Vinamilk Q1 Net Revenue Up 24.6% to VND 16,149 Billion, International Sales Surge 39.1%

Overview

Vinamilk (VNM), Vietnam’s largest dairy company, reported Q1 2025 consolidated net revenue of VND 16,149 billion, a 24.6% increase year-on-year. The growth was driven by a domestic restructuring program and a 39.1% surge in international sales. The results highlight Vinamilk’s ability to sustain double-digit revenue growth despite global supply chain challenges.

Key Facts

• Q1 2025 consolidated net revenue: VND 16,149 billion, up 24.6% YoY.
• Domestic revenue: VND 12,080 billion, up 20.4% YoY.
• International revenue: VND 4,069 billion, up 39.1% YoY.
• Vinamilk completed rebranding of 800 stores, targeting 1,000 stores by end of 2025.
• Opened a flagship store in Phnom Penh, Cambodia.
• New product lines (Green Farm, plant-based milk, high-protein products) achieved double-digit growth.
• Launched Whipping Cream and expanded specialized nutrition for adults (Sure Canxi Pro, Sure Gold, Sure Diacerna).

What Happened

Vinamilk announced its Q1 2025 business results on May 5, 2025, showing a 24.6% year-on-year increase in consolidated net revenue to VND 16,149 billion. The company attributed domestic growth of 20.4% to a restructuring of its distribution network, which included rebranding 800 stores under a new identity. Vinamilk aims to reach 1,000 stores nationwide by year-end. International revenue rose 39.1% to VND 4,069 billion, supported by stable demand for essential nutrition products and proactive supply chain management, including alternative shipping routes and escort vessels.

According to Mr. Nguyen Quang Tri, Chief Marketing Officer of Vinamilk, the company has been continuously launching and improving products in 2024-2025, with plans to scale up successful new products in 2026. Key growth drivers included liquid milk recovery (especially fresh milk), new product lines such as Green Farm and plant-based milk, and high-protein products. The company also introduced Whipping Cream for culinary and professional use, and expanded its specialized nutrition range for adults.

Market Context

Vinamilk (VNM) closed at VND 61,000 on April 15, 2026, down 1.13% with volume of 4.2 million shares. The stock trades on HOSE and is a bellwether for Vietnam’s consumer staples sector. The Q1 revenue beat comes amid a challenging global environment with rising transport costs, but Vinamilk’s diversified revenue streams and strong brand positioning have supported consistent performance. The dairy sector remains resilient due to essential demand, though competition from imported products and changing consumer preferences pose ongoing challenges.

Strategic Significance

Vinamilk’s Q1 results demonstrate the effectiveness of its dual strategy: strengthening domestic distribution through store rebranding and product innovation, while aggressively expanding international markets. The 39.1% international revenue growth, driven by Cambodia and other export markets, reduces reliance on the domestic market and provides a buffer against local economic fluctuations. The company’s focus on high-margin products (specialized nutrition, premium fresh milk) and new categories (plant-based, high-protein) aligns with global health trends and supports margin expansion. The flagship store in Phnom Penh signals deeper penetration into ASEAN markets, potentially opening new growth avenues.

What to Watch

• Q2 2025 earnings release for margin trends and international revenue sustainability.
• Progress on the 1,000-store target and same-store sales growth.
• Updates on new product launches and market share in plant-based and high-protein segments.
• Any further international expansion announcements, especially in Cambodia and other ASEAN countries.
• Impact of global shipping costs and supply chain disruptions on export margins.