Vietnamese enterprises are seeing tremendous opportunities to participate in the global Halal market, enabling them to export competitive products and attract international investment from major financial groups into Vietnam.
The Halal Economy: The World’s Fastest-Growing Market Segment
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At the “Vietnam Halal Economic and Trade Development Conference” held on April 17, 2025, at the University of Commerce, Assoc. Prof. Dr. Nguyen Hoang, Rector of the University, highlighted that the global Halal market holds massive potential in terms of scale, consumer spending, sectoral diversity, and growth prospects.
Currently, more than 2 billion Muslims live across 112 countries and territories, including 57 member nations of the Organization of Islamic Cooperation (OIC) — representing about 25% of the world’s population.
In recent years, the Halal economy has become the fastest-growing market segment globally, expanding at an annual growth rate of 5.2%, with significant profitability and influence in the global food industry.
A report by MMR Market Research forecasts that the global Halal food market will reach USD 5.28 trillion by 2030and may expand to USD 15 trillion by 2050.
“The opportunity for Vietnamese enterprises to join the global Halal market is immense. It opens doors for exporting high-potential Vietnamese products and attracting financial investment from international corporations,” — said Assoc. Prof. Dr. Nguyen Hoang.
Massive Market Potential in Asia-Pacific
According to H.E. Ali Akbar Nazari, Ambassador of the Islamic Republic of Iran, the Halal market is currently valued at USD 8 trillion and is expected to grow to USD 12 trillion within the next five years — driven by increasing global demand for Halal-certified goods and services.
The Asia-Pacific region, home to the largest Muslim population worldwide, serves as the core consumer base, accounting for over 63.3% of global Halal consumption.
This highlights vast opportunities not only for Muslim-majority countries but also for nations like Vietnam, which possess strategic geographic advantages and growing production capacity to serve this expanding market.
Vietnam’s Conditions for Developing the Halal Economy
Experts emphasized that Vietnam is emerging as a rising star in global supply chains, with favorable conditions for developing its Halal industry, including:
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Strategic geographic location connecting ASEAN and global markets
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Strengths in agriculture, food processing, tourism, and services
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Deep and comprehensive integration through participation in multiple high-standard free trade agreements (FTAs)
Engaging in the Halal market provides opportunities to diversify export destinations, promote tourism, and attract international investments into Vietnam — particularly in agriculture, manufacturing, logistics, and food processing technologies that meet Halal standards.
Such engagement also helps improve competitiveness, enhance human resource quality, and facilitate technology transfer across key sectors.
Current Challenges for Vietnamese Enterprises
Despite the vast potential, Vietnam currently exports only about 20 Halal-certified product categories, with total import-export turnover with Muslim countries in ASEAN reaching just USD 26.37 billion, accounting for a modest share of overall exports.
Key obstacles include:
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Limited understanding of the Halal market and consumer behavior
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Complex certification processes and strict production standards
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High investment costs for obtaining and maintaining Halal certification
Recommendations and Strategic Directions
To avoid missing opportunities in this trillion-dollar market, Vietnam’s government should focus on several key areas:
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Connecting localities and enterprises with global Halal markets and partners.
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Prioritizing agriculture, tourism, textiles, pharmaceuticals, and cosmetics.
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Attracting investment, providing technical support, and developing human resources.
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Improving the legal framework and streamlining Halal certification procedures.
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Promoting mutual recognition agreements on Halal certification with other countries.
Furthermore, Vietnam should enhance cultural and people-to-people exchanges with Muslim-majority nations to strengthen mutual understanding and cooperation.
Negotiating bilateral and multilateral agreements, signing MoUs, and promoting the “Halal Vietnam” brandglobally will be crucial steps toward unlocking the full potential of this promising sector.
To build international trust, Vietnam must ensure its Halal certification system is transparent, efficient, and globally recognized — a vital foundation for success in the global Halal economy.