NationThailand-Jan 25
Vietnam is developing a national decree to manage the quality of its halal products and services and to promote them internationally.
The plan includes significant government support for Vietnamese certification bodies to achieve international recognition, making their certifications valid in key export markets. The government will offer financial support to entrepreneurs through aid for trade fairs, preferential interest rates for halal investments, and inclusion in national branding programs. This initiative is part of a long-term strategy to increase Vietnam’s share of the global halal market, which is projected to be worth as much as $10 trillion by 2028. It is well known that the halal economy is a key driver that can help sustain economic momentum and growth in many countries, because demand in the halal economy is clear, reliable, and high in value. However, the premium nature of this market has also attracted major competitors seeking to capture market share. Although Thailand has played a leading role in this arena, reflected in its halal food exports to member countries of the Organization of Islamic Cooperation (OIC), valued at as much as THB250 billion, without further development and the pursuit of new opportunities, Thailand’s role could be pushed towards the back of the pack. According to the Office of Commercial Affairs (Thai Trade Center) in Ho Chi Minh City, Vietnam plans to proactively negotiate and sign international agreements to promote and support entrepreneurs in developing and expanding markets for halal products and services, under a draft decree on halal products and services quality management. The draft decree stipulates support for Vietnam’s halal certification bodies to enhance their capabilities until they are recognized at the international level, and to ensure certification results are accepted by many countries, especially target export markets. Read more at:
https://www.nationthailand.com/blogs/business/trade/40061687
