Vinamilk's third quarter export revenue increased by 5%

The company's net revenue in foreign markets in the third quarter was VND2,384 billion, of which the export segment accounted for 52%, up 5% over the same period last year.

According to Vinamilk 's 9-month business results report, consolidated revenue reached VND44,848 billion and consolidated profit after tax reached VND6,669 billion, completing 71% and 77% of the yearly plan, respectively. The foreign market is considered a bright spot with net revenue reaching VND7,218 billion. In the third quarter alone, the foreign market contributed VND2,384 billion, of which the export segment recorded VND1,246 billion, up 5% over the same period.

According to Vinamilk, this growth rate is quite positive in the context of Vietnam's export activities still facing difficulties. Mr. Vo Trung Hieu, Director of Vinamilk's International Business, analyzed that the driving force for the growth of the company's foreign markets comes from traditional markets and the export processing sector of condensed milk. "Some traditional markets such as Africa and the Middle East are facing many difficulties, but Vinamilk still strives to accompany import partners in business activities, trying to provide adequate goods, ensuring the best quality and price," said Mr. Hieu. In addition, the company also promptly grasps sales advantages, especially the export product processing activities in some strong markets.

Vinamilk's representative also expects Vinamilk's export revenue to continue to increase by 5% in the fourth quarter. According to data from the General Statistics Office, the country's merchandise export turnover has gradually improved over the quarters. Specifically, export turnover in the first quarter of 2023 decreased by 11.9%; in the second quarter, it decreased by 11.8%, but in the third quarter, it only decreased by 1.2% compared to the same period in 2022. Given this development, experts believe that world demand is showing signs of recovery and Vietnam's export situation will be more vibrant in the last months of the year.

Vinamilk's Ông Thọ condensed milk products are distributed and consumed in the Chinese market. Photo: Phuong Uyen

Mr. Hieu said that in the coming time, the company plans to continue developing its strong export product groups, especially products under the brands Ong Tho and Ngoi Sao Phuong Nam. Product development (such as changing packaging specifications, diversifying flavors...) will be based on trends and consumption habits in each locality, in order to better meet the needs of local consumers.

Vinamilk also supports the business of existing distributors, while seeking new customers in the international market. In the past 9 months, the company has participated in many trade promotion activities, fairs, and large exhibitions in regions and markets such as the Middle East, Japan, Korea, China, Southeast Asia, etc. Combined with other customer care activities, Vinamilk has successfully signed and implemented contracts with a total value of more than 100 million USD.

Vinamilk participated in the 8th China International Small and Medium Enterprises Fair (CISMEF) held in Guangzhou, China in June. Photo: Phuong Uyen

Most recently, the leading unit in the Vietnamese dairy industry signed a memorandum of understanding with two major partners in importing and distributing dairy and agricultural products in China to export yogurt products to the billion-people market. According to the plan, the first batch of durian-flavored yogurt from Vinamilk will hit the shelves in China around the end of November or the beginning of December. Previously, Ong Tho condensed milk - Vinamilk's main product in the Chinese market - was also available at the Quang Bac supermarket chain, the largest retail chain in Guangzhou with more than 17 supermarkets.

The company will develop new market groups such as: South America, the Caribbean, West and South Africa. The latest countries to record the appearance of Vinamilk products are Chile and Saudi Arabia, bringing the total number of export markets of the enterprise to 59 countries and territories.

Hoang Anh

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