Vinamilk and Del Monte in joint venture
Vietnam Dairy Products Joint Stock Company (Vinamilk) says it has forged an alliance with Del Monte Philippines Inc (DMPI), a subsidiary of Del Monte Pacific.
Total investment capital for the first phase is $6 million (€5.1m), in which, Vinamilk and its partners contribute 50% each, the website Vietnam+ reports.
The joint venture will import dairy products from Vinamilk, and market and distribute them in the Philippines through DMPI. It will use the co-brand Del Monte-Vinamilk for its products and promote the brand strength of both businesses. The joint venture will take advantage of Vinamilk’s strength in production and Del Monte in distribution, the companies say.
Vinamilk completed production of the first shipment for the joint venture at the end of July. The products are expected to officially reach Filipino consumers in September. Revenue of the joint venture in the first year is estimated at around $8.8 million and has the potential for double digit growth.