Connecting the trade of Vietnam's medicinal products

This notable event fosters relationships between domestic and international trade promotion organizations, export enterprises, and medicinal product cooperatives. The conference is being organized by the Vietnam Cooperative Alliance and the Trade Promotion Agency - Ministry of Industry and Trade, with the support of the Traditional Medicine and Pharmacy Administration - Ministry of Health, the Institute of Medicinal Materials - Ministry of Health, and representatives from trade promotion organizations, Vietnamese pharmaceutical companies, and medicinal cooperatives from 63 provinces nationwide.

This event is a practical activity in the 2024 National Trade Promotion Program. Its objective is to promote the development of Vietnam's medicinal products, trade, and business cooperation. The initiative aims to establish sustainable value chains in the medicinal sector. Medicinal cooperatives will have direct access to distributors, export companies, and trade promotion organizations to sign contracts, expand markets, and develop their product trademarks.

The "Trade Connection, Exhibition, and Introduction of Medicinal Products" conference targets specific objectives, including establishing networking opportunities between medicinal product cooperatives, export businesses, and trade promotion organizations. Expanding distribution channels, enhancing branding, and promoting Vietnamese medicinal products; Increasing the added value of indigenous medicinal commodities by sharing models for sustainable value chain production and consumption of those products. Contributing to the growth of Vietnam's medicinal industry and improving its international market position by increasing awareness of medicinal production and consumption.

The medicinal industry in Vietnam has significant potential as a result of the diverse climate and soil conditions, as well as the profusion of natural resources. Regrettably, the industry's current exports are inadequate and do not meet its potential. This conference aims to help domestic enterprises improve their export capabilities and expand into international markets, with a particular emphasis on those that insist on high-quality standards.

One of the conference's activities will be an exhibition that will feature medicinal products from cooperatives that are high-quality and comply with industry standards. Industry specialists will deliver thematic presentations and discussions that focus on the current condition of Vietnam's medicinal sector, the preservation and exploitation of medicinal resources, and sustainable development solutions for the industry.

The event is anticipated to generate interest and participation from both domestic and international organizations and businesses, thereby promoting the expansion of Vietnam's medicinal industry and facilitating the distribution of its high-quality products to global markets.

The medicinal sector's sustainable growth is significantly dependent on state policies. On October 14, 2021, the Prime Minister issued Decision No. 1719, which authorized the National Target Program for Economic and Social Development in Ethnic Minority and Mountainous Regions for the period 2021–2030. The development of medicinal cultivation regions is the primary objective of this program's sub-project. The objective of the policy is to foster sustainable development of medicinal material zones, attract investment, and generate employment opportunities for ethnic minorities.

Furthermore, the transformation of the medicinal sector into a technical economy that provides to both domestic and export requirements necessitates investments in large-scale, concentrated cultivation areas that adhere to international quality standards and guarantee traceability.