Vietnam crucial in $10-trillion global Halal market: foreign experts
Vietnam crucial in $10-trillion global Halal market: foreign experts
Vietnam is emerging as a critical link in the Halal supply chain and can become a key player in the global Halal market, which is projected to reach US$10 trillion by 2030, according to experts from Saudi Arabia and India.
Vietnamese Prime Minister Pham Minh Chinh visits a booth featuring Halal-certified products at the International Halal Conference in Hanoi, October 22, 2024. Photo: Doan Bac |
The International Halal Conference, centered on fostering international cooperation and mobilizing internal resources to develop Vietnam’s Halal industry, took place in Hanoi on Tuesday, The Gioi & Viet Nam (World & Vietnam) Report said.
The event was organized by Vietnam's Ministries of Foreign Affairs, Science and Technology, and Agriculture and Rural Development, marking it as the first national-level event in the country focused on the Halal industry.
The event was attended by Vietnamese Prime Minister Pham Minh Chinh and hundreds of online and in-person attendees, including more than 50 delegations of international organizations.
At the conference, both domestic and international delegates discussed Vietnam's potential and strategic positioning to enter the global Halal market.
Dr. Yousif S. AlHarbi, vice-president of the Saudi Halal Center, under the Saudi Food and Drug Authority, hailed Vietnam as a crucial link in the global Halal supply chain.
The Saudi Arabian pundit also commented that Vietnam, with its advantages, can become a Halal production and distribution center in the global market, which is projected to reach $7.7 trillion in 2025 and $10 trillion by 2030.
Echoing Dr. AlHarbi's sentiments, Halal India chairman Mohamed Jinna said that the Halal market is vast and varied, and Vietnam is capitalizing on a golden opportunity to enter and grow in this space.
He said that participating in this market is a strategic move for Vietnam, immersing the country deeper in Halal international economies.
He added that Vietnam has the potential to become a key player in the market.
Addressing the conference, PM Chinh said Vietnam has set a goal of becoming an unmissable destination on the global Halal map and a significant link in the supply chain of Halal products and services internationally.
He also drew everyone's attention to the humane significance of developing Vietnam's Halal industry.
Promoting the Halal industry helps connect Vietnamese people with other countries, especially those in the Muslim world, in the context of wars, conflicts, and other complicated developments in many places around the globe, PM Chinh explained.
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| Dr. Yousif S. AlHarbi, vice-president of the Saudi Halal Center, under Saudi Food and Drug Authority, speaks at the International Halal Conference in Hanoi, Vietnam, October 22, 2024. Photo: Doan Bac |
The Halal industry provides products and services that are ‘allowed’ and ‘legal’ to use according to Islamic law with strict requirements from ingredients to processing and transportation.
It will also contribute to caring for and protecting people's health in the spirit of ‘eating well and eating clean.’
In recent times, demand for Halal products has come not only from Muslims but also from customer groups that are keen on clean, high-quality products.
The Vietnamese government chief affirmed that Vietnam wishes to make Halal "an important economic cooperation content, a new pillar, and a new driving force" in advancing relations with other countries.
Local businesses have signed several Halal cooperation agreements with their Muslim and non-Muslim partners to improve their production capacity and quality and effectively participate in the global Halal market, Chinh said.
He encouraged local Halal companies to strengthen ties and share insights with their international counterparts.
He also recommended enhancing cooperation with partners, entering into mutual recognition agreements on Halal certification, attracting international investors, and promoting Vietnam’s Halal products.
At the conference, Minister of Science and Technology Huynh Thanh Dat introduced delegates to the Vietnam Halal Certification Authority (HALCERT), which was initiated in March, and the Vietnam Halal Standards.
The minister told attendees that Vietnam will continue coordinating with international partners to promote the standardization of production, build a sustainable ecosystem, and improve the Southeast Asian country's certification capacity to meet the strict requirements of the global Halal market.
