HO CHI MINH CITY, Vietnam, May 14, 2021 /PRNewswire/ — The Vietnam Dairy Products Joint Stock Company (Vinamilk) recorded an impressive performance in 2020 despite the challenges brought along by the COVID-19 pandemic. With revenue of $2.6 billion in 2020, an increase of 5.9% year-on-year, Vinamilk has jumped 6 notches among the Top 50 leading dairy companies in the world.
According to the 2021 ranking by UK-based Plimsoll Publishing Ltd, Vinamilk currently ranks 36th among the world’s Top 50 dairy producers by total sales. Since 2017, the Vietnamese brand has become the only dairy producer in Vietnam and Southeast Asia to enter the Top 50, along with dairy companies from the U.S., New Zealand, and Europe.
Vinamilk Green farm fresh milk is one of Vinamilk’s newly launched products earlier this year
Part of Vinamilk’s solid earnings is attributed to the company’s 2020 export revenue which hit USD 2.1 billion, through product distribution in 56 countries and territories. Despite the current global economy uncertainty, Vinamilk’s export growth is expected to continue as it has already recorded a 7.9% year-on-year growth rate in the first quarter of 2021.
Vinamilk’s overview and key financial highlights (2017 – 2020)
These achievements continue to cement Vinamilk’s leading position within Vietnam. For the eighth consecutive year, the milk brand has been ‘The Most Chosen Brand’ in dairy and dairy substitute category for both urban and rural areas in Vietnam, according to Kantar Worldpanel’s Asia Brand Footprint 2020.
“Besides maintaining stability in production and business, Vinamilk will continue to promote cohesion and value sharing with stakeholders. Sustainable development will be oriented towards advanced models of the world dairy industry, in which action plans and initiatives will be rolled out for all parts of the company’s value chain, from research and development, farm management, to manufacturing and distribution while improving its subsidiaries corporate governance and operational efficiency.” says Ms. Mai Kieu Lien, Vinamilk’s CEO.
Aligned with its direction, Vinamilk is currently investing in “Green farm”, an eco-friendly farming system as one of its sustainable initiatives. The system includes Vinamilk farms in Quang Ngai, Thanh Hoa, and Tay Ninh provinces. Currently, the company owns 13 dairy farms in Vietnam and an organic dairy farm complex in Laos, managing over 150,000 herds of cattle.
Solar power will be deployed on Vinamilk eco-friendly farming system
Other sustainable initiatives of Vinamilk include applying circular economy to optimize the use of natural resources, completing solar power rollout at Vinamilk’s farms across the country, minimizing plastic footprint in the production process, and implementing organic agriculture practices, in line with the company’s sustainable development strategy.
Vinamilk has also set a revenue target of VND 62,160 billion (USD 2.7 billion) for FY2021 after obtaining VND 13,190 billion (USD 570 million) and VND 2,597 billion (USD 113 million) in revenue and profit in 1Q2021. Going forward, Vinamilk will continue to introduce new quality products and maintain product premiumization process selectively.
In 2020, Vinamilk’s corporate governance practices which adopted international standards have resulted in the brand becoming the only Vietnamese company voted as “Southeast Asia Asset Class” according to the ASEAN corporate governance scorecard results.