Vietnam's spice industry heating up

According to the Vietnam Pepper and Spice Association (VPSA), the export volume of many spices to the United States and China has risen.

Between January and September, Vietnam had exported almost 184,000 tonnes of pepper, including nearly 163,000 tonnes of black and around 21,000 tonnes of white pepper. This represented a 43 per cent increase in export turnover, bringing the total pepper export value to over $881 million, with black pepper accounting for $754 million and white pepper contributing the remaining $127 million.

With average export prices for black pepper slightly over $4,700 per tonne and white pepper at $6,326 per tonne, an on-year increase of $1,270 and $1,371 per tonne, respectively, the VPSA representative stated that the industry's goal of reaching $1 billion in exports in 2024 is entirely achievable.

Hoang Thi Lien, chairwoman of the VPSA, said, "The US is a major market and the top importer of Vietnamese pepper, particularly following Brazil’s crop failure, which has provided Vietnam's pepper industry with all the factors needed to achieve its goals."

Vietnam exported 8,800 tonnes of chilli in the first eight months of this year, with a turnover exceeding over $21 million, up over 6 per cent in volume and almost 35 per cent in value on-year. This significant growth is highlighted by the fact that in 2023, chilli exports totalled $20 million for more than 10,000 tonnes, an increase of 107 per cent over 2022. In the first eight months of this year, chilli exports have already surpassed last year’s figures.

The main export markets for chilli are China, accounting for just under 84 per cent of the share with 7,377 tonnes, a slight decrease compared to the same period last year. Laos ranks second with 970 tonnes, up 48 per cent, followed by the US with 163 tonnes, a more than 140 per cent increase versus last year.

Regarding cinnamon, by the end of August 2024, Vietnam exported almost 63,000 tonnes, generating $177 million in revenue, up 1.7 per cent from a year earlier.

Vietnam is one of the world's top spice exporters, with annual exports of around $1.5 billion, accounting for half of the global spice supply. Vietnamese spices are currently exported to 125 countries.

Phan Minh Thong, chairman of Phuc Sinh Group, believes that for Vietnam's spice industry to continue its growth, manufacturers must focus on raw material quality, food safety, and methods regarding environmental, social, and governing standards.

"To conquer demanding markets, pepper is moving towards deep processing with products like freeze-dried pepper, pepper sauce, or pepper powder, while other spices are opting for fully processed natural products," Thong said.

Vietnam aims for $3.5 billion in durian exports in 2024 Vietnam is aiming to export $3.5 billion worth of durian in 2024, as the fruit continues to dominate the country's overseas fruit and vegetable shipments.

Vietnam set to boost agricultural exports to China Vietnam in the first six months of this year harvested a bumper crop from its agro-forestry-fishery exports to China which is now its largest buyer in this sector.

Greenfeed reports surge in first-half profit Greenfeed, Vietnam's leading agribusiness, released its unaudited H1 financial statement in August, revealing a net profit after tax of VND655 billion ($26.3 million).