Vinamilk enters domestic sugar industry
Vietnam’s dairy giant, Vinamilk, marked its presence in the local sugar industry by debuting the Vietnam Sugar Joint Stock Company (Vietsugar) on November 28 in the central province of Khanh Hoa’s Cam Lam district.
In a move to ensure sufficient raw material for business expansion, Vinamilk this year has spent nearly VND1 trillion (US$44 million) on acquiring a 65% stake of the Khanh Hoa Sugar Co and changing its name into Vietsugar.
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| Vietnam’s dairy giant, Vinamilk, marks its presence in the local sugar industry by debuting the Vietnam Sugar Joint Stock Company (Vietsugar) (Photo kinhtedothi.vn) |
Representatives of Vinamilk said that Vietsugar, which was launched from a strategic handshake between two long-standing companies in Vietnam’s food industry, will open a new direction for the local sugar industry by gradually helping sugarcane farmers in Khanh Hoa province and neighbouring localities improve their competitiveness and actively integrate into regional and global markets.
Established in 1989, Khanh Hoa Sugar Co has a current production capacity of 1,500 tonnes of sugar each day and strives to raise its daily capacity to 2,000 tonnes in the future.
