Vinamilk, Kido dissolve $16 mln ice cream joint venture
Vibev, an ice cream and non-alcoholic beverage company owned by Vinamilk and cooking oil maker Kido, will be dissolved less than two years after its establishment.
Oh Fresh, Vibev's fresh beverage product. Photo courtesy of the company.
The dissolution of Vibev Food and Beverage Joint Venture Company Limited (Vibev) was announced Thursday by Vietnam’s largest dairy firm Vinamilk and Vietnam's leading food and cooking oil producer Kido.
Vinamilk said the reason for the dissolution was some changes in the business development orientation of both JV partners.
The JV was established in March 2021 with an initial investment of VND400 billion ($16.42 million), with Kido contributing 49% and Vinamilk the remaining 51%. Its head office was registered at No.10 Tan Trao street, District 7, HCMC.
Vibev was established in anticipation of the green and healthy living trend of people paying more attention to health and choosing foods derived from nature without preservatives.
The venture was expected to take advantage of the existing distribution systems of Vinamilk and Kido. It launched two product lines of nut milk and tea with a total of eight products and 28 days shelf life, 100% preservative free.
Vibev also aimed at achieving a leading market share in the fresh beverage industry with an output of 150 million bottles per year, equivalent to more than VND2,000 billion ($82 million), after five years of operation.
Kido's investment in Vibev was presented in the group's consolidated financial statements from the second quarter of 2021. The residual value of this investment by September 30, 2022 was VND160.3 billion ($6.58 million).
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