The Halal Market: A "Gold Mine" for Enterprises

​(News Portal – Dong Nai) - The global Halal market, catering to the Muslim community worldwide, is projected to exceed 7.7 trillion USD by 2025, with over 2 billion Muslims representing a significant opportunity for Viet Namese enterprises (DN) to penetrate this vast market. 

In recent times, the government and the business community have actively prepared conditions to increase the export of goods and services to this expansive market. By implementing Halal certification, Viet Nam affirms its role as a reliable supplier of certified Halal products, opening new opportunities for enterprises. 

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Products from Domilk Joint Stock Company have numerous opportunities to enter the Halal market. 

Proactively Seizing Opportunities

With a large population and a continuously growing economy, the spending and consumption of Halal products in Muslim countries are on the rise, extending beyond the Muslim-majority nations due to the stringent production and hygiene requirements for certification. Additionally, the Halal economy now spans not only the food sector but also various other areas such as tourism, cosmetics, and pharmaceuticals. This presents an opportunity for the government to lead and for Vietnamese enterprises to explore.

On October 23, a national conference on Halal was held under the theme "Harnessing Internal Strength, Strengthening International Cooperation to Promote the Development of Viet Nam's Halal Industry." According to Minister of Science and Technology Huynh Thanh Dat, Viet Nam is preparing conditions to support the business community in entering this market. The Ministry has proactively developed national regulations on Halal, including standards for Halal food, agricultural production, animal feed, and Halal slaughtering. In 2023, the ministry announced national standards for Halal certification organizations. In 2024, it plans to establish a National Halal Certification Center and develop the national standard TCQG14230:2024 "Halal-Friendly Tourism Services - Requirements" to facilitate attracting Muslim tourists for sightseeing, relaxation, and conference tourism, contributing to the development of the Halal industry in Viet Nam.

Along with other key markets, Halal represents a "golden opportunity" for Vietnamese enterprises to enhance production capacity and strengthen cooperation with partners to effectively participate in the global Halal value chain.

Specifically, Viet Nam's agriculture plays a crucial role in ensuring global food security, with many basic agricultural products fully complying with Halal standards (such as seafood, pepper, cashews, coffee, and rice). Viet Nam also has significant advantages in tourism development, including Halal tourism, with over 3,000 km of coastline, diverse ecosystems, and many globally recognized beautiful bays and beaches. Therefore, Viet Nam is keen to elevate Halal cooperation to become an "important economic cooperation content, a new pillar, and a new driving force" in developing relations with countries, including the global Muslim community.  

Finding Solutions to Exploit the Market

While the market is substantial, without appropriate and synchronized solutions, tapping into it can be challenging. Enterprises must seize opportunities and create conditions for collaboration to explore effective strategies.

Many businesses are actively preparing products and services for the Halal market. Mr. Vo Van Manh Em, a representative from Domilk Joint Stock Company (Long Thanh District), stated that the company is improving its products to meet the diverse needs of the market. Notably, Domilk is developing a line of products for the Halal market with the aim of providing the highest value to consumers in this sector.

To achieve this goal, at the end of August, Domilk participated in a training program on Halal standards in Ho Chi Minh City. Through this training, the company gained a deeper understanding of Halal standards and had opportunities to meet and learn from leading experts in the field. "We aim to ensure that our production processes strictly adhere to Vietnamese Halal regulations, develop high-quality products that meet market demands, and establish a comprehensive quality control system," Mr. Manh Em shared.​

Similarly, G.C Food Joint Stock Company (Ho Nai Industrial Park, Trang Bom District) has begun exporting goods and food products to Halal markets. Ms. Nguyen Thi Thanh Tam, the company's Communications Director, shared that the company specializes in producing and processing agricultural products, thus having substantial potential to tap into the Halal market. Currently, G.C Food's products are exported to approximately 20 markets worldwide, including Japan, South Korea, several Western and Eastern European countries, the Middle East, and Southeast Asia. Notably, Muslim countries account for about 20% of the company's total export revenue, a figure expected to grow in the future.