Hanoi Conference to Boost Vietnam’s Halal Industry

The Vietnam Academy of Social Sciences recently hosted a pivotal conference dedicated to advancing Vietnam’s Halal ecosystem. This significant event highlighted Vietnam’s dedication to strengthening cooperative ties with key markets in South Asia, West Asia, and Africa. These regions are crucial for the growth of Halal-certified products, presenting immense opportunities for Vietnam to expand its export market and boost economic ties. The conference served as a platform for industry leaders, policymakers, and businesses to discuss strategies and share insights on tapping into the lucrative global Halal market.

Key Insights and Opportunities of Vietnam Halal

Growing Global Halal Market

Dr. Phan Chi Hieu, president of the Vietnam Academy of Social Sciences, highlighted that the global Muslim population is projected to reach 2.18 billion by 2030. This surge is driving the Halal market’s growth, expected to be valued at $3 trillion by 2025. The conference provided a platform for local businesses to explore opportunities to boost exports, attract investment, and draw Muslim tourists, thereby enhancing Vietnam’s trade ties with the 57 countries of the Organization of Islamic Cooperation (OIC) and beyond.

Challenges and Strategic Recommendations

Assoc. Prof. Dr. Dinh Cong Hoang, head of the Middle East and West Asia Research Department, pointed out that many Vietnamese businesses lack awareness of the Halal certification system, which remains complex and not fully aligned with international standards. High costs associated with Halal production, including specialized equipment and safe raw materials, pose additional challenges.

To overcome these hurdles, Dr. Hoang emphasized the need for Vietnam to:

• Strengthen international cooperation.
• Raise public awareness about the potential of the Halal market.
• Accelerate economic diplomacy with Muslim countries.
• Sign free trade agreements (FTAs) with these nations.
• Establish a Halal Certification Authority (HALCERT) to streamline certification processes and boost exports.

Infrastructure and Policy Support

Vietnam’s push to develop its Halal industry includes setting up necessary infrastructure and obtaining state support to ensure sustainable growth. Establishing mutual recognition agreements on Halal standards with Muslim countries is also critical. This strategic move would facilitate easier certification and enhance Vietnam’s export capabilities in the Halal sector.

Promising Developments and Future Prospects

Vietnam is making strides in the global Halal market. The country’s potential to produce up to $34 billion worth of Halal goods for OIC nations by 2024 has been recognized. Notable companies, such as Minh Phu Seafood Corporation and Vinamilk, have successfully entered the Halal market, expanding their reach to Muslim-majority countries after obtaining Halal certification.

Vietnam is strategically positioned to expand its footprint in the global Halal market, thanks to its robust agricultural base and rapidly growing food processing industry. By fostering international cooperation and streamlining Halal certification processes, Vietnam can significantly boost its Halal exports. This strategic initiative promises substantial economic benefits and enhances Vietnam’s role in the global Halal ecosystem, positioning the country as a key player in meeting the rising global demand for Halal-certified products. Through these efforts, Vietnam aims to solidify its status as a leading Halal product exporter, driving growth and fostering sustainable development.