Vietnam’s total trade with Islamic countries in the ASEAN bloc stood at just $26.73 billion in the first nine months of this year, the General Department of Vietnam Customs has reported.
It currently exports 20 or so Halal-certified items to these markets.
Chairwoman of the Food and Foodstuff Association of Ho Chi Minh City, Ly Kim Chi, said the reasons why include differences in business culture and consumer tastes and, especially, the strict process of obtaining Halal certification, which does not have a permanent value and varies in each Islamic country.
She said that around 50 Vietnamese businesses have products, mostly seafood, beverages, and confectionery, certified to enter Halal markets every year and this figure is quite modest.
The global Halal economy is worth $7 trillion and is expected to reach $10 trillion before 2028.
Speaking at the “Cooperation and Development of the Halal industry in ASEAN” workshop in Ho Chi Minh City on October 31, Mr. Agustaviano Sofjan, Indonesia’s Consul General in the city, said that with the largest Muslim population in the world, Indonesia has a Halal market of $180 billion and it is expected to skyrocket to $281 billion by 2025.
According to Malaysia’s Consul General in Ho Chi Minh City, Rosmizah Binti Mat Jusoh, the country “is thirsting” for Halal products, with up to 80 per cent of the market still available for suppliers of Halal products and services.
Meanwhile, Singapore also has major demand for Halal items, even though Muslims only make up 14 per cent of its population.
Mr. Jason Yeo, Vice President of the Singapore Chamber of Commerce in Vietnam, said the country’s Halal market is expected to grow 8-10 per cent over the next few years.