The ranking was announced as part of the ceremony to honor the Top 500 Fastest Growing Companies in Vietnam, and VitaDairy was honored in 6th/10th place of the Fastest Growing Companies in Vietnam 2024. The ranking assessment was based on the main criteria of compound annual growth rate (CAGR) in revenue. In addition, criteria such as total assets, equity, profit before tax, and business reputation in the media were also used as supplementary factors to determine the scale and position of the business within its industry.
VitaDairy holds the 6th/10th position of the Fastest Growing Businesses in Vietnam 2024
The five challenges of the dairy industry and VitaDairy’s impressive turnaround
2023 – 2024 can be considered a difficult period for the Vietnamese economy when it was negatively affected by the global economy which was in a recessionary cycle. According to Nielsen’s report updated to November 2023, the market for milk and dairy products in the country only reached a negative growth rate of 15.8% with a decrease in milk powder output of more than 21.5%. Despite also being under general pressure from the market, VitaDairy was the only dairy company to make it into the Top 10 Fastest Growing Businesses in Vietnam with a record of good performance in business in terms of revenue growth, total assets, and media reputation. This achievement is a testament to the company’s resilience and strong potential.
According to unofficial information from VitaDairy, in just the five years from 2018 to 2023, this business has developed rapidly, achieving outstanding growth of 20 times in revenue. The accelerated development in terms of the number of employees, factory system, sales channels, and market share… shows that the scale of the business has developed significantly in both breadth and depth.
A report by Nielsen IQ also shows that from 2022, VitaDairy has officially become one of the three largest milk powder producers in Vietnam. This achievement is due to the company successfully “breaking the wave” in a completely new segment of the dairy industry – Immune Nutrition. The company has proven its pioneering position in terms of research achievements and the application of science to its products.
Accelerating ahead of the times and aspiring to increase market share
In recent years, VitaDairy has become the name that many companies in the industry consider a reference “case” for growth rate in terms of market share in product groups. Although VitaDairy’s performance has been maintained quite stably, before the pressure of the dairy industry playing field and the participation of many other giants, VitaDairy has not yet cooled down the race to expand market share.
Recently, this giant has also heavily invested in its groundbreaking project, which is to join hands with KPMG and SAP to start the V-UP Digital Transformation project. This project is not just about the business upgrading its management system, but also shows that VitaDairy is ready to accelerate towards larger playing fields from this transformation.
VitaDairy is ready to accelerate into larger playing fields
VitaDairy’s intrinsic strength has been prepared with its abundant resources, technology, and scientific achievements in place, these factors have given VitaDairy the confidence to position themselves on the launch pad to conquer higher positions in the Vietnamese dairy industry. This change is not only meaningful for the business, but also brings tangible values to the community, contributing to affirming the health of the industry in particular and the economy in general.
