Huge opportunities for Vietnamese businesses to participate in the global Halal market

Associate Professor, Dr. Nguyen Hoang - Principal of University of Commerce.
Photo: Thanh Hien

According to Associate Professor, Dr. Nguyen Hoang - Principal of the University of Commerce, the global Halal market has great potential in terms of scale, spending level, diversity in fields as well as future growth prospects.

Currently, there are more than 2 billion Muslims living in 112 countries and territories, of which 57 countries are members of the Organization of Islamic Cooperation, accounting for 25% of the world's population.

In recent years, the Halal industry has become the fastest growing segment in the world with an annual growth rate of 5.2%, making it profitable and influential in the global food business.

Delegates attending the workshop. Photo: Thanh Hien

A report from market research platform MMR forecasts that the total revenue of the Halal food market will reach about 5,284.96 billion USD by 2030 and 15,000 billion USD by 2050.

The opportunity for businesses to participate in the global Halal market is huge, opening up the export of Vietnamese products with strengths and attracting financial investment from international corporations to Vietnam.

However, currently, Vietnamese enterprises can only export about 20 items, the total import and export turnover to Islamic countries in the ASEAN region accounts for a small proportion of the total export structure.

Exchanging experiences at the workshop, delegates said that the Government needs to focus on a number of key groups of measures including supporting the connection of localities and businesses with partners and the global Halal market.

Priority areas include agriculture, tourism, textiles, pharmaceuticals and cosmetics; promoting investment attraction, technical assistance, training support, human resource development; continuing to build and perfect the legal framework and state management policies on Halal, optimizing the certification process, promoting mutual recognition and recognition of Halal certification; promoting cultural and people-to-people exchanges to enhance mutual understanding between Vietnam and Muslim countries and communities around the world.

Along with that, promote negotiations, sign agreements, memorandums of understanding on trade cooperation; promote and advertise Vietnam's Halal products, services and brands and open markets.

In addition, in order to meet the highest Halal standards and build trust with global Muslim consumers, Vietnam needs to ensure that the Halal certification process is transparent, seamless, and globally recognized...

Source: https://hanoimoi.vn/co-hoi-cho-doanh-nghiep-viet-tham-gia-thi-truong-halal-toan-cau-rat-lon-699273.html