Vietnam among biggest importers of Korean ginseng
Vietnam became the biggest importer of Korean ginseng among ASEAN member countries and the 6th biggest buyer in the world last year.
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Yonhap News Agency cited statistics of the Korea Trade-Investment Promotion Agency (KOTRA) as saying that the Republic of Korea (RoK) exported 1.362 tonnes of ginseng worth US$9.5 million to Vietnam, up 93 percent in volume and 32 percent in value compared to the figures in 2010.
KOTRA also noted that China has followed closely behind the RoK by shipping cheap ginseng products to Vietnam.
During the last five years, China has doubled its export of fresh ginseng to Vietnam and currently accounts for 28 percent of the market share, while RoK’s market share dropped from 83 percent to 55 percent.
KOTRA forecast that RoK’s ginseng exports to Vietnam could be affected when Vietnam grows ginseng by itself to reduce its dependence on imports.
