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.
Vietnam has missed out on 23.6 billion USD in exports to halal markets. (Photo: thoibaonganhang.vn)
HCM City (VNS/VNA) – Vietnam has missed out on 23.6 billion USD in ex♏ports to halalmarkets, according to experts who spoke at a ꦡrecent seminar on standards needed for halal certification.
The event was organised by the HCM City Investment and Trade PromotionCentre (ITPC) on September 16. Director of ITPC Pham Thiet Hoa said the halal certification playsa major role in protecting consumer interests because it not only meetsreligious requirements but also complies with strict food safety and hygieneregulations. Muslims only use halal-certified products. According to recent statistics, there are nearly 1.8 billion Muslimsworldwide, accounting for about 23 percent of the world’s population. Most of them live in Malaysia, Indonesia, Brunei, Saudi Arabia, United ArabEmirates (UAE) and other countries in the Middle East. Since only a few of these countries produce halal products, marketpotential is huge. Entering these markets would improve Vietnam’s ability to sell products and open up greater export opportunities forlocal firms. According to the sales director of the Halal Centre in Vietnam, Ramlan Osman, the halal-related industry includeshalal-certified processed food and beverages, as well as raw materials forprocessing, cosmetics, pharmaceuticals, personal care and health products,logistics and restaurant services. Of the 1.8 billion Muslims worldwide, one billion are from Asia, while 230million of them live in Southeast Asia. The four Asian countries with developing Muslim markets include Indonesia,Pakistan, India and Bangladesh, with 700 million consumers. As the total Muslim population is expected to increase to 27 percent by2050, consumption of halal products would be 15 trillion USD. According to Ramlan Osan, Vietnam has great potentialto develop a halal economy. With the nation’s GDP growth increasing on average of 6 to 7 percent peryear, Vietnam has a strong base for halal industrydevelopment. Vietnam has an advantage in raw materials for halalproduction such as coffee, rice, seafood, spices, beans and vegetables, amongother items. Vietnam is also recognised as an attractive touristdestination, hence the growth in restaurants and hotels satisfyingHalal standards. The most recent statistics show that supply of potential halal productscould be worth 34.1 billion USD, but the figure that Vietnam actually reached was 10.5 billion USD. That means the country has missed out on 23.6 billion USD in exports to the halal market./.
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Vietnam has missed out on 23.6 billion USD in exports to halal markets.
