Vinamilk ‘overcoming global pandemic’

By Jim Cornall

- Last updated on GMT

Vinamilk has published its Q2 results. Pic: Vinamilk
Vinamilk has published its Q2 results. Pic: Vinamilk

Related tags vinamilk coronavirus COVID-19

Vietnamese dairy company Vinamilk said it is expanding in spite of the global coronavirus pandemic.

In announcing its earnings report for the second quarter of 2020, Vinamilk reported $670.98m in net revenue, up almost 10% on the previous quarter.

During this period, export activities still recorded positive results despite the COVID-19 pandemic as the firm sought fresh opportunities, reflected by its exports to the Middle East through a $20m contract, exports of condensed milk to China; and exports of soy-based nut drink and milk tea to South Korea in Q2.

vinamilk Q2

This contributed $59.5m to the total export net revenue, an increase of 26.8% against Q1 and an increase of 7.1% year-on-year, accounting for 9% of the consolidated net revenue.

In June, Vinamilk became the first dairy firm in Vietnam to be licensed to export milk into the territory of the Eurasian Economic Union (EAEU).

Mai Kieu Lien, CEO of Vinamilk, attributed part of the company's recent success in international markets to its proactiveness. This includes investing in modern production infrastructure, being proactive in raw material procurement and maintaining a strong domestic ground for overseas expanding.

Vinamilk brand value is estimated to be worth $2.4bn by Forbes Vietnam, an increase of $200m from 2019.

The company said its business strategy helped provide job security to more than 10,000 employees while enabling a $1.7m contribution towards Vietnam's fight against COVID-19.

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