(Photo: VOV.VN)

The global Halal market is emerging as a powerhouse of potential, driven by factors such as population growth, increasing purchasing power, and remarkable diversity. This was the central theme of a recent conference organized by the Ministry of Industry and Trade in Hanoi, which highlighted the vast opportunities awaiting Vietnamese enterprises in this burgeoning sector.

With an estimated global Muslim population of around 2 billion—representing approximately 25% of the world’s total population—the demand for Halal products is witnessing a significant surge. Delegates at the conference forecast that the global Halal economy could soar to nearly $10 trillion by 2028, making it an attractive frontier for businesses looking to expand their reach.

Vietnam stands poised to capitalize on this opportunity, given its status as one of the top 20 food exporters worldwide and its ranking among the 15 largest agricultural exporters. The country’s strategic position in global supply chains is further enhanced by its 17 Free Trade Agreements (FTAs), which include several next-generation and inter-regional agreements. These factors collectively create a fertile ground for Vietnamese products to penetrate the Halal market.

However, to successfully navigate this promising landscape, Vietnamese businesses must adhere to stringent Halal certification requirements and food safety standards. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized the importance of enhancing competitiveness in this regard. “To thrive in the Halal market, it is essential for businesses to not only meet certification standards but also to innovate and improve their offerings,” he stated.

To facilitate this process, the Ministry is committed to providing robust support through knowledge sharing and practical solutions. Deputy Minister Tan outlined a proactive approach, stating, “Our trade officials will conduct thorough research on market trends, establish connections between businesses and target markets, and facilitate participation in trade fairs and exhibitions. This will enable companies to forge partnerships and effectively promote their products.”

Moreover, the Ministry plans to develop a comprehensive project aimed at implementing these strategies, ensuring that Vietnamese businesses are well-equipped to seize the opportunities presented by the Halal market. With the right support and strategic initiatives, Vietnam can emerge as a key player in the global Halal economy, tapping into the vast potential that lies ahead.

As the world increasingly embraces Halal products, Vietnamese enterprises have a unique chance to not only expand their export horizons but also to contribute to a diverse and growing market that values quality, safety, and ethical standards. The future looks bright for Vietnam in the Halal sector, and with concerted efforts, the country can position itself as a leader in this dynamic industry.

Original Article:

VOV World. (2024, April 7). Halal market offers ample opportunities for Vietnamese businesses. https://m.vovworld.vn/en-US/news/halal-market-offers-ample-opportunities-for-vietnamese-businesses-1380037.vov