RESEARCH ON THE ECONOMIC EFFECTIVENESS OF BO CHINH GINSENG (ABELMOSCHUS SAGITTIFOLIUS L. MERR) IN BAT XAT DISTRICT, LAO CAI PROVINCE

Abstract

Research on the economic efficiency of crops is important to producers in the agricultural sector. The objective of this study is to determine the economic efficiency for farmers in the process of planting, caring for and developing Panax notoginseng in Bat Xat district, Lao Cai province with specific conditions in the area. The study uses the method of information synthesis, information analysis, SWOT analysis to evaluate the potential, advantages and economic efficiency of Panax notoginseng based on the analysis of economic indicators such as costs, revenue and profit. It shows that Panax notoginseng brings high economic efficiency thanks to the actual yield exceeding the research level in the area (expected to reach 10 tons, actual reached 10.8 tons). In addition, the product is sold at a good price and the price is stable, bringing potential and advantages to the producers. The research results have suggested to help producers identify a roadmap to replicate the Panax notoginseng development model in a new medicinal cultivation method, suitable to local characteristics, improving livelihoods, stabilizing life, and increasing income for people. Additionally, the research results help to propose some implications for local authorities, relevant agencies and units to create favorable conditions to support policies to develop Sam Bo Chinh into a raw material production area, increase the processing capacity for root and flower products, bringing opportunities for large market consumption and becoming the main crop of the area.