Vinamilk, Vietnam’s largest dairy company, recorded a net foreign market revenue of VND2,220 billion ($96.2 million) in the first quarter of this year, up 10.3% year-on-year.
The corporation's foreign branches brought in $46.8 million in net revenue, up roughly 28% over the same period last year.
Due to growing consumption demand in schools and hotels, the U.S. branch Driftwood saw a growth of more than 40%, while AngkorMilk, Vinamilk's subsidiary in Cambodia, recorded one-digit growth.
Direct export reaped $49.3 million, the same as the previous year, and accounted for more than 8% of the firm's consolidated net revenue.
Vinamilk is exporting to 57 countries and territories. Since April 2020, the company has been exporting Ong Tho condensed milk to China. In the early days of 2022, it introduced a range of new products to fairs in the Middle East and Japan that better suit the nutritional needs of consumers there.
The Middle East, the U.S., and Cambodia remain Vinamilk's major markets. The company is Vietnam's first dairy firm to be approved to export milk to the Eurasian Economic Union (EAEU) members.
Vinamilk's consolidated net revenue increased by 5.2% year-on-year in Q1/2022 to $601 million, equivalent to 21.3% of its year plan.
With post-pandemic, modern shopping becoming increasingly popular, the company is quickly expanding its presence in supermarkets and convenience stores across Vietnam. It opened 30 shops in Q1, bringing the total to 620 in cities and big provinces.