Vietnamese food processors have opportunities to tap into the billion-US$ Halal market when attending a hybrid exhibition on Halal products and processed food scheduled in late May in Singapore.
The Food and Agriculture Organisation of the United Nations (FAO) in Vietnam estimated that the Halal market is growing rapidly, with Muslim consumers worldwide spending US$1.4 trillion on Halal food, and the figure expected to be ten times higher in 2050.
As a leading agricultural exporter in the world, Vietnam has huge advantages to penetrate into the Halal market, experts said, adding it is necessary to study consumers’ demand and Halal market’s standards.
Vietnamese authorities have joined hands with their partners in Singapore hold the hybrid event at Changi International Airport, aiming to help Vietnamese firms to engage in the promising Halal market.
Participants need to obtain Halal certificates, satisfy the Hazard Analysis Critical Control Point (HACCP), and provide products’ instruction in English, according to the Ministry of Industry and Trade’s Trade Promotion Agency.
Joining the event, businesses will enjoy free-of-charge exhibition areas, transportation, and business-matching events. Along with communication work, they will receive support to sell their Halal products at Singaporean supermarkets.
This is Vietnam’s first Hybrid exhibition in a foreign country, aiming to pilot trade fair in combination with business matching through digital platforms.
The exhibition will last for one week with strict trade measures put in place to ensure safety for the participants.
It is estimated that demand among the Muslim community for products found in Vietnam is about US$34 billion per year. But, in fact, Vietnam’s export of such products to this market has reached only US$10.5 billion, meaning that more than two-thirds of consumer demand, worth US$23.6 billion, has been missed.
Every year, about 50 Vietnamese companies are granted halal certifications mainly for seafood, beverages, canned foods, confectionery, vegetarian food and pharmaceuticals products.