Opportunity from Halal markets for Vietnam

Vietnam, a leading agricultural and processed food exporter, aims to capitalize on the growing global Halal market. Despite its strengths, Vietnam is currently absent from the top 30 global Halal food suppliers.

According to experts, the primary reason is the lack of a national strategy to drive Halal food exports. Current efforts rely on individual business initiatives rather than a cohesive national approach.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien highlighted the significant opportunity for Vietnamese agricultural and seafood products to penetrate the Halal market, given the country's annual agricultural exports of over $50 billion. This requires strategic and effective investment to stimulate the growth of the agricultural economy.

The 2022 Global Islamic Economy Report (SGIE) projected global spending on Halal products and services to reach $1.67 trillion by 2025, presenting a substantial opportunity for Vietnamese businesses.

With over 2 billion Muslims worldwide and growing demand for Halal products, Vietnamese businesses must obtain Halal certification to meet export standards in Muslim countries.

Mr. Truong Xuan Trung, Vietnam's Trade Counselor to the UAE, emphasized the vast scale and demand of the Halal market, highlighting Vietnam's competitive advantage in agricultural products, processed agricultural products, and cereals.

To strategically exploit the Islamic market, experts suggested establishing mechanisms and policies to support the development of a Halal ecosystem and community of businesses in Vietnam.

This would help address the current fragmented and inefficient approach, as Halal standards extend beyond production to encompass distribution, services, and consumption.