Food producer KIDO Group announced on Wednesday that it would strengthen co-operation with partners to further explore the enormous essentail foods market. — Photo Kido Group

Food producer KIDO Group announced on Wednesday that it would strengthen co-operation with partners to further explore the enormous essentail foods market.

According to the company, the market is worth VND250 trillion (US$11 billion), it said. It plans to diversify into areas like frozen foods, fresh foods and everything needed in a kitchen. A KIDO representative told Viet Nam News that the company was working with foreign original equipment manufacturing partners to study Vietnamese consumer tastes following which it would order products from the partners. If its efforts are successful, KIDO would make these products in Viet Nam, she said.

There would be many tie-ups this year to expand the company’s distribution network and acquisition activities, she said. This way the company targeted revenue growth of 70 per cent this year, she added. At its annual general meeting on Wednesday the company said it expected revenues of VND12 trillion ($526 million) and profits of VND800 billion ($35 million), a 40 per cent rise. It expected to pay dividends of 16 per cent in cash for this year.