In 2024, Vinamilk approached the final stages of our significant transformation journey by updating the packaging for most of our products to align with the new brand identity. This effort, part of our ongoing brand repositioning strategy during the last 2 years, strengthens our product portfolio, making it more modern, cohesive, and appealing to consumers. Beyond product enhancements, we steadily own our development of a comprehensive and sustainable digital ecosystem that seamlessly integrates production, distribution, sales, and direct interactions with retailers and consumers. Ultimately, we aim to optimize operational efficiency, deliver superior customer experiences, and strengthen our leadership position in the dairy industry.
Sustainability remains at the core of Vinamilk’s strategy, expanding upon efforts from previous years. We insist on our “Vinamilk Pathways to Dairy Net Zero 2050” action plan with a clear roadmap and four areas of priority, including Sustainable agriculture, Green production, Environmentally friendly logistics, and Sustainable consumption. In 2024, we achieved a significant milestone – Vietnam Beverage Factory became our third facility to achieve carbon neutrality under PAS 2060:2014. This accomplishment is the result of our multiyear “dual action”: reducing emissions in production while continuing the tree-planting initiative for carbon absorption. Beyond environmental efforts, social responsibility is also an important pillar in our sustainability policies. In 2024, Vinamilk provided nearly 1.8 million essential nutrition products, valued at nearly VND 10 billion, to communities and children affected by natural disasters, helping them rebuild and recover.
Beyond environmental efforts, social responsibility is also an important pillar in our sustainability policies. In 2024, Vinamilk provided nearly 1.8 million essential nutrition products, valued at nearly VND 10 billion, to communities and children affected by natural disasters, helping them rebuild and recover.
Vinamilk takes immense pride in unwaveringly delivering strong returns to our shareholders. In 2024, we paid interim dividends of VND 2,000 per share across the first and second payments. The total expected dividend for 2024 is VND 3,850 per share, matching the 2023 level. If approved at the 2025 Annual General Meeting of Shareholders, this would result in a dividend payout ratio of nearly 86% of consolidated profit after tax attributable to the Parent Company’s equity holders, significantly exceeding our minimum payout policy of 50%.
In 2025, Vinamilk will be approaching the fulfillment of our 2022-2026 Annual General Meeting of Shareholders’ Resolution while also nearing the milestone of our 50th anniversary celebration. Vinamilk will continue “Raise the Bar” and reaching new heights by expanding markets locally and internationally. In the domestic market specifically, we will refine our sales and digital transformation policies to stay ahead of the competition, as well as enhance marketing strategies to increase product coverage and strengthen consumer trust in our traditional portfolio. We will also prioritize developing succession planning with a focus on training and nurturing high-potential employees to build a long-term leadership pipeline for the company.
On behalf of the Board of Directors, I extend my sincere gratitude to our Board of Management, employees, customers, partners, shareholders, and stakeholders for your consistent collaboration in the last year. Your trust and support enable Vinamilk to embrace change with ambition and build a solid foundation for the next phase of growth.
We are optimistic about the journey ahead and look forward to continuing this journey with you.
Both domestic and international segments recorded growth with two significant milestones: in the domestic market, we nearly completed the packaging updates in alignment with the new brand identity, while in international markets, we saw the highest growth rate in the past five years. These achievements, along with a number of product innovations, marketing enhancements, and digital transformation that we implemented with great vigor, form a solid foundation for Vinamilk’s next phase of growth.
The domestic market remains an important mainstay of Vinamilk’s evolvement with a share of 82% of consolidated net revenue. Despite disruptions from natural disasters during certain periods, domestic net revenue increased 0.4% YoY to reach VND 50,799 billion. On the industry level, although the growth in value in 2024 still decreased by 0.3% YoY, it showed signs of recovery as the decline narrowed compared to 2023 (down 1%).
With double-digit sales growth, Condensed milk, Yogurt, Probi probiotic yogurt, Green Farm fresh milk, Adult powdered milk, and Nut milk emerged as key drivers of Vinamilk’s success in 2024. This strong performance was fueled by significant improvements in both quality and quantity, along with innovative consumer engagement strategies across multiple touchpoints through personalization.
2024 also marked a major transformation with the near completion of packaging in alignment with the new brand identity established in July 2023. Key product categories with updated packaging included Yogurt, Children’s powdered milk, Beverages, Nut milk, and Ice cream. With most of our portfolio now unified, Vinamilk continues to balance innovation with the heritage and trust built since 1976.
International markets continue to play a large part in Vinamilk’s growth with a share of 18% of consolidated net revenue. In 2024, international net revenue enjoyed impressive YoY growth of 12.6% – the highest in the past five years – to VND 10,983 billion.
Vinamilk’s overseas subsidiaries delivered solid results, with revenue reaching VND 5,319 billion, up 12.9% YoY. In Cambodia, Angkor Milk expanded its marketing efforts and introduced new products to leverage Vinamilk’s diversified product portfolio. Meanwhile, in the United States, Driftwood achieved revenue growth by seizing opportunities beyond its core school channel and capitalizing on the growing demand for sweetened condensed milk.
Vinamilk’s export business saw robust growth, with net revenue climbing by 12.4% YoY to VND 5,664 billion. Growth was driven by both traditional markets and premium destinations such as Taiwan, South Korea, Japan, Canada, and the US, where Vinamilk effectively tapped into the Vietnamese diaspora segment. Several premium markets recorded double-to triple-digit revenue growth. In 2024, Vinamilk also strengthened partnerships with a global dairy leader to expand our export portfolio, and developed tailored products for the Australian and New Zealand landscapes. With doubledigit growth, international business is poised to become a key pillar of Vinamilk’s export strategy
Vinamilk boasts the most chosen brand in Vietnam’s dairy and dairy substitutes sector for 12 consecutive years and remains the only dairy company to receive National Brand Recognition for 16 consecutive years. Internationally, Vinamilk is among one of ten dairy brands holding prestigious quality, safety, and purity certifications such as Clean Label Project, Purity Awards, and First 1,000 Day Promises, etc., and is the only dairy company from Vietnam listed in the Fortune 500 Southeast Asia 2024.
2024 was a pivotal year marked by quantitative breakthroughs and qualitative advancements in our product portfolio.
Vinamilk continues to make significant strides in digital transformation, with a strong focus on technology. Our vision is to build a comprehensive digital ecosystem that seamlessly integrates production, distribution, sales, and direct interactions with retailers and consumers. And our ultimate goal is to optimize every aspect of operations to establish unmatched and lasting competitive advantages.
This transformation is being carried out in two key phases:
The initial results highlight the effectiveness of this strategy. Key initiatives, including sales force automation, delivery tracking applications, the Vinamilk B2B platform, and e-commerce integration, are already in place, providing powerful support for operations.
The Japan Vietnam Livestock Company (JVL), a joint venture between Sojitz and Vilico, invested nearly VND 3,000 billion to establish and launch the Vinabeef meat processing factory in December 2024. This is Vietnam’s first beef processing facility operating in a highly controlled and hygienic environment, with a processing capacity of approximately 30,000 cattle and a target output of 10,000 tons of beef per year. By Q2 2025, JVL will integrate a nearby cattle farm to create a fully-closed system from breeding to processing and distribution. Vinabeef products will cater to mid to high-end hotels and restaurants. In 2024, JVL’s revenue nearly tripled compared to 2023, and the product successfully entered major supermarket chains. JVL also expanded into ready-to-eat and ready-to-cook products, including sausages and beef balls, which are currently being tested in select modern retail and HORECA channels.
By creating a desirable workplace that attracts top talent, Vinamilk successfully maintained a lower turnover rate the industry average. The Company continues to be one of the most sought-after employers and has received numerous prestigious awards for our workplace excellence.
We also build a strong corporate culture by introducing “Vinamilk DNA” – a framework comprising 10 core competency values distilled from key strategic decisions that have driven our success over the past 50 years – to ensure alignment between past achievements and future aspirations. This framework serves as the foundation for talent recruitment, establishment of capability assessment, and development of fair compensation and career progression for each employee.
In 2025, Vinamilk will continuously “Raise the Bar” and strive to achieve new growth milestones. We will heavily invest in enhancing our product portfolio and talent development, accelerating our digital transformation, and integrating modern digital tools into business forecasting and decision-making.
Vinamilk believes that, with strong internal strength, a welldefined strategy, and the unwavering support of shareholders, we will be empowered to continue to defend our leading position, generate sustainable value for investors, and make meaningful contributions to the country’s socio-economic development.
