MILAN – State-run Vinamilk, Vietnam’s largest dairy group, has entered South Korea to meet growing demand for premium milk products on the peninsula.
Vina Korea, a Korean company set up by five local distribution firms, has begun to sell milk tea, soybean milk, and condensed milk-based coffee products online through a number of popular shopping platforms.
“Vinamilk decided to advance into Korea as it sees big growth potential in the local premium milk market,” said Vina Korea Chief Financial Officer Yun Yo-wang in an interview with Yonhap. “Vinamilk products meet high Eurozone hygiene and food safety standards,” Yun added.
Vinamilk, established in 1976, owns 13 factories in Vietnam and the largest Global Animal Partnership (GAP) certified dairy farm network in Asia. It also runs farms and plants in the United States, New Zealand, Cambodia and Poland.
Up to now, Vinamilk has exported products to 53 countries and territories. With many outstanding achievements on international business, Vinamilk won the Asian Export Award in 2019.
In 2019, it generated net revenue of VND56.32trn (US$2.42bn), up more than 7% on a year earlier. Net profit stood at VND10.55trn, compared to VND10.21trn in 2018.
In the first quarter of 2020, Vinamilk’s revenue growth continued, with net sales up 7.3% year-on-year to VND14.15trn. Some 15% of sales were made outside Vietnam.