With nearly two billion Muslims in the world and rising demand for halal products, there is potentially a huge market for Vietnamese companies to exploit, experts said.
Promoting cooperation with Malaysia in the halal food industry is one of the priority cooperation areas between the two countries, Vietnamese Ambassador to Malaysia Tran Viet Thai has said.
The Vietnamese Trade Office in Indonesia has been taking various measures to actively support Vietnamese enterprises in entering Indonesia, given that it is a protected market with many non-tariff barriers, according to Trade Counsellor Pham The Cuong.
Indonesia has approved its first locally developed COVID-19 vaccine for emergency use, head of national food and drug agency Penny Lukito said on September 30, hailing it as a step toward “the nation’s independence in access to medicine”.
Fluctuations in supply chains and consumer demand in some ASEAN markets, which are home to many Muslims, have created unprecedented opportunities for Vietnamese exporters, industry insiders have said.
There remains room to advance trade and investment cooperation between Vietnam and Indonesia, with the latter being a potential export market of the former in the ASEAN region, according to speakers at a workshop held in Ho Chi Minh City on September 15.
A conference on promoting international cooperation for developing Vietnam's Halal industry was held by the Ministry of Foreign Affairs in collaboration with the Ministry of Agriculture and Rural Development (MARD) on June 28 in Hanoi in both in-person and online forms.
Vietnam should focus on Malaysia for exports, especially food and beverages, during the post-pandemic economic recovery, heard a workshop held in Ho Chi Minh City on June 2.
Indonesia, with the largest Muslim population worldwide, should become a major player in the global halal industry rather than merely a market target of this industry, according to the Indonesian People's Consultative Assembly (MPR) speaker.
There remains great potential for Vietnam and Malaysia to promote economic and trade cooperation, especially in information and communication technology (ICT), infrastructure investment, digital economy and Halal foods, according to Shan Saeed, chief economist and global investment strategist at Malaysia-based IQI Global.
Vietnam is looking forward to Malaysia’s support to develop Halal food industry, contributing to lifting the bilateral trade to 18 billion USD by 2025, Ministry of Industry and Trade Nguyen Hong Dien told his Malaysian counterpart Mohamed Azmin Ali during their recent meeting in Hanoi.
There is a really great potential for Vietnam and Malaysia to promote economic cooperation in the post-COVID-19 period, especially in trade and investment, according to an official from the Malaysian Ministry of International Trade & Industry (MITI).
Vietnamese agencies stand ready to create optimal conditions for investment funds and corporations of Saudi Arabia to seek investment cooperation chances in Vietnam, said Prime Minister Pham Minh Chinh while receiving Minister of Foreign Affairs of Saudi Arabia Prince Faisal Bin Farhan Al Saud in Hanoi on March 17.
Indonesian Deputy Minister of State-Owned Enterprises Pahala Nugraha Mansury said on February 3 that the potential for Indonesia's halal product exports has reached around 3.6 billion USD.
Vietnam should strive to tap the potential Halal market considering its location in Southeast Asia - South Asia - South Pacific region, which is home to 860 million Muslims, accounting for 66 percent of the total Muslim population in the world, Nguyen Quoc Dung, Deputy Minister of Foreign Affairs said.
Malaysia’s halal market is expected to contribute 8.1 percent to the Gross Domestic Product (GDP), with export revenue estimated to be 56 billion RM (14 billion USD) in 2025, according to a report from the Prime Minister’s Office.
Indonesian Religious Affairs Minister Yaqut Cholil Qoumas stated that halal certification has been made mandatory for medicine, cosmetics, and consumer goods products starting on October 17 as stipulated in a regulation of the government on pertaining to the implementation of halal product insurance.
TH Group is one of nearly 40 Vietnamese businesses selected to join the “Vietnam National Brands Week 2021” in Singapore – Hybrid Expo on Halal and Processed Food Products.
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