Vietnam aims to develop its Halal industry into a key strength, positioning the country as an indispensable destination on the global Halal map.
Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
The Halal market, catering to Muslim consumers, holds vast potential in terms of scale, population, spending power, and industry diversity. It presents a promising opportunity for Vietnam’s export sectors, particularly agriculture. However, strict Halal standards make it a challenging market for Vietnamese agricultural products.
The global Halal market has a massive scale and great development potential thanks to the 2-billion-strong Muslim community that accounts for nearly 25% of the world's population. It is forecast to reach about 2.8 billion people by 2050, with a market value expecting to hit 10 trillion USD by 2028.
Vietnam aims to turn its Halal industry into a strong economic sector, positioning the country as an indispensable destination on the global Halal map and an important link in the supply chain of Halal products and services worldwide, Prime Minister Pham Minh Chinh stated at a conference held in Hanoi on October 22.
