Exploiting the potential of Vietnam's medicinal economy

On July 25, in Sam Son City, Thanh Hoa Province, the Vietnam Cooperative Alliance organized the Vietnam Medicinal Materials Economic Forum - Strengths of collective and cooperative economies.

Khai phá tiềm năng của kinh tế dược liệu Việt Nam

Opening of the Vietnam Medicinal Materials Economic Forum - Strengths of collective and cooperative economy on July 26 in Sam Son City, Thanh Hoa Province. (Source: Vietnam Cooperative Alliance)

Nearly 100 medicinal cooperatives in 63 provinces and cities of Vietnam have participated in displaying the quintessence of medicinal herbs, forming the path of Vietnamese Medicinal Herbs , Green Treasure . Vietcombank, Agirbank, Institute of Medicinal Herbs, Institute of Sustainable Development and Digital Economy have cooperated strategically with farmers and cooperatives to develop precious medicinal herb genetic varieties, provide technical training, seek export markets and support loans to expand raw material areas, and preserve rare medicinal herb varieties of Vietnam.

At the Forum, delegates attended the Workshop “Vietnam’s Medicinal Plants Economy - Strengths of the Collective Economic Sector and Cooperatives”. Through the Workshop, leading Vietnamese experts on medicinal plants and the collective economic sector shared their presentations on Medicinal Plants Economy in Vietnam - Current situation and emerging issues; Preservation and development of medicinal plants in Vietnam; Policy mechanisms to remove difficulties for medicinal plant growing areas and promote sustainable investment in medicinal plant products...

The program's speakers brought up topics of discussion with the passion to accompany farmers in growing and caring for medicinal herbs, developing Vietnam's medicinal resources in the coming time to meet domestic production and export needs.

In addition to the discussion and seminar activities, the Forum also held the Vietnam Medicinal Herbs Road Exhibition, displaying many precious medicinal herbs that are being grown and produced locally. Along with that, there were also trading sessions and trade promotion connections between buying and selling businesses to spread Vietnamese pharmaceutical products.

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

Minister and Chairman of the Ethnic Committee Hau A Lenh visited the medicinal product booths at the Forum. (Source: Vietnam Cooperative Alliance)

According to Decision No. 376 of the Prime Minister approving the Program for Development of the Pharmaceutical Industry and Domestically Produced Medicinal Materials to 2030, with a vision to 2045, priority will be given to the development of the pharmaceutical industry and the production of domestic medicinal materials with high-level incentive, preferential, and support policies.

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

Regarding the medicinal herbs export market, statistics from Japan Customs show that in 2021, Vietnam's medicinal herbs export turnover to Japan reached 8.6 million USD. The Vietnam Trade Office in Japan said that the potential for Vietnamese medicinal herbs in Japan - the world's second largest pharmaceutical consumer - is still very large, especially when recently, many Japanese pharmaceutical companies have expressed their desire to import Vietnamese medicinal herbs.

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