Clearing hilly area to plant Aquilaria crassna trees for agarwood production is common in several Vietnamese regions. The process of making agarwood is arduous and difficult, as well as only a few people succeed. However, because agarwood has such a high economic value, many people are willing to take risks and devote all of their energies to making it. Agarwood can be processed into a variety of goods, which are now supplied to various nations throughout the world.
1. Vietnam – A large supply for the market
Previously, agarwood was a typical product of South Asian countries. After then, only Malaysia, Indonesia, Thailand, and Myanmar had agarwood approximately ten years ago. Unfortunately, the output of agarwood in these countries has recently decreased significantly because mining resources are nearly depleted. Prior to 1991, Vietnam exported 10 to 15 million dollars worth of agarwood each year. Although highly valued for its quality, Vietnamese agarwood is exclusively shipped in raw form or as fine art furniture, hence its value is low.
The global demand for agarwood is from 250 to 350 tons per year, and this amount is steadily rising. However, due to raw material shortages, the global supply and demand for this high-end product remains unbalanced.
2. Vietnamese Agarwood Brand
Vietnamese agarwood has become a globally recognized brand. Agarwood is being used by an increasing number of people in their daily lives. The use of agarwood from Asian and Middle Eastern countries has extended to Europe in particular. Vietnam ‘s export rate of agarwood-related items stayed consistent and continued to expand even during the raging Covid-19 pandemic.
Before the Covid-19 epidemic, the number of Chinese visitors visiting Vietnam was rapidly expanding, with over a million people visiting each year. Moreover, Chinese people, as well as Japanese and Koreans are always highly value agarwood. Many overseas tourists associate Vietnamese agarwood with a particular brand.
The top importers of Vietnamese agarwood are Saudi Arabia, Kuwait, Qatar, Taiwan, Korea, and Japan. Other than agarwood pieces, agarwood essential oil, agarwood powder, and agarwood incense, agarwood is used to make a variety of fine art products, including bracelets, necklaces, and other souvenirs. Agarwood pieces are used for a variety of purposes; for example, overseas buyers purchase agarwood pieces in bulk to extract essential oils, then utilize the residual powder to produce high-end incense. Essential oil is the most precious of the agarwood products. Many people also use agarwood pieces created from biological products to drink alcohol for good health or burn directly for incense in the office, reception area, and during festivals to replace the aroma of perfume, creating a serious environment and allowing guests to feel comfortable.
3. Vietnamese Agarwood confidently steps out into the world
Agarwood products’ development potential is not just restricted to Vietnam, but also extends beyond the country’s borders. As a result, in addition to domestic efforts, several corporations have partnered with individuals to begin executing promotion programs aimed at bringing items to foreign markets.
Farmers are currently concentrating on providing clean, chemical-free Agarwood to the globe and receive a lot of good feedback. Agarwood also offers stories about culture, customs, and cultural life in the original land, which can enable people from all over the world have a better understanding of Vietnam.
With high-quality products and appropriate trading activities, it will gradually build a network of Vietnamese Agarwood across the five continents and make Vietnamese Agarwood into “The world’s best product.”
