Top largest milk and dairy companies in Vietnam by market share

The 5 largest milk and dairy companies in Vietnam by market share are revealed in this latest article from Vietnam Business Information.

1. Vinamilk (Vietnam Dairy Products Joint Stock Company)

Vinamilk, established in 1976, is the largest dairy company in Vietnam, originating from the Southern Coffee-Dairy Company under the Ministry of Food Industry. Renamed in 1993, Vinamilk has expanded rapidly, both domestically and internationally, to become a dominant player in the market.

In 2023, Vinamilk reported impressive revenue of approximately USD 2.3 billion, with a net profit of around USD 400 million, highlighting its robust financial performance.

Vinamilk holds a commanding market share of approximately 40% in the Vietnamese dairy industry.

The company offers a wide range of products including fresh milk, yogurt, cheese, infant formula, condensed milk, ice cream, and functional milk products. Vinamilk targets a diverse customer base, from infants to the elderly, with specialized nutrition products for different age groups and health-conscious consumers.

With over 13 farms and 15 factories across Vietnam, and exports to more than 50 countries, Vinamilk ensures widespread availability and high-quality standards. Its achievements include being ranked among the top 50 dairy companies globally, recognized for sustainability initiatives, and continually expanding into international markets.

2. TH Group

Founded in 2009, TH Group quickly rose to prominence with its TH True Milk brand, focusing on high-quality, organic, and fresh milk products. The company has made significant investments in high-tech dairy farms and production facilities.

In 2023, TH Group achieved sales of approximately USD 700 million, with a net profit of around USD 100 million, driven by its premium products and sustainable farming practices. TH Group holds a market share of around 16% in Vietnam’s dairy industry.

The company’s product lineup includes fresh milk, yogurt, butter, cheese, UHT milk, and organic milk, targeting health-conscious consumers and those seeking organic and natural dairy products. Its target market includes families with young children, urban professionals, and premium product consumers.

With a robust domestic distribution network and expanding international presence, particularly in Asia and Europe, TH Group operates some of the most modern dairy farms in Vietnam. The company has led the organic dairy movement in Vietnam and received numerous awards for quality and innovation, reinforcing its commitment to high standards and growth.

3. Nutifood

Nutifood, established in 2000, has become a leading name in Vietnam's nutrition and dairy sectors, focusing on providing nutrition-specific dairy products.

In 2023, Nutifood reported revenue of approximately USD 500 million, with a net profit of around USD 75 million. Nutifood commands a market share of about 8% in the Vietnamese dairy market. Its strategic focus on specialized nutrition products has been key to its steady growth.

The company offers a variety of products including infant formula, functional milk, powdered milk, yogurt, dairy beverages, and nutritional supplements, targeting infants, children, and adults with specific nutritional needs. Nutifood's products support growth, development, and overall health, making them popular among parents, health-conscious individuals, and the elderly.

With a strong domestic market presence and expanding export capabilities to countries in Southeast Asia and Africa, Nutifood emphasizes research and development to create products tailored to consumer health needs.

4. Moc Chau Milk

Moc Chau Milk, founded in 1958, is one of Vietnam's oldest dairy companies, benefiting from the ideal conditions of the Moc Chau plateau for dairy farming.

In 2023, Moc Chau Milk reported revenue of approximately USD 200 million, with a net profit of around USD 30 million, maintaining steady financial performance through its focus on high-quality, natural dairy products.

Moc Chau Milk holds a market share of around 6% in Vietnam’s dairy industry. The company’s product range includes fresh milk, yogurt, condensed milk, cheese, butter, and UHT milk, targeting families, health-conscious individuals, and traditional dairy product consumers. Moc Chau Milk has a strong presence in northern Vietnam and is expanding into other regions, leveraging its longstanding brand reputation.

The company emphasizes local production and distribution, ensuring high-quality standards and natural products. Moc Chau Milk's achievements include a loyal customer base, continuous modernization of production facilities, and a commitment to maintaining its reputation for natural and high-quality dairy products.

5. IDP (International Dairy Products JSC)

Established in 2004, IDP has rapidly grown to become a major player in Vietnam's dairy industry, known for its Love'in Farm brand that emphasizes fresh, healthy dairy products.

In 2023, IDP achieved sales of approximately USD 150 million, with a net profit of around USD 20 million, driven by innovative marketing and product quality. IDP holds a market share of about 4% in the Vietnamese dairy market.

The company’s product offerings include fresh milk, yogurt, cheese, drinking yogurt, and UHT milk, targeting young families, urban consumers, and those seeking nutritious and convenient dairy products. IDP has built a solid distribution network across Vietnam, focusing on both urban and rural markets, and is exploring export opportunities in neighboring countries.

Known for its innovative marketing campaigns and high product quality, IDP has made significant investments in supply chain management and production capabilities. The company continues to grow its presence and brand recognition, ensuring its products meet modern lifestyle and health trends.

The Vietnamese dairy industry is thriving, led by companies like Vinamilk, TH Group, Nutifood, Moc Chau Milk, and IDP. These companies have made significant strides in quality, innovation, and sustainability, positioning themselves as key players both domestically and internationally. Their combined efforts account for the majority of market share in Vietnam’s dairy industry, with Vinamilk alone holding a dominant 40%. Their commitment to meeting diverse consumer needs and maintaining high standards ensures a bright future for the dairy sector in Vietnam.

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Vietnam Business Information