Halal market potential – The key to business success

DNHN - Recently, IWEC organized the second edition of its Business Coffee program with the theme "Halal Market Potential – The Key to Business Success," attracting a large number of participating enterprises.

With the enthusiastic participation of numerous female entrepreneurs and guests seeking opportunities to expand their markets, the second edition of the Business Coffee program, organized by the International Women's Entrepreneurial Council (IWEC), was not just an ordinary meeting but truly a journey into knowledge and international integration strategies. The Halal market—regarded as a "promised land" with nearly 2 billion global consumers—was thoroughly and practically explored through the expert insights of two guest speakers: Mr. Ramlam Osman, Director of Halal Vietnam Center (Halcert), and Ms. Zeenab Akhtar, an expert in Islamic culture and international trade consulting.

Mr. Ramlam Osman shared that the Halal market, which adheres to Islamic standards for food, beverages, cosmetics, and other products, is experiencing a global boom. The Halal sector is not only a promising niche but a massive business opportunity for companies of all sizes and industries. Seizing this potential could be the key to achieving remarkable success.

Beyond food products, the Halal market extends into sectors such as fashion, tourism, finance, pharmaceuticals, and even entertainment. The rapid growth of the global Muslim middle class, coupled with increasing awareness of health and wellness, has fueled demand for high-quality Halal products and services. Particularly, the modern Muslim youth increasingly seek Halal products that not only meet religious standards but also align with contemporary trends and premium quality.

However, to succeed in the Halal market, businesses must thoroughly understand and strictly comply with Halal regulations and standards. This requires investment in certification from reputable agencies, transparency throughout production and supply chains, and the selection of raw materials that fully meet the standards. A lack of knowledge or oversight in this area can pose significant brand risks and customer loss.

In addition to compliance, businesses need to develop appropriate marketing strategies. Understanding the culture and consumption habits of Muslim consumers is crucial. Advertising campaigns must respect cultural and religious values, avoiding images or messages that could be deemed offensive. Utilizing appropriate media channels popular within the Muslim community is another key consideration.

Ms. Zeenab Akhtar offered an authentic and humanistic perspective on consumer behavior, cultural values, and how to build trust with Muslim consumers. Through her personal experiences and profound insights, she emphasized to Vietnamese businesses that conquering the Halal market requires more than compliant products—it demands genuine understanding and respect for differences. Building trust and maintaining transparency are paramount, she noted.

Muslim consumers place high value on the authenticity and provenance of products. Businesses must clearly communicate their production processes, sourcing of raw materials, and Halal certifications to earn customer trust. This transparency not only attracts consumers but also fosters long-term loyalty. Moreover, investing in research and development of new products is crucial. Understanding the needs and preferences of Muslim consumers and delivering products that meet these demands will give businesses a competitive edge. Creativity and innovation will help companies stand out in an increasingly competitive market.

Through the sharing and discussions at the event, IWEC provided businesses with a deeper understanding of the regulations and opportunities within this market. IWEC facilitates connections among women-led businesses worldwide, which can be especially beneficial in the Halal market by building relationships with suppliers, distributors, and experts in the field. IWEC supports enterprises seeking to enter the Halal market by offering guidance on Halal certification, marketing strategies, and practical solutions. Additionally, IWEC shares valuable resources such as market research reports, guidelines, and business support tools. IWEC contributes to promoting not only the participation of women-owned businesses in the Halal market but also diversification within the business community, with a mission to support global women entrepreneurs. This has the potential to make a significant contribution to the development of the Halal market by raising awareness, connecting stakeholders, providing support, and generating necessary resources.

The Halal market opens up enormous economic potential for businesses around the world, including Vietnamese companies. It demands rigorous research, strict adherence to Halal standards, smart marketing strategies, and a strong commitment to product quality. With thorough preparation and the right strategies, businesses can fully leverage the vast potential of the Halal market and achieve sustainable success.

Hanh Nguyen