Halal market potentials open up novel opportunities to enterprises

The Halal market is expanding globally and becoming one of the most attractive segments today. Halal, an Arabic term meaning permissible or intact, includes all products and services that are allowed to be consumed according to Islamic Sharia Law, ranging from food and beverages to cosmetics, pharmaceuticals, tourism, and finance.

With impressive growth rate, this market requires products to meet strict standards on ingredients, production processes, and packaging; at the same time, it meets the diverse needs of Muslim consumers, from essential goods to high-end products.

The Halal Market Introduction Conference - a potential export market organized by the Department of Industry and Trade in 2024 (photo: Dieu Hang)

Binh Duong, with its convenient geographical location, modern infrastructure, abundant labor force, and many areas specializing in high-quality agricultural production, possesses many advantages to develop the Halal market.

Currently, there are about 13 businesses in Binh Duong province that have been granted Halal certification in various industries such as tea, coffee, pepper, herbs, vegetables, agricultural products, products derived from animals (fish sauce), dairy products, and seafood.

In 2024, the average output of the group of industries of tea and herbs exported to the markets of Malaysia, Indonesia, and the Middle East is about 23,650 tons; the group of vegetables, agricultural products exported to the markets of Malaysia, Singapore, and the Philippines is about 221.5 tons (peanuts).

However, Binh Duong also faces some challenges in developing the Halal market such as fierce competition from other countries, limited knowledge of Halal standards by businesses; difficulties in building Halal product supply chains and complex Halal certification processes are barriers that need to be overcome.

The Halal market is a great opportunity for Binh Duong to develop its economy and enhance its position in the international market. In the coming time, the Department of Industry and Trade will coordinate with the Department of Agriculture and Rural Development, along with relevant units, to strengthen trade promotion activities with the Halal market in general, and the African and Middle Eastern markets in particular, contributing to promoting sustainable economic growth for the locality.

Reported by Dieu Hang (Trade Management Dept.) – Translated by Vi Bao