Halal market expectations as exports to the US face difficulties

In the context of many difficulties in exporting to the United States, the Halal market with a consumption capacity of 3,000 billion USD is very promising.

The information was given at the Trade Promotion Conference with the Vietnamese Trade Office System Abroad, organized by the Ministry of Industry and Trade on the morning of April 4, with the theme "Trade promotion to enhance exploitation of the global Halal product market".

Conference scene. Photo: LG

Mr. Ramlan Bin Osman, Director of the National Halal Certification Center, Ministry of Science and Technology , said that Vietnam possesses abundant potential raw materials for the Halal industry, including coffee, rice, seafood, aquaculture products, spices, nuts, vegetables and fruits.

Vietnam is also one of the top international tourist destinations, showing strong growth potential for the accommodation industry, including Halal restaurants.

In particular, in the context of exports to the US market facing difficulties, the Halal market can become a potential new market to replace traditional markets.

“Vietnam has a great opportunity to participate in the global Halal food market, worth 3 trillion USD but still not fully met, with less than 10% of demand satisfied,” Mr. Ramlan Bin Osman assessed.

According to Head of the Vietnam Trade Office in Malaysia Le Phu Cuong, Malaysia is emerging as one of the potential markets for Vietnamese goods, where the Muslim community accounts for more than 60% of the population.

However, according to Mr. Cuong, Vietnamese goods are still facing many difficulties when accessing this market, with the biggest barrier being Halal certification.

This is the top priority criterion of most importers, distributors and retailers in the host country. The lack of Halal certification makes it difficult for many Vietnamese products to find a place in the retail system in Malaysia.

On the other hand, Vietnamese enterprises, especially small and medium enterprises, often face difficulties in meeting strict standards as well as costs related to certification. This leads to the limited number of Halal-certified products in Vietnam.

The difficulty is also fierce competition from countries that have signed free trade agreements with Malaysia such as China, Thailand, Indonesia, etc. with rich products, diverse designs, widespread distribution systems and good understanding of the Muslim consumer market.

To support businesses, the Vietnam Trade Office in Malaysia has promoted connections between domestic businesses and major importers...

The representative of the Malaysian Trade Office recommended that businesses need to clearly define long-term strategies, seriously invest in market research, adjust products to suit local culture, and focus on building brands through professional trade promotion channels.

Source: https://hanoimoi.vn/ky-vong-thi-truong-halal-khi-xuat-khau-sang-my-kho-khan-697890.html