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Vinasoy completes first phase of third factory

Released at: 09:10, 19/12/2017

Vinasoy completes first phase of third factory

Photo: Vinasoy

Company opens $40-million soymilk factory in southern Binh Duong province.

by Hong Nhung

Celebrating 20 years of establishment and development, the Vietnam Soya Products Company (Vinasoy) has officially opened its third factory, costing nearly $40 million, in southern Binh Duong province.

Located at the Vietnam-Singapore Industrial Park (VSIP) 2A, the facility covers 8.5 ha and has a designed capacity of 180 million liters per year. Its first phase will produce 90 million liters annually, bringing Vinasoy’s total output to 390 million liters per year.

With three factories - in Bac Ninh, Quang Ngai and now Binh Duong (Phase 1) - the company believes it will meet increasing soymilk demand in Vietnam over the next three years.

The new plant will shorten the time and distance in delivering products to consumers in the south of the country, as its plants in Bac Ninh and Quang Ngai primarily meet demand in the northern and central regions.

The company currently holds a market share in soymilk of a staggering 84.3 per cent in Vietnam, according to data from market researchers Nielsen Vietnam, Revenue year-to-date as at November was $176 million, up 200 times against 2002.

“Vietnam has great potential for soymilk, with consumption rising to 780 to 900 million liters over the next four years. Vinasoy has yet to reach more than 65 per cent of households in urban areas and over 50 per cent in rural areas,” said Mr. Ngo Van Tu, CEO of Vinasoy, adding that the company aims for revenue of $1 billion by 2027.

From a factory producing 10 million liters of milk per year, Vinasoy has continuously expanded its production scale, innovated and integrated with modern technologies to reach capacity of 390 million liters of milk each year, putting it among the Top 5 largest soymilk producers in the world. From 100 employees at its foundation, it now employs 1,800 people nationwide and was honored to be ranked 39th among the Top 100 enterprises with the best working environment in Vietnam, according to an Anphabet report in 2016.

It Fami brand was honored as one of the Top 10 drinks brands as chosen by Vietnamese consumers, according to Brand Footprint 2017, and one of the Top 4 most successful brands in Vietnam, according to the Asia Brand Power Report 2016.

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