This year, the annual festival features more than 160 booths with about 450 chili pepper varieties from all over the world on display. Various cultural and culinary activities are scheduled on the sidelines of the event, attracting hundreds of thousands chili pepper enthusiasts and foreign visitors.
The fair takes place at the right time, when the global demand for spices is on a rise, Vietnamese Ambassador to Italy Duong Hai Hung said in his remarks at the event’s opening. The EU is now the world’s largest spices market.
Hung said the event is not only an expo for chili pepper and spices but also a cultural festival, bringing Rieti and Italy closer to the world and the world, including Vietnam, closer to Italy.
He highlighted agricultural products as Vietnam’s key export items which brought home close to 32.3 billion USD in revenue in the first seven months of 2022, up 12.2% against the same period last year. Vietnam is emerging as a major spices supplier in the global market, the diplomat said, adding that the country has been the world’s No.1 pepper bean exporter for 18 years.
Vietnam shipped 4.6 million USD worth of pepper bean to Italy last year. Its cinnamon and anise products account for some 3% of Italy’s market share.
According to Hung, Vietnam is not only a supplier of spices but also a very promising market with a population of nearly 100 million and a fast-growing middle class thanks to decades of robust economic development. Vietnam boasts strong connectivity with various major markets through 16 free trade agreements which it is signatory to.
Hung was the only foreign ambassador invited to speak and cut the ribbon at the launching ceremony.
