Viet Nam’s dairy giant, Vinamilk, marked its presence in the local sugar industry by debuting the Viet Nam Sugar Joint Stock Company (Vietsugar) on Tuesday in central Khanh Hoa Province’s Cam Lam District. — Photo kinhtedothi.vn

Viet Nam’s dairy giant, Vinamilk, marked its presence in the local sugar industry by debuting the Viet Nam Sugar Joint Stock Company (Vietsugar) on Tuesday in central Khanh Hoa Province’s Cam Lam District.

In a move to ensure sufficient raw material for business expansion, Vinamilk this year has spent nearly VND1 trillion (US$44 million) on acquiring a 65 per cent stake of the Khanh Hoa Sugar Co and changing its name into Vietsugar.

Representatives of Vinamilk said that Vietsugar, which was launched from a strategic handshake between two long-standing companies in Viet Nam’s food industry, will open a new direction for the local sugar industry by gradually helping sugarcane farmers in Khanh Hoa province and neighbouring localities improve their competitiveness and actively integrate into regional and global markets.

Established in 1989, Khanh Hoa Sugar Co has a current production capacity of 1,500 tonnes of sugar each day and strives to raise its daily capacity to 2,000 tonnes of sugar in the future. — VNS