Vietnam's leading dairy firm Vinamilk said it has been granted a license to invest in a dairy plant in New Zealand, its first investment project overseas.
Vinamilk will own 19.3 percent of the US$88-million Miraka Limited and it plans to increase its stake in the future.
The plant has a production capacity of 32,000 tons of milk powder a year. It is scheduled to begin operations in August next year.
Vinamilk holds a one-third share in Vietnam's $1.5-billion dairy market. It has been ranked among top-performing small-to-midsize enterprises in the Asia-Pacific region this year by Forbes magazine.
The company also exports around $80 million worth of products a year, mainly to the Middle East, Cambodia, the Philippines and Australia.