Vinamilk, a leading dairy company based in Vietnam, plans to invest VND4trn ($189.28m) to set up two dairy facilities in the province of Binh Duong, Vietnam.
Vinamilk noted that the construction of the two factories, which will be operated by robots, is part of its plan to become one of the top 50 dairy firms in the world and to generate revenues of $3bn by 2017.
The first factory will be built in two phases - in the first phase, it will produce 400 million litres of milk annually, and the second phase will see a doubling of the production capacity to 800 million litres.
The second factory will produce Dielac milk powder for babies, and will have an annual output of 54,000t annually.
For the first nine months of 2012, the company reported revenues of VND21trn ($993.73m), up 25% from 2011, and profits before tax of VND4trn ($189.28m), up 35% from the previous year.
For the full year 2012, it expects to generate revenues of VND26.5trn ($1.25bn).
The company has been seeking to expand its operations in the country - in 2012, it completed the development of five dairy farms in Vietnam, and announced plans to invest VND1.5trn ($70.98m) to set up four new farms within five years.
Vinamilk, headquartered in Ho Chi Minh City, Vietnam, produces condensed milk, powdered milk, yogurt, ice-cream, cheese, and other milk-based products, and exports its products to 15 countries including the US, Australia, Russia, Turkey, Cambodia, and the Philippines.
The company is a state-owned enterprise with the government holding a 47.6% stake, while the rest of the shares are traded in Ho Chi Minh Stock Exchange.
