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Group Islam & implications for international trade and business - Contact with Vietnam Vu Hoang Dung – Nguyen Hai Long Understanding Islam: A Brief Introduction Islam (Ikhlas & Salam) (peace-purity) : from the spiritual point, it means peace and complete submission to the will of God When we submit to the will of God then we will have true peace Islam Today: Demographics There are an estimated 1.2 billion Muslims worldwide There are an estimated 1.5 billion Muslims worldwide Where Do Muslims Live? The Top 9: 1) Indonesia, 2) Pakistan, 3) Bangladesh, 4) India, 5) Turkey, 6) Iran, The Muslim: Practice ◎ ◎ ◎ ◎ ◎ Prayers Charity (Zakat) Fasting (Ramadan) Pilgrimage (Hajj) Others (e.g being a good neighbour) The Muslim consumption pattern • • • • Islamic dietary terms Halal - lawful Haram - unlawful Makrooh (disliked or offensive act ) -discouraged Mashbooh (suspicious) The Muslim consumption pattern Allowed* (Halal): ◎ Properly slaughtered cattle, sheep, goats, deer, camel, chicken, etc ◎ All non-poisonous vegetables and fruits * This list is not exhaustive The Muslim consumption pattern Prohibited (Haram): ◎ Dead meat or carrion ◎ Pork and all products and ingredients derived from swine ◎ Flowing or congealed blood ◎ Alcohol ◎ Carnivorous animals with fangs and birds of prey with sharp claws * This list is not exhaustive The Muslim consumer: Sources of law • The Quran (Muslim Holy book) • The traditions of the Prophet • The consensus of learned Muslims on emerging issues derived from the Quran and the traditions of the Prophet (PBUH) Global event and the Muslim consumer In 2006, 'spinning whirl' ice creams look similar to the word Allah written in Arabic script  Ice creams are being withdrawn from Burger King — because a design on the lid looks like the word Allah http://www.thesun.co.uk/article/0,,22005430136,,00.html Contact with Vietnam Trade with Middle East countries ◎ ◎ Middle East: In 2016, two-way trade turnover reached $ 10.887 billion, up more than 100% compared to 2011 Of which, Vietnam exports to the Middle East reached $ 8.059 billion and imports from the Middle East reached $ 2.828 billion Main export product are agricultural products (rice, coffee, pepper, etc.), aquatic products (fish, shrimp, etc.), industrial products (textiles and garments, fabrics, machinery and electronic component, etc ) ◎ Main import Product: Raw materials for textile industry, crude oil, DAP, medicine, fish meal for cattle Trade turnover with Egypt Trade turnover with UAE Source: Ministry of Industry and Trade Trade with Islamic Southeast Asia countries ◎ Southeast Asia: Mainly trade with Malaysia and Indonesia with two-way trade turnover of more than 13 billion dollars in 2015 ◎ Main Export Products: Agricultural products(rice, coffee, rubber, etc.), computer, electronic device, smartphone, raw oil ◎ Main Import Products: Computer, electronic component, fuel, chemical, plastic, etc Trade Turnover with Malaysia Source: VCCI Trade turnover with Indonesia Source: VCCI SWOT Analysis for Vietnam to business in Islamic countries Strength + No major conflict with Islamic Nations + The Workforce is cheap and abundant + Experienced in producing agricultural and aquatic products + Many big factories of foreign companies with export orientation is located in Vietnam + Tax incentives under agreements in South East Asia Weaknesses Weaknesses + Most of the exported are raw products Most of the exported are raw products ++ Heavily dependent on FDI Heavily dependent on FDI ++ The unawareness of other culture The unawareness of other culture ++ The quality of exported goods is low + The quality of exported goods is low + The lacking of information The lacking of information ++ Vietnamese Brands is still weak + Vietnamese Brands is still weak Opportunity + Biggest import market for agricultural and aquatic products + Potential market to promote tourism (Malaysia and Indonesia) + The rising need of labour in Middle East + Large market for Halal food Threat + Political Instability and Insecurity + + The The diversification diversification of of development development level level in Islamic world + Differences in culture + Inadequate knowledge of Islamic Finance and the way of making transaction Some advices in Islamic countries ◎ Do not eat or drink in an Islamic houses during Ramadan Because they are in fasting time ◎ Do not use your left hand - especially while eating It is considered as a non-clean food in the Middle East ◎ Never cross your legs, point your toes at someone, touch the head of a child ◎ Ordinary Muslims don’t eat pork, don’t drink alcohol They also don’t touch the person with opposite sex ◎ Friday is the holy day of Islam Work is possible from Saturday this week until next Wednesday ◎ Never interrupt the prayers of the Muslims, they perform this religious ceremony five times a day Doing business in Middle East ◎ Fair contract and partnership is preferred ◎ Speculation is not interested (No gambling) ◎ Interest rate is not allowed in transaction ◎ Compassion is required in trouble time 19 Implication for Vietnam ◎ Apprehend precisely the culture of Islamic Nations through market research and internet sources ◎ Focus on marketing and brand building to increase the awareness of Islamic customers ◎ Avoid any incidents relates to religious matters ◎ Research rigorously the way of doing transaction and the financial system in Islamic World ◎ Prepare for the scenario of unrest or violence Thanks! Any questions? 21 ... http://www.thesun.co.uk/article/0,,22005 430 136 ,,00.html Contact with Vietnam Trade with Middle East countries ◎ ◎ Middle East: In 2016, two-way trade turnover reached $ 10.887 billion, up more than... materials for textile industry, crude oil, DAP, medicine, fish meal for cattle Trade turnover with Egypt Trade turnover with UAE Source: Ministry of Industry and Trade Trade with Islamic Southeast Asia... countries ◎ Southeast Asia: Mainly trade with Malaysia and Indonesia with two-way trade turnover of more than 13 billion dollars in 2015 ◎ Main Export Products: Agricultural products(rice, coffee, rubber,