A file photo of a Vinamilk factory. Photo: N.L
Vietnam's biggest dairy company Vinamilk has closed a US$12.5 million deal to export baby formula to Middle Eastern countries, with shipments expected to increase by around 10 percent a year.
The deal, signed at the week-long international food fair Gulfood wrapped up in Dubai on Thursday, came as Vinamilk has been trying to boost its activities overseas.
The company, officially known as Vietnam Dairy Products JSC, had invited trade counselors of Vietnamese embassies around the world to a meeting there they discussed plans to boost dairy exports to new markets. At least Africa and Myanmar have been identified as the target markets for 2016.
Vinamilk's exports to 42 countries hit $242 million last year, up 77 percent from 2015. Shipments included baby formula, soymilk and UHT milk products. It has stakes in three factories in Cambodia, New Zealand and the US, and operates a subsidiary in Poland.
The most recognizable brand in Vietnam with a brand value of $1.13 billion, Vinamilk is now one of the country's biggest magnets for foreign investors, after the government announced its plan to its entire 45.1 percent stake in the dairy giant.