A workshop was held virtually by the Ministry of Foreign Affairs on August 10 to seek ways to beef up international cooperation for the development of Halal industry in Vietnam.
Deputy Minister of Foreign Affairs Pham Quang Hieu said the event is one of the ministry’s initiatives to boost Vietnamese exports to the Halal market and build a strategic and comprehensive plan for the industry in Vietnam.
The global Halal market is very large but Vietnam’s market share is quite modest as Vietnamese producers have been struggling to obtain Halal certification, according to participants at the event.
Additionally, Halal standards and regulations are increasingly tightened and a Halal certification is not permanent and equally recognised by countries. Vietnamese firms are also facing stiff competition from many rivals who have already established strong footholds in the Islamic markets.
Despite all these, the global Halal market remains promising for Vietnam as the country holds competitive edges in food production, tourism, textile and garment, and pharmaceuticals, which are dubbed as pillars of the Halal economy.
It has also signed many free trade agreements (FTAs), including a number of new-generation deals, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam FTA (EVFTA), and Regional Comprehensive Economic Partnership (RCEP).
In order to not miss any chance to access the Halal market, it is critical for Vietnam to step up international cooperation to shape suitable strategies for the development of the Halal industry.