Vietnamese Firms Utilize Blockchain for Halal Market Expansion

Vietnamese companies are increasingly employing blockchain technology to penetrate the halal market, ensuring compliance with Muslim dietary laws, Tuoitre News reported.

This innovative approach allows for secure storage of halal certification data, creating transparent and immutable records throughout the supply chain. By leveraging blockchain, firms can enhance consumer trust by identifying fraud and labeling errors, facilitating easier identification of halal products in international markets.

The Middle East and North Africa (MENA) region presents significant opportunities, with the halal consumer goods market projected to reach $5.9 trillion by 2025. As Vietnam’s exports of agricultural products could potentially increase by over 50% through successful halal market penetration, the Politburo is fostering conditions for local enterprises to engage in halal production and distribution.

With the MENA population expected to reach 600 million by 2030, Vietnam aims to leverage its agricultural strengths to meet the growing demand for halal products, while navigating the diverse halal standards across different countries.