Opportunity for Vietnam to join global supply of Halal products
Volatility in global supply chains following COVID-19 is both a challenge and an opportunity for Vietnamese businesses to make inroads into the global supply of Halal products, a workshop in Hanoi on April 28 heard.
Customers at a Halal food store in Ho Chi Minh City. (Photo: VNA)
Hanoi (VNA) - Volatility in global supply chains following COVID-19is both a challenge and an opportunity for Vietnamese businesses to make inroadsinto the global supply of Halal products, a workshop in Hanoi on April 28 heard.
Cao Thi Phi Van, Deputy Director of the HCM City Centre for TradePromotion and Investment, said some businesses have been actively seeking newmarkets, including the Muslim community.
However, she added, this market has specific standards that Vietnamesefirms must study and follow.
Ramlan Osman, Sales Director at the Halal Centre in Vietnam, said thereare over 1.8 billion Muslims worldwide in 57 countries and territories and theyonly consume Halal-certified products.
He added that Vietnam has a lot of advantages in seizing opportunities inthe Halal market thanks to the country’s abundance of suitable raw materials suchas coffee, rice, fisheries, spices, beans, and fruit and vegetables.
Nevertheless, he went on, not many businesses or products from Vietnamhave been able to soundly access the market over recent years.
Apart from food, Vietnam also has advantages in products relating tohealth care, cosmetics of natural origin, handicrafts, household items, andtourism services, he added.
It is estimated that demand among the Muslim community for products foundin Vietnam is about 34 billion USD per year. But, in fact, Vietnam’s export of such products to this market has reached only 10.5 billion USD, meaning that morethan two-thirds of consumer demand, worth 23.6 billion USD, has been missed.
Vietnamese businesses should therefore learn more about the market and identifyeffective strategies to boost exports, experts have suggested./.
With nearly 2 billion Muslims worldwide and demand for Halal products being worth around 2.3 trillion USD annually, there is potentially a huge market for Vietnamese firms to exploit, experts have said.
Vietnam has missed out on 23.6 billion USD in exports to halal markets, according to experts who spoke at a recent seminar on standards needed for halal certification.
The first certified Halal convenience store was put into service in Ho Chi Minh City on December 25, giving Muslimsin the southern metropolis more food choices.
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Customers at a Halal food store in Ho Chi Minh City. (Photo: VNA) 
