Vietnam’s dairy industry to become the country’s next growth story
24 March, 2021
Following a electronics assembling sector, a great export-driven textile, seafood and agriculture sector in Vietnam and a great up-and-coming car and electrical vehicle and also a smartphone creation, there is another economic domain in the united states reaching out for expansion: the dairy industry.
Regardless of the Covid-19 pandemic dealing a blow to the segment, Vietnam’s dairy industry has built efforts to win over extra customers in the domestic industry while calling global markets, so far typically in Southeast and East Asia and the Middle East.
The country’s Ministry of Industry and Trade said Vietnam shipped $302.7 million worth of milk products in 2020, a 10.5-per cent increase over 2019. This is the first time the country’s dairy export income features exceeded $300 million.
In line with the Vietnam Dairy Association (VDA), many enterprises possess spent heavily in advanced technologies and developed cattle farms beneath international standards to improve productivity and food safeness and to diversify products.
Stable export business for milk- and soy-based products
Regardless of the pandemic, industry players such as for example Vinamilk and Vinasoy submitted rising exports to major markets such as for example China, the center East, South Korea and Japan.
Vinamilk signed a offer value $20 million with a distributor in Dubai last year to supply dairy products, and also shipped it is nut milk and milk tea to South Korea.
Meanwhile, Vinasoy’s goods have been sold in various e-commerce systems and in six supermarket chains found in China.
The VDA said the dairy sector earned more than 113.71 trillion dong ($4.95 billion) in earnings in 2020, five per cent more than in 2019, mainly due to an abundance of recycleables, high demand and solid repair of distribution channels.
Analysts expect that Vietnam’s dairy sector can grow some seven % in 2021 on the trunk of an increasing dependence on high-value products.
Source: