Great opportunity for Vietnamese goods consumption from Halal product market

Building a brand, developing the market and promoting Vietnamese Halal products and services are necessary for Vietnamese businesses.

Great opportunities from the Middle East market

According to the Ministry of Industry and Trade, there is currently a large demand for Halal products in the world market, especially agricultural products. This is a great opportunity for the consumption of Vietnamese goods when exploiting this potential market.

Vietnam has many opportunities to produce and export Halal food thanks to many free trade agreements (FTAs) of which Vietnam is a member. In addition, Vietnam is also a member of the ASEAN Working Group on Halal Food, which also creates opportunities to connect Vietnam with Asian markets.

Pham Hoai Linh, Deputy Director of Asia - Africa Market Department, Ministry of Industry and Trade

Ms. Nguyen Minh Phuong, Head of West Asia and Africa Department, Asia-Africa Market Department, Ministry of Industry and Trade, informed that Halal products bring benefits to health and the environment, so the demand for this product is not only popular with Muslims but also increasingly popular in many large markets such as China, Japan, the US, EU, etc. Despite the high price, consumers are willing to pay for Halal products. Therefore, the selling price of Halal products is 5-10% higher than that of regular products.

While world demand is increasing, Vietnam is one of the world's largest exporters of agricultural and aquatic products with many products suitable for the needs of Muslims such as rice, rubber, tea, cashews, coffee, pepper, shrimp, fish, etc.

In particular, trade cooperation with countries in the Southeast Asian region in processing and exporting will help Vietnam expand the export of Halal products to Middle Eastern countries. From there, it opens the door to penetrate the world market.

According to Pham Hoai Linh, Deputy Director of the Asia-Africa Market Department, Ministry of Industry and Trade, Vietnam has many opportunities to produce and export Halal food thanks to many free trade agreements (FTAs) of which Vietnam is a member. In addition, Vietnam is also a member of the ASEAN Working Group on Halal Food, which also creates opportunities to connect Vietnam with Asian markets.

“Due to difficulties in agricultural cultivation, Saudi Arabia needs to import over 90% of goods such as rice, fresh vegetables, fruits, nuts, spices; fresh and canned seafood... Therefore, the Halal product market has great potential for Vietnamese enterprises to exploit” - Mr. Pham Hoai Linh shared.

The rapidly growing Muslim market globally is a great opportunity for Vietnamese businesses to expand their operations.

Targeting potential markets

Pointing out some notes when exporting to the Saudi Arabian market, Mr. Tran Trong Kim, First Secretary, Head of the Vietnam Trade Office in Saudi Arabia, said that businesses need to research the market, local regulations on quality management and food safety and hygiene, and proactively send product samples for promotion and display at the trade office and the Vietnamese Embassy.

“The current trend in Saudi Arabia is moving towards a green, healthy lifestyle and sustainable environmental development. Organic, environmentally friendly products are beginning to be highly appreciated and are in demand in the near future. Therefore, businesses need to research and produce in this direction to increase export value. At the same time, it is necessary to build their own brands for their products in addition to selling, packaging, and printing labels according to importers' requirements…” – Mr. Tran Trong Kim recommended.

According to economic experts, although the Halal market is large, to exploit this market optimally, businesses need to learn and grasp business practices, trade regulations... to be able to access the Halal market.

As shared by Halal food quality consultant Le Chau Hai Vu, enterprises need to proactively register for Halal certification and national standards in line with the development orientation of the enterprise. At the same time, produce products that meet Halal standards, with packaging and designs suitable to the culture, customs and consumption habits of the market.

From another perspective, General Director of Mydin supermarket system Norman Rajen ABDullah, Malaysia, said that in order for Vietnamese Halal goods and products to be available at Mydin supermarket system in Malaysia, the first thing the products must do is have appropriate certification. Enterprises must base on each export market to register for appropriate certification.

“To accompany businesses in the process of penetrating the Halal market in the coming time, the Vietnam Trade Office in Singapore will organize booths at a number of large-scale Halal fairs held in the host country. Thereby, connecting trade between Vietnamese businesses and major Singaporean importers,” Mr. Dung shared.

According to information from the Ministry of Industry and Trade, in order to support businesses with resources to develop the Halal product market, the Ministry of Industry and Trade is currently developing a Project to support businesses in producing and exporting Halal products. Along with that, resources from the National Trade Promotion Program are also a channel to support businesses in participating in connection and trade promotion activities with the Halal product market in general, and the African - Middle Eastern market in particular.

According to information from the Ministry of Industry and Trade, spending on Halal food in the world is increasing rapidly from 1,400 billion USD in 2020 to 1,900 billion USD in 2030, expected to reach nearly 5,000 billion USD in 2050. Notably, Southeast Asia, South Asia and the South Pacific regions with a Muslim population and Halal food consumption of about 860 million people are potential export markets for Halal products, with a total value of up to 470 billion USD. Of which, Southeast Asia alone is 230 billion USD, South Asia and the South Pacific are 238 billion USD.

Solutions to attract Muslim tourist market

Source: https://baodantoc.vn/co-hoi-lon-cho-tieu-thu-hang-viet-tu-thi-truong-san-pham-halal-1721213298748.htm