Great potential for Vietnam to develop billions-USD ginseng industry: President

Vietnam has high potential to develop a ginseng farming and processing industry that generates billions of USD, stated President Nguyen Xuan Phuc at the opening of the Lai Chau Ginseng Fair 2022 in the northern mountainous province of Lai Chau on November 11.

Great potential for Vietnam to develop billions-USD ginseng industry: President hinh anh 1

President Nguyen Xuan Phuc visits a booth at the fair (Photo: VNA)

Vietnam has high potential to develop a ginseng farming and processing industry that generates billions of USD, stated President Nguyen Xuan Phuc at the opening of the Lai Chau Ginseng Fair 2022 in the northern mountainous province of Lai Chau on November 11.

The leader highlighted Lai Chau's advantages in ginseng development and its high economic value, and asked the province to preserve its gene sources and to support farmers in farming techniques.

He underlined the need to provide strong assistance to localities in implementing the ginseng development strategy, asking the Government and the Ministry of Agriculture and Rural Development to pay greater attention to preserving the varieties and making a planning for its development.

The President pointed to the need to ensure the sustainable development of the industry and high quality of the product, as well as the application of high technologies in farming and processing activities.

Ginseng development must go in line with forest protection, he underscored, asking Lai Chau to support people from ethnic minority groups in ginseng farming, thus helping them get rid of poverty.

The three-day Lai Chau Ginseng Fair aims to popularise the potential and strengths in ginseng development and policies to encourage the investment in the industry, and provide investors with opportunities to cooperate with local farmers in the field.

Ginseng is a typical herb of Lai Chau, found at a height of 1,400-2,200m above the sea level.

Initial research results show that Lai Chau ginseng has a very high Saponin content of up to 21.34%. Particularly, it has 7.78% of Majonoside - R2(MR2), an anticancer active ingredient, along with anticoagulant substance silphioside E.

Lai Chau ginseng has received a plant varieties protection certificate by the Ministry of Agriculture and Rural Development.

Currently, Lai Chau has 38,000 hectares of area suitable for ginseng farming. The province has developed more than 100 hectares of ginseng farms in Muong Te, Sin Ho, Phong Tho, and Tam Duong districts.

At the event, President Phuc presented ginseng seedlings to local farmers. Minister of Agriculture and Rural Development Le Minh Hoan handed over the Plant Variety Protection Certificate for Lai Chau Ginseng to Lai Chau province, while Minister of Science and Technology Huynh Thanh Dat gave the province a decision to accept a valid Lai Chau Ginseng Certification Trademark./.

Source: VNA
en.vietnamplus.vn

Related News

Industrial Growth Projections for 2025

Industrial Growth Projections for 2025

VCN - The Ministry of Industry and Trade has set ambitious goals for 2025, targeting an industrial production index growth of approximately 9–10% compared to 2024. Additionally, merchandise exports are expected to rise by around 12% relative to the previous year.
The supporting industry needs high-tech human resources

The supporting industry needs high-tech human resources

VCN - The trend of shifting supply chains is opening up many opportunities for the domestic supporting industry to develop; the problem of human resources is becoming more urgent so that businesses can improve production capacity and self-sufficiency competitiveness by meeting the increasing requirements of the value chain.
Semiconductor industry needs 50,000 high-quality workforce in next 10 years

Semiconductor industry needs 50,000 high-quality workforce in next 10 years

Vietnam's workforce demand in the semiconductor–microchip field is forecast to be around 20,000 engineers for the next five years, and 50,000 engineers in the next 10 years, according to economists from the Fullbright University.
Vietnam making new moves in multibillion-dollar semiconductor industry

Vietnam making new moves in multibillion-dollar semiconductor industry

Vietnam is making strong progress in advancing its standing in the global semiconductor supply chain as many of the world’s largest chip manufacturers have landed in the Southeast Asian nation, insiders said.

Latest News

Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

VCN - Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - Vietnam's total import and export turnover in the second half of January 2025 (January 16-31, 2025) reached US$28.9 billion, the latest preliminary statistics of the General Department of Vietnam Customs reported.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.

More News

Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.
Vietnam's agricultural product exports shine in 2024

Vietnam's agricultural product exports shine in 2024

The agricultural sector wrapped up 2024 with 62.4 billion USD in export turnover, marking an 18.5% increase against 2023, while achieving a record trade surplus of 18.6 billion USD, surging 53.1%.
Aiming for 16% credit growth and removing credit room allocation

Aiming for 16% credit growth and removing credit room allocation

VCN - A representative of the State Bank of Vietnam (SBV) said that the SBV is gradually innovating its credit management methods, aiming to remove the mechanism of allocating credit room to each credit institution.
Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia initiates anti-dumping investigation on galvanised sheets from Việt Nam

Malaysia has announced it will initiate an anti-dumping duty investigation on the imports of galvanised iron coils/sheets or galvanised steel coils/sheets originating from or imported from Việt Nam, China and South Korea.
Coffee prices hit record highs, heightening speculation risks

Coffee prices hit record highs, heightening speculation risks

Phan Minh Thông, Chairman of Phúc Sinh JSC, called the price surge "insane," warning of continued increases as businesses are compelled to trade at elevated prices instead of following pre-set contracts.
Exports witness a rise of US$1 billion in the first 15 days of 2025

Exports witness a rise of US$1 billion in the first 15 days of 2025

VCN - Compared to the same period in 2024, exports in the first half of January 2025 increased by more than 6%, equivalent to nearly USS$1 billion.
Central industrial hub sets ambitious growth target in 2025

Central industrial hub sets ambitious growth target in 2025

The central province has targeted ambitious growth of up to 10 per cent with some key strategic industrial investment projects in 2025, contributing VNĐ25 trillion (US$1 billion) to the State budget.
Demand for dragon fruit in Tiền Giang Province continues to increase

Demand for dragon fruit in Tiền Giang Province continues to increase

Dragon fruit prices in Tiền Giang Province remain high after the Lunar New Year due to increased demand from China and domestic consumption.
Data centres are attracting investors in Asia

Data centres are attracting investors in Asia

The global data centre market reached new heights in 2024, driven by the growing demand for generative AI, which has triggered a new wave of investment.
Read More

Your care

Latest Most read
Exchange rate risks need attention in near future

Exchange rate risks need attention in near future

VCN - Exchange rate developments in 2025 are considered to be quite complicated due to US policies related to trade and investment.
Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month

Data from the General Department of Vietnam Customs indicates a softening of both exports and imports in January 2025, relative to the same month in 2024.
Import and export turnover reaches about US$29 billion in the second half of January 2025

Import and export turnover reaches about US$29 billion in the second half of January 2025

VCN - The figure decreased by 15.6% (equivalent to a decrease of US$5.33 billion) compared to the figure in the first half of January 2025.
Market edges up slightly as liquidity remains low

Market edges up slightly as liquidity remains low

Market breadth remained positive, with 161 gainers outnumbering 144 decliners.
Business regulations must be trimmed for development of enterprises: Experts

Business regulations must be trimmed for development of enterprises: Experts

The General Statistics Office (GSO)'s socio-economic report for January 2025 reveals that while over 33,400 newly established or resumed businesses entered the market - marking a 15% increase compared to January 2024 - more than 58,300 businesses withdrew from the market, representing a growth of 8.1% on year.
Mobile Version