Viet Nam Vegetable Oils Industry Corporation (Vocarimex) on June 12 said it plans to expand sales to business customers as well as exports this year.

At its annual general meeting in HCM City yesterday the company said through the expansion plan it targets revenues of VND4.8 trillion (US$210 million), a jump of 9 per cent from last year.

Its pre-tax profit target is VND300 billion ($13 million).

Nguyen Thi Xuan Lieu, general director of the company, told the meeting that vegetable oil is not only used in households but also restaurants and industries.

The consumption of oil by the latter category would grow at 8-11 per cent in 2016-22, she said.

The company supplies oil to industrial customers making 11 product categories including instant noodles, dairy, confectionery, and processed foods.

Lieu said Vocarimex is the leading exporter of seasame oil to Japanese market and the company plans to explore more possibilities.

“Research will be strengthened to create specific products to meet the demands of various customers. The shipping methods will also be improved to expand exports,” Lieu said.

The company reported revenues for 2017 of nearly VND4.4 trillion ($192 million), while profits were VND300 billion ($13 million), or 150 per cent of the target.

Sales to industrial customers grew by 52.6 per cent and exports by 15 per cent.

The company attributed its success last year to a restructure focused on industrial customers and export markets. — VNS