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Halal market still has room for Vietnam exporters

The Saigon Times

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HCMC – With more than two billion Muslims living in 112 countries and territories, the Halal market has considerable potential for Vietnamese businesses to boost their exports.

The HCMC Investment and Trade Promotion Center (ITPC) on October 31 held a forum on cooperation and development of the Halal industry in ASEAN to explore opportunities for Vietnamese businesses to join the international Halal supply chain. The event sought to strengthen the relationship between Vietnam and Muslim countries in the Association of Southeast Asia Nations (ASEAN).

Muslims make up 25% of the world’s population, and about 62% of the world’s Muslims live in Asia, with Indonesia having a large population.

A report issued by the Food and Agriculture Organization of the United Nations detailed how the global Muslim community’s spending on Halal food is increasing, which is expected to reach US$1.9 trillion by 2024 and US$15 trillion by 2050.

The development of the Halal industry will become a stimulus for the development of related sectors and services, said the report.

The event also creates opportunities for Vietnamese businesses to attract Muslim investors and tourists to Vietnam, contributing to the country’s development and strengthening cooperation with the 57 member countries of the Organization of Islamic Cooperation (OIC).

According to Vo Van Hoan, vice chairman of HCMC People’s Committee, there are increasing numbers of service complexes satisfying Halal standards in HCMC, while businesses in HCMC qualifying for Halal export standards have increased, in terms of volume and quality, over the past years.

To tap this potential market, HCMC is applying measures to orient the development of the Halal industry, in combination with green production and consumption and sustainable exports, as outlined by the city. HCMC will also introduce policies to support the development of the Halal industry in the near future, focusing on food, logistics and warehousing.

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