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Work begins on $40 million Vinasoy factory

Released at: 16:29, 21/03/2016

Work begins on $40 million Vinasoy factory

First stage of Binh Duong factory to go into production in November.

by Nhi Linh

The Vietnam Soya Products Company (Vinasoy) began construction of its third soymilk factory on March 18, at the Vietnam - Singapore Industrial Park in southern Binh Duong province.

The new factory will cost VND900 billion ($40.3 million) and be capable of producing 180 million liters each year. In building the factory, the first stage of which is to be completed in November and will have a capacity of 90 liters, Vinasoy targets producing 390 million liters of soymilk by the end of this year and to earn revenue of VND10 trillion ($448.5 million) by 2020.

Last August Vinasoy opened a factory in northern Bac Ninh province with a capacity of 180 million liters.

Mr. Ngo Van Tu, CEO of Vinasoy, said the Binh Duong factory is one of its two largest and is of international standard. Vinasoy now has two factories in the Top 5 most modern soymilk factories in the world, he added.

Vinasoy leads Vietnam’s soymilk market, with an 84.2 per cent market share, according to a Nielsen Vietnam report in December. Its revenue in 2015 was VND3.8 trillion ($170.4 million), an increase of 20 per cent compared to 2014.

The new Binh Duong factory will enable the faster delivery of Vinasoy products to consumers in the south.

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