Vinamilk invests in New Zealand dairy project

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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.

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