WORLD

VIETNAM EYES LUCRATIVE HALAL MARKET WITH GROWING MUSLIM POPULATION

17/06/2024 11:20 AM

HANOI, June 17 (Bernama-VNA) -- Vietnam’s Ministry of Industry and Trade is committed to developing a supportive legal framework that fosters international cooperation in developing its Halal industry. 

This includes negotiating and signing trade agreements, and facilitating partnerships with organisations and distributors in Indonesia, Malaysia, and the United Arab Emirates (UAE), Vietnam News Agency (VNA) reported. 

The ministry is also urging relevant entities to enhance the distribution of Halal-certified Vietnamese products to meet the needs of exporters, while simultaneously encouraging increased production and export capabilities.

“The Vietnamese companies are advised to proactively pursue Halal certification for suitable markets, develop products that adhere to specific Halal standards, and invest in strong brand promotion to capture a share of this (Halal) lucrative market.”

A report by the Pew Research Center predicted the Muslim population to reach 2.2 billion by 2030, translating to a significant rise in demand for Halal products.

This demand extends beyond traditional Muslim-majority countries like Indonesia, Pakistan, Bangladesh, and Malaysia which are key markets. Even Europe and North America are witnessing an expansion of the Halal sector, creating a wealth of possibilities for exporters.

Experts see a golden opportunity for Vietnam to tap into the booming Halal market, fueled by a surging global Muslim population, according to the report. 

Nguyen Tuan from the Ho Chi Minh City Trade and Investment Promotion Centre said the global Halal economy is poised to reach about US$10 trillion by 2027. The market for Halal products is distributed widely worldwide, from Muslim to non-Muslim countries.

Despite this potential, Vietnam's foray into the Halal market remains in its early stages with roughly 50 Vietnamese companies, primarily dealing in seafood, beverages, canned food, confectionery, vegetarian products, and pharmaceuticals, acquire Halal certification annually and there is room for significant growth.

-- BERNAMA-VNA


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