Vietnam’s strategic geographic location near prominent Muslim countries positions it as a gateway to the expansive and lucrative Halal markets. By aligning with the regulations of these markets, Vietnam can enhance its competitive edge and capitalise on the rising demand for Halal-certified products.
Experts highlight the immense potential of the global Halal market, which encompasses 57 member nations of the Organisation of Islamic Cooperation (OIC) and serves over 2 billion Muslims, accounting for 25% of the global population. With an annual economic growth rate of 2.9%, the region offers significant opportunities for Vietnamese enterprises to diversify products and boost incomes. The market’s distinct business culture often necessitates Halal certification, particularly for food-related sectors.
The State of the Global Islamic Economy (SGIE) Report projects that global spending on Halal products and services will soar to $1.67 trillion by 2025, with the Southeast Asia – South Asia – Pacific region leading as the largest consumer of Halal food worldwide.
Recognising this potential, Vietnam has embarked on initiatives to bolster its Halal industry. These include a strategic development plan for the Halal sector through 2030 and a project to enhance international cooperation to expand Vietnam’s Halal exports. Key proposals include establishing a National Halal Certification Centre, drafting legal regulations and national Halal standards, and forging agreements with Muslim and non-Muslim partners to streamline trade.
Governmental bodies and businesses are increasingly investing in and expanding their focus on Halal-related production and export activities. To establish a strong presence in the market, Vietnamese products such as food, beverages, and textiles must adhere to stringent production processes and obtain Halal certification.
Experts recommend prioritising efforts in agriculture, tourism, textiles, pharmaceuticals, and cosmetics to connect local enterprises with global Halal markets. Additionally, Vietnam is urged to accelerate investment, technical support, and human resource training while refining state management policies. Simplifying certification procedures and promoting mutual recognition of Halal standards are critical steps for Vietnam to solidify its standing in this burgeoning global market.
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