The global Halal tourism sector is a billion-dollar opportunity, an emerging market brimming with untapped potential. As one of Vietnam’s leading tourism destinations, Hanoi is wasting no time in tapping into this growing space.
Businesses in both countries can leverage Vietnam’s strong manufacturing base and Singapore’s position as a commercial hub, as well as advantages of new-generation Free Trade Agreements (FTAs)—in which Vietnam and Singapore participate—to facilitate deeper access to global Halal markets.
The ASEAN region's growing demand, combined with geographic proximity that reduces transportation costs, creates a substantial competitive edge for Vietnamese enterprises.
With the US imposing reciprocal tariffs on exports, many Vietnamese firms are pivoting to the burgeoning global Halal market to diversify their revenue streams and boost export growth.
Ngo Xuan Nam, Vietnam SPS Office Deputy Director, stated that the upgraded SPS chapter promises smoother, more transparent exports of agricultural products within the bloc and helps minimise unnecessary risks.
Vietnam’s agro-forestry-aquatic product exports are projected to surpass 62 billion USD this year, with a record trade surplus of 18.6 billion USD, marking a new milestone for the sector. This promising achievement signals potential for even stronger growth in 2025, industry insiders have said.
With its strategic geographic location near major Muslim countries, Vietnam has a huge advantage to access the Halal markets, many of which are open to importing local agricultural products. Therefore, adapting to the regulations of these markets will help businesses and cooperatives gain a competitive edge.
Halal products for export require critical international certification and adherence to Halal standards, heard a conference on trade performance held on November 14 in Ho Chi Minh City as part of the Vietnam Foodexpo 2024.
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.
With a large population and a rapidly growing Halal food market, the Middle East-North Africa (MENA) region is a potential market for Vietnamese businesses.
Visakan Investment and Biotechnology Development Joint Stock Company (Visakan) on May 2 held a ceremony in the northern province of Bac Ninh to mark its first shipment of veterinary medicine valued at over 200,000 USD to Indonesia - a Halal market.
Experts and representatives from a number of countries, organisations and businesses gathered at a conference in Hanoi on December 21 to share measures in producing and exporting products to the international Halal market, as well as key information to promote the sustainable development of Vietnam’s Halal industry.
Malaysian Ambassador to Vietnam Dato Tan Yang Thai has said the Vietnam-Malaysia relationship is developing soundly, and there remains potential to strengthen cooperation between the two sides in the coming time.
The dynamism and experience of a producing country will be advantages for Vietnamese businesses when joining the global halal market, to which Singapore is the nearest gateway, said Vietnamese Trade Counsellor to the city state Cao Xuan Thang.
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.
