Opening opportunities to enter potential Halal market

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Opening opportunities to enter potential Halal market

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 conference aims to effectively implement the task of international economic integration in Binh Duong province, while also creating conditions for production and business establishments and enterprises in the area to expand their export markets and get closer to Halal standards, particularly in the processed food sector (processed agricultural products), beverages, pharmaceuticals, functional foods, cosmetics, and animal feed.

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.

“Binh Duong is considered to have the potential to export to Muslim-majority countries because this is the province’s strength. To exploit, access, and develop the Halal market, the construction of infrastructure, and supply chains, and ensuring compliance with Halal regulations and standards are challenges that businesses face in exporting”, emphasized Ms Nguyen Thanh Ha.

Recently, the Ministry of Industry and Trade has continued to create a favourable legal framework for international cooperation in developing the Halal sector in Binh Duong; negotiated and signed trade agreements; and supported Vietnamese organizations and businesses in working with and understanding the distribution systems of countries such as Indonesia, Malaysia, Saudi Arabia, and the UAE.

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

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