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Report on dairy products manufacturing in Vietnam
Vietnam’s dairy products manufacturing market has become one of the fastest-growing segments within the country’s food and beverage industry.
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VND 15,000,000
VND 15,000,000Overview
• Vietnam offers favorable demand conditions for dairy products, supported by a population of over 100 million, urbanization of around 39% in 2024, and rising income levels
• Dairy product manufacturing revenue reached approximately USD 5.3 billion in 2024, growing at a CAGR of 6.3% during 2016–2024 • The number of dairy manufacturers more than doubled from XX companies in 2016 to XX companies in 2024, indicating stronger market entry and rising competition
• Industry revenue is highly concentrated in the Southeast, accounting for XX% of total revenue, with Ho Chi Minh City alone contributing XX%
• Vietnamese companies dominate the sector, accounting for XX% of total dairy manufacturing revenue, while FDI players contribute around XX%
Market Trend
• Vietnam’s dairy market still has room to grow, as per-capita milk consumption remains lower than regional peers such as Thailand, Singapore, and Europe
• Domestic raw milk production is expanding, but Vietnam remains dependent on imported milk powder and dairy ingredients, creating exposure to global price and supply fluctuations
• Consumer demand is shifting from basic nutrition toward higher-value products such as low-sugar milk, highprotein milk, organic milk, probiotic yogurt, and specialized nutrition products
• Plant-based beverages and dairy alternatives are emerging from a small base, supported by younger consumers, health awareness, and preference for lighter or more sustainable products
Regulation
• Dairy manufacturing is generally open to foreign investment, and 100% foreignowned manufacturing companies are allowed in Vietnam
• Foreign investors usually need to obtain an Investment Registration Certificate and Enterprise Registration Certificate before operation
• If a foreign-invested dairy company also conducts distribution or retail activities, additional licensing may be required, such as a Business License and Retail Outlet License
• Dairy products are subject to strict food safety, product declaration, technical standards, labeling, and advertising regulations
• Vietnam’s dairy development strategy to 2030 supports domestic raw milk expansion, higher-value dairy products, traceability, technology adoption, and reduced import dependence
