable conditions and opportunities regarding tax advantages. This has enabled Vietnamese cinnamon products to gain a competitive edge in the international market.
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