Shafaqna English- The Halal market presents a significant opportunity for Vietnamese exports, especially given the global demand and high trade value of Halal products, estimated at $2.3 trillion and growing as reported by Vietnamnet.
Despite Vietnam’s strengths in raw materials and geographical advantages, its current exports, mainly farm produce and raw materials, hold a modest position in the global market. Many domestic enterprises are still unfamiliar with the Halal market.
Nguyen Minh Phuong from the Ministry of Industry and Trade highlights the potential, noting that 25% of the world’s population is Muslim and Halal products, including food, cosmetics, pharmaceuticals, and fashion, command higher prices due to consumer willingness to pay for them.
To successfully penetrate the Halal market, Vietnamese businesses must understand business practices, consumption culture, and market regulations.
The Ministry of Industry and Trade is developing a project to support Halal exporters and producers, alongside the National Trade Promotion Programme, which aids in networking and trade promotion.
Assoc. Dr Nguyen Thuong Lang suggests that Vietnam should focus on exploiting the Halal market effectively and sustainably as part of its foreign trade strategy.
Source: Vietnamnet