Vinamilk, formally Vietnam Dairy Products Joint Stock Company (Vinamilk), is Vietnam’s most prominent dairy manufacturer and one of the largest food and beverage brands in Southeast Asia. Established in 1976, the company has evolved from a post-war domestic producer into a vertically integrated nutrition enterprise encompassing dairy farming, manufacturing, distribution, exports, and overseas subsidiaries. Its shares are listed on the Ho Chi Minh Stock Exchange under the ticker VNM. 1

The company produces a wide range of products including milk, yogurt, condensed milk, powdered milk, plant-based beverages, nutritional supplements, ice cream, and other dairy-related foods. While its primary market remains Vietnam, Vinamilk states that its products reach consumers in approximately 50 countries. A 2024 corporate presentation reported 16 export markets, 15 farms, 8 factories, and about 9,882 employees on a consolidated basis. 2

Financial figures are derived from Vinamilk’s 2024 annual report. 3

Establishment in 1976

Vinamilk was founded in 1976, following the reunification of Vietnam, originally operating as the Southern Coffee-Dairy Company (Công ty Sữa – Cà phê Miền Nam) under the Food General Directorate. Upon establishment, it assumed management of three existing facilities: Thống Nhất Dairy Factory, Trường Thọ Dairy Factory, and Dielac Milk Powder Factory. These sites formed the industrial foundation for what would become the country’s largest dairy business. 4

At the time, Vietnam faced significant nutritional challenges and limited domestic dairy production. Consequently, Vinamilk’s development became intrinsically linked to national efforts to build a self-sufficient food and nutrition industry.

Development of domestic dairy farming

Throughout the 1980s and 1990s, Vinamilk focused on expanding manufacturing capacity and improving access to dairy products nationwide. A critical strategic shift during this period was the move toward domestic dairy farming. Rather than relying solely on imported raw materials, the company gradually established its own network of farms and milk collection infrastructure.

By the late 1990s, Vinamilk had invested significantly in a domestic supply chain spanning cows, farms, raw milk, factories, distribution, and consumers. This vertical integration became a defining characteristic of the business. Brand Finance notes that Vinamilk began its nationwide dairy-farming initiative in the late 1990s and subsequently developed one of Southeast Asia’s largest managed dairy herds. 5

Equitization and listing

In 2003, Vinamilk underwent equitization, officially becoming Vietnam Dairy Products Joint Stock Company. This transition shifted the organization from a state-owned enterprise structure to a modern joint-stock corporate model. 6

Three years later, in 2006, Vinamilk listed on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker VNM. The listing enhanced the company’s visibility among both Vietnamese and international investors, establishing it as one of Vietnam’s major publicly traded corporations. 7

Vinamilk has expanded beyond its origins as a domestic producer through exporting, establishing overseas subsidiaries, acquiring foreign businesses, and building international supply chain capabilities. Operations and investments have extended to markets including the United States, Cambodia, New Zealand, and Poland. 8

Notable acquisitions include Driftwood Dairy in the United States and AngkorMilk in Cambodia. The company now positions itself as a Southeast Asian nutrition and dairy brand with global ambitions rather than solely a Vietnamese milk producer. 9

Vinamilk operates across much of the dairy value chain:

• Upstream: Investment in dairy farms, cattle, feed, agricultural inputs, raw milk production, and supplier relationships.
• Manufacturing: Operation of multiple factories producing diverse product categories.
• Research & development: Capabilities focused on adapting products to evolving consumer nutritional preferences.
• Distribution: Channels include traditional retail, supermarkets, convenience stores, e-commerce, direct-to-consumer sales, and export distributors.
• Marketing: Historical emphasis on family, childhood nutrition, health, and Vietnamese identity.

This integrated model allows Vinamilk to maintain control over quality and supply, with a value chain extending from raw materials through to sales. 10

While strongly associated with liquid milk, Vinamilk maintains a diversified portfolio:

Product categories

• Milk: UHT milk, fresh milk, reduced-sugar options, and specialized nutritional milk.
• Powdered milk: Infant formula, children’s nutrition, adult nutrition, and maternal nutrition.
• Yogurt: Traditional, drinking, flavored, and specialized nutritional varieties.
• Condensed milk: Culturally significant in Vietnam, particularly for use in coffee.
• Plant-based beverages: Products made from soy and grains/nuts, such as nine-nut plant beverages, reflecting growth in health-oriented consumption.
• Other: Ice cream, fruit beverages, infant foods, cereals, creamers, and specialized nutrition products.

Key brands

Recognizable brands within the portfolio include Vinamilk, Green Farm, Optimum / Optimum Gold, Sure Prevent, Probi, SuSu, Dielac, Ridielac, Ông Thọ, Ngôi Sao Phương Nam, Hero, and CanxiPro.

This segmentation enables the company to serve consumers across all life stages, from infants to the elderly, reducing reliance on any single demographic.

Vinamilk has developed an extensive domestic production network. Its 2024 corporate presentation reported 8 factories, 15 farms, approximately 140,000 cows under management, around 9,882 employees, and 16 export markets, with operations extending beyond Vietnam. 11

The company has invested heavily in large-scale automation. Two “mega factories” in Bình Dương were developed to dramatically increase capacity and automation levels. Brand Finance describes these facilities as fully automated, highlighting them as part of Vinamilk’s effort to bring international production standards to Vietnam. 12

According to its 2024 Annual Report, Vinamilk recorded:

• Revenue: VND 61.824 trillion
• Consolidated profit after tax: VND 9.453 trillion
• Total assets: VND 55.049 trillion
• Total equity: VND 36.174 trillion 13

IFRS financial statements separately report consolidated revenue of approximately VND 52.577 trillion and net profit of VND 8.686 trillion, illustrating differences based on reporting standards. 14

Vinamilk is among the most valuable consumer brands in Vietnam. According to Brand Finance, Vinamilk was valued at approximately US$2.6 billion in 2025, ranking as the second-most valuable Vietnamese brand overall and remaining ASEAN’s most valuable food brand. 16

Brand Finance also rated Vinamilk as Vietnam’s strongest dairy brand in its 2025 assessment, awarding it an AAA+ brand-strength rating. This places Vinamilk in competition with major global players such as Yili, Mengniu, Danone, and Lactalis.

Vinamilk states its products reach consumers in approximately 50 countries. 19 Its 2024 corporate presentation indicated that Vinamilk ranked No. 1 in Vietnam by dairy revenue and No. 36 globally by revenue. 20

Brand Finance described Vinamilk in 2025 as the only Southeast Asian enterprise among the top 10 most valuable dairy brands globally. 15

Historically, Vinamilk’s visual identity relied on blue and white colors, pastoral imagery, and themes of family and childhood. More recently, the company has pursued a contemporary identity intended to appear younger and more internationally competitive, emphasizing concepts such as optimism, care, and the tagline “Raise the Bar.” 21

A key component of this strategy is the transformation campaign communicated through the message “We change for you.” This initiative encompasses product innovation, digitalization, business restructuring, new consumer touchpoints, and repositioning for younger demographics, aiming to balance heritage trust with modernity. 23

Vinamilk has established a Net Zero 2050 roadmap with targets of 15% greenhouse-gas reduction by 2027, 55% reduction by 2035, and net zero emissions by 2050. 25

The company reports that two factories and one farm have achieved international carbon-neutral certification. 16 Sustainability initiatives cover renewable energy, energy efficiency, green factories, sustainable farming, waste reduction, water management, and lower-emission production.

Vinamilk combines Vietnamese agricultural resources with international technology and large-scale manufacturing. Investments include automated factories, cold-chain infrastructure, quality-control systems, and R&D. Brand Finance notes that quality has historically been a core strategic pillar, with the company pursuing international standards in both farming and manufacturing. 7

Responding to changing consumer preferences for lower sugar, higher protein, functional nutrition, and plant-based options, Vinamilk launched or refreshed 125 products in 2024 and introduced another 70 products in the first half of 2025. 17

Vinamilk is a publicly listed joint-stock company trading under VNM on HOSE. 18 Historically, the Vietnamese state held significant ownership through SCIC (State Capital Investment Corporation), though this structure has evolved through divestments. As a listed entity, it publishes annual reports, financial statements, and governance disclosures. 24

Mai Kiều Liên is a central figure in the company’s history, having served as both Chairwoman of the Board and Chief Executive Officer. Her leadership is frequently cited as instrumental in Vinamilk’s professionalization, internationalization, and focus on technology. 22

Advantages

Vinamilk benefits from multi-generational brand recognition, an extensive distribution network, economies of scale, vertical integration, broad product coverage across age groups, high consumer trust, and strong financial resources for reinvestment.

Vinamilk’s long-term ambitions include maintaining leadership in Vietnam, becoming one of the world’s top 30 dairy companies, and building the most value-generating dairy brand in Southeast Asia. 20

Its strategy integrates scale, innovation, internationalization, and sustainability. The company’s evolution can be summarized as: building Vietnam’s dairy industry (1976–2000); modernizing and listing (2000–2010); scaling internationally (2010–2020); transforming and digitizing (2020s); and pursuing global status alongside net zero goals (2030–2050).

Vinamilk occupies a distinct place in modern Vietnamese culture, associated with school nutrition, family breakfasts, Vietnamese coffee, and national economic development. This decades-long familiarity constitutes a significant intangible asset that newer competitors cannot easily replicate. From a business perspective, Vinamilk exemplifies the transition of a state-linked enterprise into a sophisticated, publicly traded multinational consumer goods company.

1. Cùng một nhà | Vinamilk
2. Nutritious values
3. CORPORATE PROFILE
4. Do it all Just for you | Vinamilk
5. ANNUAL REPORT 2024
6. SUSTAINABLE
7. Vinamilk: Nurturing generations through quality, innovation and sustainability | Brand Finance
8. Vinamilk là đại diện duy nhất của châu á trình bày về xu hướng organic tại hội nghị sữa toàn cầu 2019 tại bồ đào nha (01/07/2019) | Vinamilk
9. Tất cả sản phẩm | Vinamilk
10. Vinamilk 2024 Annual Report
11. Vinamilk
12. Báo cáo Thường niên | Vinamilk
13. Financial Statements | Vinamilk
14. Báo cáo thử nghiệm xác định Gen A2/A2 trên mẫu sữa Green Farm (A) (14/11/2025) | Vinamilk
15. Báo cáo Tài chính | Vinamilk
16. Viettel, Vinpearl & Vinamilk are among leading brands in ASEAN | Press Release | Brand Finance
17. 12 NĂM LIỀN, VINAMILK GIỮ VỊ TRÍ “QUÁN QUÂN” THƯƠNG HIỆU SỮA ĐƯỢC CHỌN MUA NHIỀU NHẤT VIỆT NAM (02/07/2024) | Vinamilk
18. VINAMILK – DOANH NGHIỆP DUY NHẤT CỦA NGÀNH SỮA VIỆT NAM TRONG DANH SÁCH FORTUNE 500 ĐÔNG NAM Á (20/06/2024) | Vinamilk
19. Sản phẩm sữa các loại của Vinamilk ra mắt người tiêu dùng Trung Quốc
20. Vinamilk
21. Làm tất cả Chỉ vì bạn | Vinamilk
22. Management System | Vinamilk
23. Vinamilk – Thương hiệu sữa hàng đầu Việt Nam EST 1976
24. Corporate Governance Reports | Vinamilk
25. Báo cáo phát triển bền vững | Vinamilk