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

A report by the Pew Research Centre 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 nations. Countries like Indonesia, Pakistan, Bangladesh, and Malaysia are key markets, while even Europe and North America are witnessing an expansion of the Halal sector, creating a wealth of possibilities for exporters.

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

The market of Muslim countries with a total population of around 2.2 billion people offers opportunities for a number of Vietnam's agricultural products. Photo: tapchicongthuong.vn

Despite this potential, Vietnam's foray into the Halal market remains in its early stages. To date, Vietnamese companies have exported many products such as tra fish (pangasius), vegetables, fruits and rice to this market. While roughly 50 Vietnamese companies, primarily dealing in seafood, beverages, canned food, confectionery, vegetarian products, and pharmaceuticals, acquire Halal certification annually, there is room for significant growth.

Recognizing this opportunity, the Ministry of Industry and Trade is committed to fostering a supportive legal framework for international cooperation in developing Vietnam's Halal industry. This includes negotiating and signing trade agreements, and facilitating partnerships with organizations and distributors in Indonesia, Malaysia, and the United Arab Emirates (UAE).

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.

Moreover, the Halal market is considered one of the most demanding markets in the world with a series of strict standards.

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 lucrative market.

Last month, a seminar in Ho Chi Minh City, jointly held by the City Investment and Trade Promotion Centre (ITPC), the Malaysian Consulate General in the city, and the National Trade Promotion Agency of Malaysia (MATRADE), aimed to seek ways to promote the export of Halal products of Vietnamese enterprises to Malaysia and other Islamic markets.

In the same month, Visakan Investment and Biotechnology Development Joint Stock Company (Visakan) also held a ceremony in the northern province of Bac Ninh to mark its first shipment of veterinary medicine valued at over USD 200,000 to Indonesia - a Halal market.

The first shipment of veterinary medicine to the Halal market was an important event for the province in particular and Vietnam’s agriculture in general, proving the development of the domestic production of veterinary medicinal products to meet international standards, said Chairwoman of the provincial People’s Committee Nguyen Huong Giang.

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