Vietnam’s dairy industry to become the country’s next growth story
Following the electronics assembling sector, an export-driven textile, seafood and agriculture industry in Vietnam and an up-and-coming car and electric vehicle and also a smartphone production, there is another economic domain in the country reaching out for growth: the dairy industry.
Despite the Covid-19 pandemic dealing a blow to the segment, Vietnam’s dairy industry has made efforts to win over more customers in the domestic market while reaching out to global markets, so far mainly in Southeast and East Asia and the Middle East.
The country’s Ministry of Industry and Trade said Vietnam shipped $302.7 million worth of dairy products in 2020, a 10.5-per cent increase over 2019. This was the first time the country’s dairy export revenue has exceeded $300 million.
According to the Vietnam Dairy Association (VDA), many enterprises have spent heavily on advanced technologies and developed cattle farms under international standards to improve productivity and food safety and to diversify products.
Solid export business for milk- and soy-based products
Despite the pandemic, industry players such as Vinamilk and Vinasoy posted rising exports to major markets such as China, the Middle East, South Korea and Japan.
Vinamilk signed a deal worth $20 million with a distributor in Dubai last year to supply dairy products, and also shipped its nut milk and milk tea to South Korea.
Meanwhile, Vinasoy’s products have been sold on various e-commerce platforms and at six supermarket chains in China.
The VDA said the dairy sector earned more than 113.71 trillion dong ($4.95 billion) in revenue in 2020, five per cent more than in 2019, mainly owing to an abundance of raw materials, high demand and solid maintenance of distribution channels.
Analysts expect that Vietnam’s dairy sector will grow some seven per cent in 2021 on the back of an increasing need for high-value products.
Following the electronics assembling sector, an export-driven textile, seafood and agriculture industry in Vietnam and an up-and-coming car and electric vehicle and also a smartphone production, there is another economic domain in the country reaching out for growth: the dairy industry. Despite the Covid-19 pandemic dealing a blow to the segment, Vietnam’s dairy industry has made efforts to win over more customers in the domestic market while reaching out to global markets, so far mainly in Southeast and East Asia and the Middle East. The country's Ministry of Industry and Trade said Vietnam shipped $302.7 million worth of dairy products...
Following the electronics assembling sector, an export-driven textile, seafood and agriculture industry in Vietnam and an up-and-coming car and electric vehicle and also a smartphone production, there is another economic domain in the country reaching out for growth: the dairy industry.
Despite the Covid-19 pandemic dealing a blow to the segment, Vietnam’s dairy industry has made efforts to win over more customers in the domestic market while reaching out to global markets, so far mainly in Southeast and East Asia and the Middle East.
The country’s Ministry of Industry and Trade said Vietnam shipped $302.7 million worth of dairy products in 2020, a 10.5-per cent increase over 2019. This was the first time the country’s dairy export revenue has exceeded $300 million.
According to the Vietnam Dairy Association (VDA), many enterprises have spent heavily on advanced technologies and developed cattle farms under international standards to improve productivity and food safety and to diversify products.
Solid export business for milk- and soy-based products
Despite the pandemic, industry players such as Vinamilk and Vinasoy posted rising exports to major markets such as China, the Middle East, South Korea and Japan.
Vinamilk signed a deal worth $20 million with a distributor in Dubai last year to supply dairy products, and also shipped its nut milk and milk tea to South Korea.
Meanwhile, Vinasoy’s products have been sold on various e-commerce platforms and at six supermarket chains in China.
The VDA said the dairy sector earned more than 113.71 trillion dong ($4.95 billion) in revenue in 2020, five per cent more than in 2019, mainly owing to an abundance of raw materials, high demand and solid maintenance of distribution channels.
Analysts expect that Vietnam’s dairy sector will grow some seven per cent in 2021 on the back of an increasing need for high-value products.
