The recent annual general meeting of Vietnam Dairy Products JSC (Vinamilk) set revenue and after-tax profit targets of VND62.16 trillion ($2.7 billion) and over VND11 trillion, respectively.
Explaining the “sideways” strategy, meaning targeting no significant growth in either revenue or profits, Lien said the situation still demanded caution.
In the first three months of 2021, Vinamilk’s total revenue and post-tax profit were VND13.24 trillion and VND2.6 trillion respectively.
Lien said these figures were low because of lower demand for dairy products in the wake of the third Covid-19 outbreak that hit the country late January.
However, better performance in the remaining months will ensure that the year's targets are met, she said.
At the Monday meeting, the company’s leaders discussed Covid-19 as one of the most important variables affecting its business goals.
Other factors included a recent surge in powdered milk prices that has also put more pressure on the company's profits. When shareholders asked if Vinamilk would need to increase its selling prices, Lien said this would “need to be carefully considered, especially in the context of the epidemic.”
“Only when Vietnam has herd immunity will we be certain and reassured about developing a brighter plan. Looking at India, Thailand, Cambodia, Laos, we can see that if herd immunity is not achieved, the calm will only be temporary.”
While the domestic market did not perform as expected in the first quarter of the year, the export market still grew by 8 percent year-on-year, Lien said.
In the 2016-2021 five-year period, Vinamilk has been making investments to increase production capacity to meet demand until 2025. In the upcoming period, the company would focusing on M&As to grow further as also consider diversifying into other businesses, the meeting heard.
Vietnam’s dairy industry last year earned revenues of VND135 trillion, an increase of more than 8 percent over 2019, thanks to rapid growth in the yogurt and fresh milk segments, according to market research company Euromonitor.
- Giants remain cautious with safety Kenny Phillips, resting safety and listing him as questionable
- This Is Who The Giants Are
- New York Giants safety Kenny Phillips eases way into training camp while others doubt his health
- Kent Graham, Giants ruined Broncos' perfect dream in 1998
- Unbeaten Giants emerging as the new bullies on the block
- New York Giants have options for deciding head coach Tom Coughlin's future
- Giants safety Kenny Phillips expected to remain weak in the knee all season
- Barry Zito involved in West Hollywood car accident, Giants pitcher treated & released from hospital
- NY Giants WR Hakeem Nicks coming off injury, says 'I'll be out there Monday' against St. Louis Rams
- Giants WR Victor Cruz reminds Odell Beckham Jr. to think before he speaks
- Bucs rested and ready for Giants
- Yes whey! U.S. touts dairy product to Chinese hog farmers fighting swine fever
Dairy giant to remain cautious until herd immunity have 490 words, post on e.vnexpress.net at April 29, 2021. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.