The Halal economy is emerging as an important pillar of the world economy. Photo: ISA Halal.

(VAN) Vietnam is regarded as one of the gateways to enter the Halal market in the Asia-Pacific region, which has the world’s largest Muslim population.

A big opportunity for Vietnam to enter the USD 12 trillion market

On April 17 in Hanoi, the University of Commerce, the Vietnam Academy of Social Sciences, the Institute for South Asian, West Asian, and African Studies, and the Ho Chi Minh National Academy of Politics co-hosted the 1st International Scientific Conference on “Innovation, Integration, and Sustainable Development,” with the 2025 theme being “Developing Vietnam’s Halal Economy and Trade.”

The conference brought together scholars, policymakers, diplomats, and entrepreneurs from universities, research institutes, government agencies, embassies, and domestic and international enterprises to exchange experiences, assess the current situation, and propose solutions for developing the Halal economy and promoting Halal goods exports.

Assoc. Prof. Dr. Nguyen Hoang, Rector of the University of Commerce, stated that, in terms of size, spending, sector diversity, and future growth prospects, this is an extremely promising market.

Currently, over 2 billion Muslims reside in 112 countries and territories, of which 57 are members of the Organisation of Islamic Cooperation (OIC). This accounts for approximately 25% of the world’s population, with 62% of them living in Asia, particularly within the Association of Southeast Asian Nations (ASEAN).

According to Assoc. Prof. Dr. Nguyen Hoang, Vietnam is emerging as a new economic star in the global supply chain. It holds favorable conditions for Halal industry development, including advantageous geography, strengths in agriculture, food, tourism, and services, and comprehensive international economic integration via many major regional economic agreements, including next-generation free trade agreements.

“The opportunity for Vietnam to participate in the global Halal market is immense—not only for diversifying markets and developing tourism but also for exporting key Vietnamese products and attracting financial investment from international and regional corporations into Vietnam. This would help Vietnamese businesses and localities improve competitiveness, enhance human resource quality, and promote technology transfer, particularly in production, processing, preservation, and transportation technologies that meet Halal standards,” the University of Commerce representative emphasized.

Strategic Gateway in Halal Food Industry

According to the Ambassador of the Islamic Republic of Iran, Ali Akbar Nazari, one of the most important segments of the Halal economy is the food industry, accounting for about 65% of total Halal trade.

In 2023, this sector generated 2.3 trillion USD in revenue and is expected to reach 5.3 trillion USD by 2030, with a compound annual growth rate (CAGR) of 10.5%. In addition, Halal food is expected to account for 20% of total global food trade in the near future.

“The growing demand for Halal products globally brings unprecedented cooperation opportunities,” Ambassador Ali Akbar Nazari emphasized, affirming that the potential for cooperation between Iran and Vietnam in the Halal market is huge.

Sharing more about the Asia-Pacific region, home to the world’s largest Muslim population, which plays a central role in this dynamic market, consuming over 63% of global Halal products, Ambassador Akbar Nazari emphasized Vietnam’s strategic position as an important gateway to this vast market. Moreover, with the aspiration to expand Halal product exports, especially to the West Asia region, Vietnam can see Iran as a natural bridge, an ideal partner to realize that goal.

“Iran is willing to share its experience, resources and legal system in the Halal industry. We wish to cooperate with Vietnam in many areas such as establishing Halal certification processes, organizing training programs and seminars. By sharing technical knowledge and operational experience, we can support Vietnam in building a strong Halal system that meets the requirements of the global market,” Ambassador Ali Akbar Nazari shared.

Sharing the same view with Iran, Ambassador of the Kingdom of Morocco to Vietnam, Mr. Jamale Chouaibi, suggested that the two sides can promote cooperation in exchanging professional knowledge. Technical cooperation between the two sides can focus on building infrastructure for Halal certification such as laboratories, inspection and assessment systems, as well as adjusting Halal standards to international standards.

In terms of market access, Morocco can become a bridge for Vietnam's Halal products to enter African, Middle Eastern and European markets. In return, Vietnam can also help bring Moroccan products closer to Southeast Asian consumers.

“In addition, Morocco-Vietnam cooperation can be formalized through agreements and memorandums of understanding (MoUs) to harmonize standards and simplify Halal certification processes, facilitating bilateral trade and expanding market access opportunities,” Ambassador Jamale Chouaibi emphasized.

The Halal economy has emerged as an important pillar of the world economy, going beyond the scope of the Muslim community to become a global force. Currently, the Halal market size is about 8,000 billion USD and is forecast to increase to 12,000 billion USD in the next 5 years.

Source: Nong Nghiep Moi Truong Newspaper