Vietnam dairy producer LOF appoints new CEO

The Ho Chi Minh City-headquartered LOF International Dairy Products JSC has appointed Doan Huu Nguyen as its new CEO, effective from August 5, in the context of its after-tax profit plunging 86.16% year-on-year in H1.

Nguyen, born in 1977, replaced Bui Hoang Sang to assume the top executive role after the dairy firm had reported a loss of over VND36.2 billion ($1.38 million) in Q2/2025.

A veteran in the FMCG and food industry, Nguyen will bring over two decades of experience in marketing and executive leadership to the dairy products maker. He used to work for Kido Group, Pepsico Vietnam, Left Brain Connectors, and Cau Tre Group.

Nguyen joined LOF in November 2013 as head of marketing, a role he held until April 2016. He later returned to Pepsico Vietnam as marketing director until February 2018.

Since February 2018, he has served as managing director at LOF and was appointed to the board of directors in October 2021. In addition to his role at LOF, he is currently chairman of Long Thanh Dairy Joint Stock Company.

According to the company’s freshly-released Q2 financial statement, LOF reported net revenue of over VND2.1 trillion ($80.08 million) in Q2, up 9.48% year-on-year.

However, cost of goods sold jumped 17.53%, eroding margins and dragging gross profit down by 2.14% compared to the same period last year.

Operating expenses surged across the board. Administrative expenses soared by 52.17%, while selling expenses nearly doubled, up a staggering 93.11% year-on-year.

As a result, the company reported a loss of VND36.2 billion ($1.38 million), a 112.58% decline year-on-year.

For the first half of 2025, revenue totaled VND3.94 trillion ($150.22 million), but after-tax profit plunged 86.16% year-on-year to just VND70.78 billion ($2.7 million).

LOF is registered on the Unlisted Public Companies Market (UPCoM) as IDP, which closed Monday at VND200,000 ($7.63) per share.