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Opening opportunities to enter potential Halal market

Update: 24-05-2024 | 10:29:06

Early May 23, provincial Department of Industry and Trade coordinated with provincial departments and sectors to organize a conference to introduce Halal - a potential export market, in attendance of representatives of the local sectors and enterprises.

The Halal market is a place that provides standard products and services for Muslims. Currently, the scale of the global Halal economy is US$7 trillion and is  expected at reaching US$ 10 trillion before 2028. According to the Organization of Islamic Cooperation (OIC), Muslims spent US$ 2,000 billion America on food, clothing, tourism, pharmaceuticals and lifestyle in 2022. This spending is expected to reach US$ 2,800 billion in 2025. The Southeast Asian Halal food market alone has a scale of US$ 230 billion. However, Vietnam's export of Halal products is still very modest. Although having export capacity in the Top 20 in the world, Vietnam is not on the list of 20 - 30 global Halal food suppliers.

Speaking at the conference, leaders of provincial Department of Industry and Trade asserted: “Vietnam has traditional trading partners in Southeast Asia with high demand for Halal products, such as Malaysia, Indonesia, Singapore... Binh Duong has ideal conditions to develop the Halal market. With advancements in technology and supply chain management, we can ensure transparency and compliance with the highest Halal standards. Building solid partnerships with the Halal community and international trade partners is also key to success.

At the conference, delegates shared knowledge, experience, business opportunities and the most effective way to approach the market with enterprises in this field.

Reported by Tieu My-Translated by Kim Tin

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