Vinamilk: Vietnam’s Dairy Giant, Is Going Global
From the bustling cities to the rural countryside of Vietnam, the blue and white logo of Vietnam Dairy Products Joint Stock Company, or Vinamilk (VNM.VN), is an icon of national pride and market dominance. As the country's largest food and beverage company, Vinamilk has leveraged its immense domestic scale to become a formidable force on the global stage. While navigating a comprehensive domestic restructuring, the company is aggressively expanding its international footprint, driven by a clear strategy of quality, innovation, and sustainable development, positioning itself to become a top-tier global dairy player.
As a bellwether of the Vietnamese economy, Vinamilk's performance on the Ho Chi Minh Stock Exchange is closely monitored by international investors. After a period of transformation, the company's recent financial results indicate a return to a strong growth trajectory. The company posted a 4.8% increase in after-tax profit for the full year 2024 and has set a target for 4.3% revenue growth in 2025. This positive momentum continued into Q1 2025, when the company saw improved margins and double-digit growth in its increasingly vital export markets.
The Domestic Fortress: A Market Leader Reinvents Itself
Vinamilk commands an unparalleled position in its home market, holding a leading share in key categories like liquid milk, yogurt, and condensed milk. Its main domestic rival is TH True Milk, with international giants like Nestlé and FrieslandCampina also competing for market share. To defend and expand its leadership, Vinamilk has recently undertaken a significant restructuring of its distribution network and launched a comprehensive rebranding campaign to modernize its image and appeal to younger consumers. While this caused some short-term disruption, the company reported that domestic sales growth had returned to double-digit levels by April 2025, validating the strategic overhaul.
Innovation is a core pillar of its domestic strategy. The company is continuously launching new products, such as its "Green Farm" high-protein milk, plant-based dairy alternatives, and Vietnam's first infant formula containing Human Milk Oligosaccharides (HMOs), to cater to evolving consumer health trends.
The Global Ambition: From Vietnam to the World
The most compelling part of Vinamilk's story is its successful and accelerating international expansion. The company's products are now exported to over 60 countries, with a cumulative export turnover that has surpassed $3.4 billion. Its key export markets include the Middle East, Japan, South Korea, China, and the broader ASEAN region. In the first quarter of 2025, international business grew by nearly 12% and, for the first time, contributed over 20% of the company's consolidated net revenue.
This expansion is not limited to exports. Vinamilk operates several international subsidiaries, including the Driftwood Dairy in California, USA, which serves as a key channel into the US market, and the Angkormilk factory in Cambodia. This global presence is supported by a commitment to meeting the highest international quality standards, including FSSC 22000 and European organic certifications.
A Commitment to "Green" and Sustainable Development
Underpinning Vinamilk's growth strategy is a deep and measurable commitment to sustainability. Led by longtime CEO Mai Kieu Lien, the company has launched its "Vinamilk Pathways to Dairy Net Zero 2050" program, a comprehensive roadmap to reduce greenhouse gas emissions by 55% by 2035 and achieve carbon neutrality by 2050. All 13 of Vinamilk's factories are now powered by renewable energy, and the company is a pioneer in circular economy models, such as using biogas systems on its farms to convert waste into energy. This focus on sustainability not only enhances its brand reputation but also improves operational efficiency and resonates with environmentally conscious consumers globally.
The Vision: A Top 30 Global Dairy Powerhouse
CEO Mai Kieu Lien has articulated a clear vision: to elevate Vinamilk into the top 30 largest dairy companies in the world. The strategy to achieve this rests on three pillars: maintaining and strengthening its dominant position in the resilient and growing Vietnamese market, accelerating its export and international subsidiary growth, and leading the industry in sustainable and responsible development. By successfully executing on these fronts, Vinamilk is transforming from a national champion into a true global powerhouse in the dairy industry.
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Sources:
Vinamilk Investor Relations: https://www.vinamilk.com.vn/en/investor-relations
Vinamilk Q1 2025 Investor Newsletter: https://www.vinamilk.com.vn/static/uploads/documents/bctc/1746463526_20250429_-VNM-IR_Newsletter_Q1.2025.pdf
ASEM Connect Vietnam (2025 AGM Details): https://asemconnectvietnam.gov.vn/default.aspx?ZID1=6&ID1=2&ID8=142695
The Investor VinaCapital: https://theinvestor.vn/vietnams-dairy-giant-vinamilk-to-be-safe-and-sound-amid-us-tariff-storm-ceo-d15451.html
PR Newswire (Global Dairy Congress 2025): https://www.prnewswire.com/apac/news-releases/vinamilk-showcases-science-driven-innovation-and-wins-prestigious-awards-at-global-dairy-congress-2025-302492991.html
Vietnam Agriculture News (on Sustainability): https://vietnamagriculture.nongnghiep.vn/vinamilks-experience-in-energy-saving-and-green-energy-transition-for-sustainable-production-d748788.html
Vietdata (on Market Share): https://www.vietdata.vn/post/how-major-milk-brands-sustain-market-share-in-vietnam-s-shifting-landscape
Ho Chi Minh Stock Exchange (HOSE):
https://www.hsx.vn/