Viet Nam had large room to promote the dairy industry with the application of technology in farming and processing to establish value chain, given the rising demand for dairy products in the domestic and global markets, according to the Viet...
Despite the COVID-19 pandemic wreaking havoc on all sectors, Viet Nam’s dairy industry has made efforts to win over customers and solidified its foothold in the domestic market while reaching out to global markets.
VIRAC forecasts that the dairy industry prospect in 2020 will continue to grow at a high level, increase investment capital in dairy farms to reduce dependence on imported milk and to meet the needs of people’s domestic consumption.
The dairy industry grew 0.5 per cent in market capitalisation in 2019, much lower than the average growth of 7.7 per cent of the VN-Index, according to a report issued recently by SSI Securities Joint Stock Company (SSI).
The Viet Nam Dairy Association forecasts Viet Nam''s dairy industry will grow from 9-10 per cent next year and local milk consumption per capita will reach 28 litres in 2020.
The dairy industry''s revenues grew at 12.7 per cent a year on average in 2010-18, and the momentum is expected to continue thanks to an increase in milk consumption in the country, according to the Việt Nam Dairy Association.
The domestic dairy industry will face competitive pressure this year due to the CPTPP, according to a report of the Rong Viet Securities Company (VDSC).
The Viet Nam Husbandry Association is urging the country''s dairy
industry to develop its cattle and use modern technologies so it could
diversify and raise the quality of its products.