THE DAIRY INDUSTRY REPORT

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1 In recent years, dairy has become one of the fastest growing sectors in the food industry of Vietnam. The average growth rate during reached 18% (EMI, 2009). For a developing country with fast pace of urbanization and population expansion like Vietnam, dairy demand will continue to increase in the coming years. It is necessary to have an overview of the world dairy industry to understand Vietnam dairy industry as 70% of the sector s input is imported. World dairy industry Table 1: World dairy market P 2010F 2010/09 Total production output (million tons) % Total trade volume (million tons) % Demand of developing countries (kg/ person/year) % Demand of developed countries (kg/ person/year) % (Source: FAO 2009) Total production output of the world in 2009 was estimated at 701 million tons, up by 1% over the previous year. The production growth rate is higher at developing countries than that at developed country. The gap is becoming wider in 2010 with the forecast that the rate will be 4% for developing countries while it remains largely the same for developed nations. Total production output of 2010 will increase by around 2% to 714 million tons (Table 1). Total trade volume declined by 4.6% in 2009 against 2008, mainly due to the economic crisis. However, it is forecast that in 2010, the volume may reach the level of 2008 of around 40.6 million (Table 1). The rapidly increasing demand of dairy products in developing countries is the key driver for the growth of world trade volume in the coming year as the demand in developed countries has saturated. Supply demand and price of milk powder Inputs of the milk processing industry are fresh milk and milk powder with the latter accounts for the major percentage in cross-country trade volume. Material powder milk includes skim and whole cream powder which have been wildly fluctuating since 2007 (Graph 1). Graph 1: Price of material milk exported from Australia since , , , , , , Sữa bột gầy Sữa bột nguyên bơ Unit: FOB (USD/ton) (Source: FAO 2010) Though initially regarded as short-term, the recovery of world milk price was confirmed as milk price has well remained at above USD 3,000/ton FOB (ex Australian ports) since mid The upward trend in powder milk price is forecast to continue in 2010 for rising demand while GDP growth rates of developed countries and developing countries is expected to reach 1.7% and 5.5% in 2010, respectively. GDP of the main importer, China may grow at 9.3%. Supply for export is foreseen to be limited. Apart from higher demand of milk materials in the recovering global economy, export supplies are forecasted to be limited as the domestic milk outputs of the US and Europe may fall in Meanwhile, the figure of Australia s output is yet a clear one (USDA, 2009). Therefore, milk price in 2010 will be higher than in As forecasted by USDA, the average price of milk products in 2010 is around 3,600-3,700 USD/ ton, a growth rate of around 20% over the figure of 2009 (Dairyvietnam, 2010). 1

2 VIETNAM DAIRY INDUSTRY 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Graph 2: Vietnam s dairy revenue Unit: billion VND 18,503 16,214 14,101 10,549 11,176 9, Along with the common trend of developing countries, Vietnam s dairy demand as a crucial supplementary nutrition source is increasing. The trend is reflected in rising dairy revenue of Vietnamese producers at a steady growth rate over the years. Total revenue reached VND 18,500 billion VND In 2009, up by over 14% over 2008 (Graph 2). Evidently, the recent economic crisis had no effect on dairy consumption in Vietnam. Currently, consumption of dairy products is mostly in large cities, as 10% of the national population in Hanoi and HCM city consumes 78% of milk products (Somers, 2009). The average annual consumption is 9 liter/person/year, lower than other countries in the region such as Thailand (23 liter//person/year) or China (25 liter//person/year). Consequently, Vietnam s consumption will increase along with GDP growth, following the trend in regional countries (VINAMILK, 2010). With higher demand, many domestic and foreign dairy producers are participating in the dairy market of Vietnam, inducing a variety of products. 1. Milk products in Vietnam Milk Formula Figure 1: Milk products in Viet Nam Drinking Milk Liquid Milk Other Powder Milk (*) Soya Milk Other Milk Products: Yoghurt, Condensed Milk (*) Other powder milk: powder milk products except for milk formula Powder milk is the most profitable segment. Competition within the milk industry is fiercest for the powder milk segment (including milk formula and others) as this segment, especially high-end products is producers competitive target as profit margin is very high of 40%. This is also the segment contributing the large proportion of revenue for producers. Competition is strong with the participation of both local and overseas players. (Source: EMI 2009, VINAMILK 2010) 1.1. Milk formula Table 2: Market share of milk formula producers (as per revenue %) Dairy firms Abbott Vietnam Co.Ltd Vinamilk Mead Johnson Nutrition Dutch Lady Vietnam Nestlé Vietnam Meiji Dairies Corp Others Totoal (Source: EMI 2009a) Table 3: Prices of milk for 6-12 month old children (*) Brand Firm Price/box (VND) Dielac Alpha step 2 Vinamilk 72,100 Dutch Lady step 2 Friesland 70,500 Gain Kid IQ Abbott 154,700 Enfagrow A+ Mead Johnson 160,000 Dupro Gold step 2 Royal Numico NV 164,000 (Source: VINAMILK website and agencies (*)Before 3/2010 2

3 Milk formula is powder milk product for children, blended according to a particular formula to replace breast milk or to supplement certain nutrition elements for special categories of users, normally less than 3 year-old children. This is the fastest growing segments in the packaged food industry with the compound annual growth rate of 20.8% in In 2009, total revenue of milk formula exceeded 6,590 billion VND, accounting for 35.6% of the dairy industry revenue with strong increases in demand and supplies of product ranges (EMI 2009). Improving socioeconomic conditions and higher living standards encourage Vietnamese parents to wish for best products for their children while allow them to afford better products. Especially in large cities, as mothers have less time for taking care of the children, powder milk for children is increasingly used for the convenience and being good source of nutrition. Quality is the most important criteria for this product. Parents are becoming more vigilant of those products with possibility of melamine contamination or protein deficiency. Milk formula products are categorized according to children s age groups, most popularly, of 0-6 months, 6-12 months, years, and over 3 years. Milk formula products are also distinctively divided as high end products and lower. High-end market is largely dominated by foreign producers with imported products. Most popular brands are Gain of Abbott, Friso of FrieslandCampina - Dutch Lady Vietnam, and Enfa of Mead Johnson, etc. Prices of these brands normally double the prices of lower end products as can been seen in the example in Table 3. However, prices do not significantly affect the market shares of foreign firms who account for over 70% of the total milk formula market annually. Abbott holds the largest market share with the brand Gain despite its market share has shrunk by 0.1%-0.2% in recent years. Consumers place higher trust in foreign producers who are considered as reliable and producing higher quality thanks to stricter conditions for quality control. Lower-end market is controlled by FrieslandCampina Viet Nam - Dutch Lady (locally produced products) and VINAMILK. These two players have competitive advantage for price which enables them to expand their markets in rural areas. Market shares of these producers have been increasing steadily over the years thanks to extensive distribution networks, advertising campaigns and promotion of brands (Table 2). VINAMILK has conducted one of large advertising campaigns in 2009 for Dielac brand in the efforts to regain its market share from foreign rivals. VINAMILK wished to send the message that Dielac was produced to particularly cater for Vietnamese children nutrition needs with the quality that is at least equivalent to imported products Drinking milk Drinking milk products include: liquid milk, other powder milk (excluding milk formula for children) and soya milk Graph 3: Market share of producers as per revenue of liquid milk (%) 25,0 24,8 23,6 28,2 28,4 27,8 23,7 23,7 26,6 25,2 8,2 8,1 7,8 7,8 7,9 4,0 4,2 4,7 4,9 4,9 3,2 3,5 3,8 4,0 4,0 1,7 2,2 2,6 2,7 3, Dutch Lady Vinamilk Nestlé Mead Johnson Fonterra Brands Hanoimilk Dutch Lady (Friesland Campina) and VINAMILK have been dominating the market of drinking milk in recent years. In VINAMILK lost part of its market share to Dutch Lady, however, recently, the company has been able to recover its share which rose to 25.2% in 2008, compared to 26.6% of Dutch Lady. Revenue from drinking milk (nearly 8,000 billion in 2009) accounts for around 43% of total revenue of the industry (EMI, 2009). This segment grew by 15% in 2009 over 2008, mostly due to price increases across most of products. Liquid milk. Liquid milk includes pure fresh milk (100% made from fresh milk) and sterilized milk (made from imported powder milk). Due to the shortage of domestic material source, sterilized milk products account for the majority of liquid milk consumption. VINAMILK and Dutch Lady are the two largest players in the sub-sector of liquid milk for children and others. Other small domestic companies such as Hanoimilk, Nutifood, Moc Chau and 3

4 Ba Vi, etc call for modest shares. In 2009, VINAMILK made an impressive growth to control 55.4% of the national market of liquid milk. Other powder milk products. These products are used for different categories of users, mainly adults, for examples, Dielac Mama (VINAMILK), Enfamama (Abbott), Frisomum (Dutch Lady imported directly from Netherland), etc targeting pregnant women; Anlene (Fonterra Brands) or Ensure (Abbott) for people with special needs of nutrition. Specialized segments of the milk industry are normally nutrition for the elderly or nutrition according to medical needs such as Anlene of Fonterra accounting for 80% of market share for this specialized segment with the outstanding richness of calcium for aged people. Soya milk. This product enjoys the highest growth rate in recent year with CAGR of 24.2% during thanks to users increasing awareness of its benefits and producers advertising campaigns. Currently, Vietnam Vinasoy holds 70% of the market for carton packed soya milk with two main products of Fami soya milk and black sesame soya milk. VINAMILK fills in the remaining part of the market with V-fresh brand. The company is aiming to expand its presence in the segment Other milk products Condensed milk. Currently, market demand for this kind of product has been saturated, with 79% of market share belonging to VINAMILK and 21% of Dutch Lady (Somers, 2009). Consumers, especially urban ones, have begun to realize the unbeneficial effects of condensed milk on their health. Hence, this product is now more popular among rural population. Yoghurt. Vietnamese consumers are increasingly interested in this product for its health benefits. At present, most yoghurt is produced by VINAMILK, Dutch Lady, Ba Vi, Moc Chau In 2009, total yoghurt revenue rose by 11% as compared to 2008, amounting to VND 2,000 billion. Yoghurt includes spoonable and drinking yoghurt. VINAMILK leads the market with 60% of yoghurt revenue, mainly contributed by spoonable yoghurt; followed by Dutch Lady with advantages in drinking yoghurt. Besides, home-made yoghurt is still favored by certain consumers (EMI 2009). Nevertheless, according to specialists, yoghurt products are coming to the saturation phase after 10 years of robust growth (EMI 2009). 2. Distribution channels The distribution system is one of the determinant factors in enhancing earnings of companies in the sector. At present, main distribution channels in the sector include: - From authorized agents to groceries - Through supermarkets (this channel becomes increasingly important due to changes in consuming habits) - Through nutrition and health centers, including hospitals, pharmaceutical stores, nutrition consulting centers (National Institute of Nutrition, Centre for nutrition consultation in Ho Chi Minh City ). Specialists and doctors in such centers can introduce and consult on which products to be used. Table 4: Milk formula revenue by distribution channels Distribution channels Groceries Supermarkets , Nutrition and health centers Others In 2009, groceries and supermarkets continued to be major distribution channels of baby milk products. The advantage of groceries is the ability to cover nation-wide market, while supermarkets can supply abundant products at competitive prices. Nutrition and health centers are losing their importance due to limited coverage, mainly in big cities. However, this channel is still crucial, as urban population now consumes more than 70% of dairy products. Domestic companies. VINAMILK and Dutch Lady have built their own distribution system. VINAMILK presently has more than 135,000 retail points all over the country (VINAMILK 2010). Meanwhile, Dutch Lady is now distributing its products through 150 authorized agents and over 100,000 retail points (Dutch Lady 2009). Foreign firms. These firms need to distribute through authorized agents, who will carry out selling latter on. These agents tasks include quality certification and packaging according to Vietnam s standards. 4

5 Besides, there exists an unofficial distribution channel, i.e. hand-carried products from the U.S. and Europe, however, with insignificant amount. 3. Input supply sources As for domestic companies, domestic supplies just account for 30% of their production demand, while the rest 70% must be imported Domestic supplies Domestic dairy inputs depend on the potential of the milk cow-raising industry. The number of milk cows grew 16%/year during , mainly raised in the South. The North only accounted for 15-25% of total milk cows in Vietnam during this period. In the South, Ho Chi Minh city is the largest cow-raising region, with more than 69,000 cows in 2008 (Appendix Table 1). Although the cow number declined in 2007 and 2008, total milk output kept increasing steadily, at the average rate of 23%/year (Appendix Table 1). Along with its large-scale cow-raising sector, the South produced more than 85% of total milk output. In 2009, nation-wide milk production reached 278,190 tons, a 6.11% increase as compared to This was the lowest rise recently, due to the restructuring of the cow-raising sector. Hence, a certain number of cows were incapable of producing milk. Large domestic dairy firms such as VINAMILK and Dutch Lady have begun to develop their own supplies. Especially, VINAMILK, besides collecting milk from farmers, has built 5 farms, with Vietnam s largest cow farm in Nghe An province. However, Vietnam s tropical weather and limited land is unadvantageous for the cow-raising sector. Therefore, in spite of efforts by the Government and dairy firms in developing domestic milk supplies, currently more than 70% of the dairy sector s inputs must be imported Imported supplies Along with the rapid growth in dairy production and consumption, demand for imported inputs of the sector also increased. Table 5: Import value of dairy products and materials Unit: Thousand USD Till T11/2009 Import value 129, , ,066 n/a 302, , , ,140 (Sources: Breeding Agency, GSO) In 2009, total dairy imports would expectedly drop, with initial statistics of import value for the first 11 months reaching only USD 278 million, along with a drop by million tons in volume as compared to the same period last year (Agromonitor, 2010). The decreased export volume in New Zealand and Australia the main dairy exporters to Vietnam, was the main contributor to this situation. Graph 4: Major dairy exporters to Vietnam 29,22% 3,30% 3,63% 30,67% New Zealand Hà Lan Mỹ Malaysia Úc Thái Lan Khác Vietnam mainly imports milk powder from Oceanian countries (New Zealand and Australia), the U.S. and Holland (Graph 4). In addition, import value from ASEAN countries, such as Thailand and Malaysia also made up for a considerable part, mostly finished products of Dumex or Dutch Lady, with production facilities in these countries. Lately, Vietnam has imported most of its dairy products from New Zealand, followed by Holland. The biggest dairy company in Vietnam VINAMILK, imported the majority of its inputs from Fonterra a multi-corporation based in New Zealand, who accounts for one-third to world milk trade. 5,62% 8,89% 18,66% (Source: GSO 2008) 5

6 In the scheme of dairy input supplies development, the number of milk cows nation-wide is expected to reach 426,088 in 2020 and 601,436 in Accordingly, expected milk output in 2020 and 2025 would be and 1,344.7 million tons, respectively. Specialists in the sector forecast that in spite of the rather high growth of the cow-raising sector recently, total milk output in 2020 just meet 35-36% of production demand and 40% in Consequently, domestic dairy producers are still dependent on imported supplies (VEN 2009). 4. Dairy product prices Prices of milk products picked up by 10-15% in 2009, becoming the main motive for revenue growth in the sector. In 2010, just during January and February, dairy firms raised their product prices by 7-10%. According to the survey by the Department for Consumer Protection Vietnam Competition Authority, the Ministry of Industry and Trade, prices of imported powder milk into Vietnam were 20-40% higher than those of the same products in neighborhood countries. Vietnam s average milk powder tax rates range from 3-5%, while the tax rate of finished products is around 20%. These rates are much lower than import tax rates of other countries in the region. For instance, such import tax rates in Thailand fluctuate around 9-40% (DDDN, 2009). Reasons for increasing prices of milk products include the depreciation of VND against USD and European currencies, while most of powder milk, both finished products and inputs, are imported for New Zealand, France, Switzerland and the U.S. Besides, world milk powder prices had been increasing since the second half of 2009, which contributed to rising production costs. Secondly, advertising costs were pushed up during , because dairy producers paid a lot for advertisements and promotions, particularly among baby milk products (milk formula). Lastly, some firms blamed the rising sugar prices for their prices upgrading (sugar prices went up by 100% in 2009 as compared to 2008). Additionally, there has been criticism that increasing prices is a part of the marketing strategy of producers, as many consumers equate higher prices to better quality. Hence, pushing up prices could boost revenue, at least in the short term. Dairy products were among price-controlled goods under Circular 104. However, this Circular contains some weaknesses that producers can make use of to continuously increase their prices. For example, a violation is only counted if prices rise by more than 20% at one time. Meanwhile, dairy companies often raise their prices in many times, each time under 20% of increase. Besides, this Circular does not apply to foreign firms. Thus, there is going to be a replacement for this Circular. Yet, difficulties in identifying production costs might trouble the application. 5. Porter s Five Forces Analysis Figure 2: Michael Porter s five forces analysis on Vietnam milk industry 3.1. Rivalry competition among current firms: Medium Fierce battle for market share and strong effort to keep pace with the industry s growth rate. The growth rate of VINAMILK or Dutch Lady in recent years was equivalent to the industry s, at an average rate of 20%/ year for the period. Market share in the sector did not change significantly. For instance, Abbott and Mead 6

7 Johnson s share in the powder milk products during fluctuated around 23% and 15%, respectively. VINAMILK showed great improvement in this product segment, with its market share gradually rising from 11.2% in 2004 to 17% in 2008 (EMI, 2009). Vietnam s dairy industry is growing at a fast and stable speed. However, firms in the sector need to implement various competitive strategies to position their products. Abbott positioned its GAIN product as advance IQ for children before switching to Vietnam s No.1 powder milk because advance IQ for children is quite common to many milk companies. VINAMILK was once positioned as international quality, showing that VINAMILK was the only Vietnam s milk company to export dairy products to over 10 countries in the world. It has recently switched to the dairy products which specifically meet the needs of Vietnamese children. Dairy companies have upgraded their products. Vietnam consumers now tend to equate high price with better quality and more nutritious ingredients. Therefore, milk companies have upgraded their products, for example, from Friso to Friso Gold (Dutch Lady), Dumex to Dumex Gold (Dumex), Dielac to Dielac Alpha with colostrum (VINAMILK) Besides selling products, dairy producers also focus on developing after-sale services. The most common way is to establish free clubs or health counseling centers such as Enfa A+ of Mead Johnson, Anlene of Fonterra, Calcimex of Dutch Lady or Gain Advance of Abbott, etc to give regular nutrition advice to their customers as well as consultation on product consumption The bargaining power of suppliers: Medium Limited bargaining power of domestic milk material suppliers. Regarding the scale of the cow-raising industry, 95% are raised in households while only 5% are raised in specialized farms which have minimum scale of cows (VEN, 2009). It can be inferred that farmers raise cows spontaneously leading to their inability to ensure the quantity and quality of milk supplies. Their bargaining power is thus weakened. Their lack of management experience, as well as the small-scale farms and high proportion of reproductive disorders and diseases in dairy cows, etc cause many difficulties to farmers. Therefore, domestic dairy companies take the initiative in negotiating fresh milk purchase price. High dependence on imported milk powder prices. As 70% of input milk is imported, international milk powder prices also greatly affect Vietnam s milk production industry. In the forthcoming time, milk powder price will tend to increase. Meanwhile, supply from Vietnam s main exporters such as New Zealand or Australia will slightly rise in the context that import demand of Asian countries also grows. Therefore, companies ability to control milk powder purchase contract, regarding both quantity and quality, is of great importance to their competitive capacity. However, the recent fluctuations in milk powder prices have put domestic in passive position The bargaining power from customers: High End-users have a significant power on companies product quality. There are a variety of dairy products available, which can be substitutes for each other. Price is not the most important factor to consumers in their consumption decision. Therefore, companies have to compete with each other by quality, product diversification and brand power, etc before competing by price. Direct customers such as distribution agents or nutrition centers have a great impact on consumers purchasing decisions. Domestic dairy companies and sole agents of foreign dairy companies have to compete to scramble for strategic distribution points, mainly by discount and commission for retail agents. Such distribution points as nutrition centers, hospitals, pharmaceutical stores, etc, could have considerable bargaining power, as they can influence end-users purchasing decisions through product consulting and introduction The threat of substitute products: Low The threat from new entrants is not high as dairy products are essential nutrition supplements. However, market share competition can be seen among products in the industry. For example, soy milk or other beverages like cereal or cocoa may pose threat to liquid milk products market share The threat of new entrants: Low Some outstanding characteristics of the milk industry include stable growth, high profit, and comparatively stable market share. Therefore, in order to enter the market, companies must have an abundant source of capital to overcome such barriers as: 7

8 - Product specification: Most major dairy companies in the world have participated in Vietnam s dairy market, who have already had a certain and stable market share. Therefore, new competitors who want to enter the market will have to invest substantially in order to alter present customers loyalty. - Large capital requirement: Capital source must be abundant enough to cover advertisement and R&D expenses. - Distribution channels: Dairy market s distribution channels are filled. Hence, new entrants have to attract these distribution channels by paying higher commission, leading to higher cost. It can be concluded that the pressure from new competitors is not high. Competition is much harsher in the internal industry. 4. Prospect on Vietnam s dairy industry According to EMI, in the forthcoming time, dairy industry will continue to have high growth rates and high profitability, albeit with slower pace. Details can be seen through the forecast on CAGR of dairy products revenue as follows: Table 6: CAGR of dairy products Dairy Products Milk Formula Liquid Milk Soya Milk Other Powder Milk Yoghurt Condensed Milk The powder milk market is also projected to experience lower growth in the next years, which is resulted from Vietnam s decreasing birth rate. Breastfeeding will continue to be common in rural areas; hence, powder milk market will still concentrate in cities and surrounding provinces. CAGR of the powder milk sector would projectedly be 8.5%/ year in average for the period (EMI 2009). Regarding the potential of drinking milk market, liquid milk would account for the largest part. As mentioned above, yoghurt and condensed milk segments are reaching their saturation. Hence, these would be the slowest growing segments, with CAGR of yoghurt and condensed milk reaching 4.5% and 3%, respectively. The continuous price increases of milk products are also controversial. The Government is implementing some measures to stop this condition. Thus, dairy companies are also put under the pressure to control milk prices, and prices of dairy products will not increase as much as they did. Besides, rural market can be potential for domestic dairy companies such as VINAMILK and Dutch Lady, thanks to their more reasonable prices than those of foreign dairy companies. Advertising and promotion strategies through different means of communication will be crucial competition measures of milk producers. Besides, R&D is also pre-requisite for dairy companies to increase sales. In general, Vietnam s dairy market still has a lot of opportunities thanks to the rising standard of living. GDP is expected to grow at around 6% per year in the upcoming years. Moreover, Government s measures to develop Vietnam s milk industry and supply areas such as Decision No.10/2008/QD-TTg on the cow raising development, aiming at the personal milk consumption per capita of 10kg in 2010 and 20kg in 2020; and boosting export to overseas markets 8

9 APPENDIX Table 1: Milk cows and milk output Milk cow statistics Unit: thousand heads Milk output Unit: tons ,455 89, , , ,845 23,335 26,308 24,151 17,885 8,216 6,170 35,071 47,632 61,358 80,814 89,880 77,812 71, ,669 28,360 35,230 22,645 17,087 11,617 66,836 8,986 55, , , , , , ,000 40,000 60,000 80, , ,000 Miền Bắc Miền Nam Miền Bắc Miền Nam (Sources: GSO, Dairyvietnam, Breeding Agency) (Sources: GSO, Dairyvietnam, Breeding Agency) Table 2: Total revenue of dairy products Powder Milk 2, , , , , , Milk Formula 2, , , , , , Other Powder Milk Liquid Milk 3, , , , , ,856.8 Yoghurt 1, , , , , ,976.8 Condensed Milk 1, , , , , ,888.0 Soya Milk Total 9, , , , , ,

10 Table 3: Some statistics of dairy producers in Vietnam No. Ticker Revenue 2009/2008 Gross Profit 2009/2008 Net Profit 2009/2008 Gross Profit/ Revenue Net Profit/ Revenue ROA ROE EPS BVPS PE 2009 PB VNM 29.3% 49.3% 90.0% 36.5% 31.6% 22.4% 15.2% 32.9% 21,9% 41.7% 27.5% 6,746 3,566 18,897 27, HNM -21.4% 11.0% Negative 26.5% 18.7% 4.7% -10.7% 6.0% -15.3% 9.0% -24.5% 1,029-3,727 12,439 13, Nutifood 80.6% 393% Negative 42.9% 20.6% 12.3% -51.5% 22.1% -46.5% 36.4% -67.1% 4,148 N/A 13,370 9,582 N/A N/A (*) Nutifood: not yet listed (Source: HBBS) Table 4: Drinking milk market share by revenue (%) Firms Dutch Lady VINAMILK Nestlé Mead Johnson Fonterra Brands Hanoimilk Associated British Foods (ABF) Vinasoy Moc Chau Nutifood Others Total Table 5: Powder milk market share by revenue (%) Firms Abbott Vietnam Co.Ltd VINAMILK Mead Johnson Nutrition Dutch Lady Vietnam Nestlé Vietnam Meiji Dairies Corp Others Total