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Consumer Non-Durables

Vietnam Dairy Products Corp.

Company Background

Vietnam Dairy Products (Vinamilk) is Vietnam's largest food processor and deals in a wide variety of dairy products, including milk and yogurt. It is said to account for about 50% of Vietnam's dairy market.


The company was founded in 1976 and went public on the Hochiminh Stock Exchange in 2006. It is 45% owned by the government. Its high potential is recognized outside the country as well and foreign investors own 49% of the company. Its market capitalization is the second largest in Vietnam at around $5.5 billion.


According to a study by a private research agency, dairy consumption has surged more than 20-fold in Vietnam over the last 20 years, with Vinamilk contributing much to this trend.


CEO Mai Kieu Lien, who was born in France in 1953, studied milk processing in the former Soviet Union and then returned to Vietnam. She has been listed by Forbes as one of Asia's 50 Power Businesswomen.


Vinamilk went into dairy farming in 2006 in Vietnam, where there were very few dairy farmers. The company now runs five dairy farms. In view of the aging of society, it has marketed to seniors dairy products rich in calcium and vitamins.

Business Summary

Vietnam Dairy Products Corp. engages in the production and distribution of dairy products. Its products include fresh milk, yoghurt, drinking yoghurt, fermented yoghurt, ice-cream, cheese, and milk powder for elders, mothers, and kids, soy bean milk, fruit juice, smoothie, atiso tea, and aloe vera through Vinamilk, Dielac, Ridielac, and V-Fresh brand names. It distributes its products in Australia, Cambodia, Philippines, and the United States. The company was founded August 20, 1976 and is headquartered in Ho Chi Minh City, Vietnam.

Financial Highlights

Dec 2021 VNDUSD
Gross Profit25,888.41B1,128.78M
Operating income11,770.72B513.22M
Income before tax12,922.23B563.43M
Net income9,440.44B411.61M
Diluted EPS4,517.100.19
Dividends Per Share3,8500.16
Total Assets53,392.28B2,342.79M
Total liabilities17,542.17B769.73M
Total equity33,083.27B1,451.65M
Operating cash flow10,432.05B454.85M
Currency in VNDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 51,041.07B 52,561.94B 56,318.12B 59,636.28B 60,919.16B
Gross Profit 24,108.36B 24,583.56B 26,380.08B 26,896.47B 25,888.41B
Operating income 11,441.02B 11,328.07B 12,201.94B 12,274.42B 11,770.72B
Income before tax 12,228.94B 12,051.69B 12,795.70B 13,518.53B 12,922.23B
Net income 9,224.00B 9,220.58B 9,538.48B 9,967.77B 9,440.44B
EBITDA 12,765.51B 12,945.64B 14,138.99B 14,470.33B 14,163.61B
Diluted EPS 3,677.93 4,412.24 4,564.58 4,770.06 4,517.10
Dividends Per Share 3,472.21 3,472.22 3,749.99 3,766.66 3,850
Total Assets 34,732.61B 37,407.76B 44,741.97B 48,484.99B 53,392.28B
Total liabilities 10,859.55B 11,136.39B 15,010.72B 14,837.87B 17,542.17B
Total equity 23,375.26B 25,781.13B 27,504.05B 31,297.18B 33,083.27B
Operating cash flow 10,356.55B 8,922.87B 12,080.19B 11,320.69B 10,432.05B
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 2,246.84M 2,282.72M 2,424.60M 2,566.56M 2,656.18M
Gross Profit 1,061.25M 1,067.64M 1,135.71M 1,157.54M 1,128.78M
Operating income 503.63M 491.96M 525.31M 528.25M 513.22M
Income before tax 538.32M 523.39M 550.87M 581.79M 563.43M
Net income 406.04M 400.44M 410.64M 428.98M 411.61M
EBITDA 561.94M 562.21M 608.70M 622.75M 617.55M
Diluted EPS 0.16 0.19 0.19 0.20 0.19
Dividends Per Share 0.15 0.15 0.16 0.16 0.16
Total Assets 1,529.46M 1,612.75M 1,930.82M 2,100.50M 2,342.79M
Total liabilities 478.20M 480.12M 647.78M 642.81M 769.73M
Total equity 1,029.33M 1,111.49M 1,186.92M 1,355.88M 1,451.65M
Operating cash flow 455.89M 387.51M 520.07M 487.20M 454.85M

Valuation Measures

Dec 2021
Operating margin19.32%
Profit margin15.49%

Key executives

  • Chief Executive Officer & Director: Lien Kieu Mai
  • Chief Research & Development Officer: Khanh Quoc Nguyen
  • Chief HR & Administration Officer: Huong Thi Bui
  • Co-Secretary & Director-Foreign Branch: Thanh Truc Quang Le
  • Chief Dairy Farm Officer: Dung Quoc Trinh


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  • Matthews International Capital Management LLC (1.1%)
  • First Sentier Investors (UK) IM Ltd. (1.0%)
  • Schroder Investment Management Ltd. (0.9%)
  • BLI - Banque de Luxembourg Investments SA (0.8%)
  • Schroder Investment Management (Singapore) Ltd. (0.8%)
  • ARGA Investment Management LP (0.8%)
  • Mawer Investment Management Ltd. (0.7%)

Contact Details

  • Website:
  • Address: 10 Tan Trao Street, Tan Phu Ward, Ho Chi Minh City, 70000, Vietnam
  • Phone: +

Related Companies

  • Vietnam Sugar JSC
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  • Vinamilk Europe Spostka Z Ograniczona Odpowiedzialnoscia
  • Angkor Dairy Products Co. Ltd.
  • Thong Nhat Thanh Hoa Dairy Cow Ltd. Co.
  • Vinamilk Europe Sp zoo
  • International Real Estate One Member Investment Co. Ltd.
  • Vietnam Dairy Cow One-Member Co. Ltd.
  • Lam Son One Member Co. Ltd.
  • Driftwood Dairy Holding Corporation


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Last Updated on 2 Feb, 2023

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