The Ministry of Foreign Affairs recently held a virtual workshop aimed at increasing Vietnamese exports to the halal market and develop a strategic and comprehensive plan for the local industry. According to Deputy Minister of Foreign Affairs, the global halal market has enormous potential and is rapidly growing, with promising prospects, owing to the growing Muslim population in Southeast Asia, South Asia to the Middle East and North Africa.
However, Vietnam’s market share in the global halal market is quite modest due to factors such as Vietnamese producers struggling to obtain halal certification, halal standards and regulations becoming increasingly stringent, halal certification not being permanent and equally recognized by other countries, and Vietnamese firms facing established competitors.
However, Vietnam has the opportunity to capitalize on its strengths in food production, tourism, textile and garment, and pharmaceuticals, which are potential pillars of the country´s halal economy.
Vietnam can also take advantage of a series of recently signed free trade agreements (FTAs) that grant preferential access to key markets, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam FTA (EVFTA), and Regional Comprehensive Economic Partnership (RCEP).
A key linked development to highlight is Vietnam´s Hybrid Expo on Halal and Processed Food Products in Singapore, where Vietnamese businesses promoted their halal products in the city-state. At the event, held in August 2021, nearly 40 Vietnamese enterprises displayed approximately 500 high-quality food brands, including tea, coffee, nuts, spices, sauces, beverages, dairy and pastry products, fruits and fruit powders, dried seafood, and canned food.
(Sources: Vietnamplus, TheStar)
