Boosting Domestic and International Revenue
In the domestic market, Vinamilk’s consolidated net revenue increased by 4.4% year-on-year, reaching VND 13,494 billion and contributing 79.6% to the third-quarter consolidated net revenue. This growth was driven by digital transformation and contributions from e-commerce, expanded store coverage, new product launches, and effective marketing campaigns.
For the first nine months, consolidated domestic net revenue reached VND 37,118 billion, slightly lower than the same period in 2024, primarily due to the impact of the first quarter. However, the decline has significantly narrowed thanks to positive results in the second and third quarters.
Vinamilk’s third-quarter domestic revenue growth was fueled by expanded store coverage, new products, and diverse consumer engagement strategies. Photo: Vi Nam
Meanwhile, international business continued to contribute over 20% to the company’s consolidated revenue in the third quarter. Vinamilk’s consolidated international net revenue surged by 32.6% year-on-year, reaching VND 3,459 billion. Key markets in Asia and Africa experienced strong growth.
Consequently, the growth in consolidated international net revenue for the first nine months showed significant improvement compared to the first six months, reaching VND 9,494 billion, a 13.7% increase year-on-year. Excluding exchange rate fluctuations, international net revenue in the third quarter and first nine months of 2025 grew by 25.7% and 9.5%, respectively.
Consolidated pre-tax profit (PTP) and post-tax profit (PTAP) in the third quarter reached VND 3,126 billion and VND 2,511 billion, up 6.2% and 4.5% year-on-year, respectively. For the first nine months, consolidated PTP and PTAP reached VND 8,173 billion and VND 6,586 billion, with earnings per share at VND 2,804.
Vinamilk reinforces its position as Vietnam’s leading dairy brand, expanding its global presence at major exhibitions and fairs. Photo: Vi Nam
According to Ms. Mai Kiều Liên, CEO of Vinamilk: “The third-quarter revenue and profit demonstrate that we are on the right track in our brand repositioning and digital transformation journey. Improvements in both domestic and international operations are crucial for achieving the business plan approved by the shareholders’ meeting.”
Digital Transformation and Expanded Store Network
Profit growth reflects improvements in business and operational efficiency. The consolidated gross margin in the third quarter of 2025 increased by 60 basis points year-on-year, driven by improved sales volume and stable production costs. Operational efficiency improved significantly, with revenue growing nearly 10% while selling expenses increased only 7.1% year-on-year. For the first nine months, the consolidated gross margin reached 41.4%, 50 basis points lower than the same period last year, primarily due to the impact of the first quarter.
Vinamilk is reaping the benefits of its digital transformation efforts. The company has implemented artificial intelligence to automate the entire delivery image verification process, processing hundreds of thousands of images daily in just minutes with high accuracy. This initiative eliminates manual image checks and, according to Amazon, could save USD 3 million in annual operating costs, ensuring accurate, complete, and swift deliveries.
Vinamilk stores have been uniformly redesigned to align with the new brand identity. Photo: Vi Nam
Additionally, the dairy giant has expanded its store network. In 2025, the company renovated and opened hundreds of new stores to serve consumers. Currently, 100% of Vinamilk stores have been redesigned to reflect the new brand identity. Vinamilk plans to continue expanding its store network based on market demand and regularly assess the performance of existing stores. In the third quarter, revenue from Vinamilk stores and e-commerce maintained high double-digit growth compared to the same period last year and accelerated compared to the first six months.
Leveraging its scale and brand reputation, Vinamilk seamlessly integrates online and offline presence—using offline strength to attract consumers online and online interactions to drive them back to offline stores. This hybrid model ensures consumer engagement at every touchpoint, keeping the brand dynamic and modern.
New Products Setting Consumer Trends
“Instead of merely following trends, we shape them. Vinamilk continuously introduces new product lines incorporating cutting-edge global technology, developed and produced in Vietnam for the first time. We innovate based on deep consumer insights, meeting personalized and specialized nutrition needs. Notably, we bring global nutritional science advancements closer to Vietnamese consumers,” shared Mr. Nguyễn Quang Trí, Marketing Executive Director of Vinamilk.
Vinamilk’s new products create trends, encouraging consumer exploration. Photo: Vi Nam
Key third-quarter innovations include: completing new packaging for the adult powdered milk line, marking the brand identity update for the entire portfolio; launching new products like black sesame soy milk and oat milk. Notably, Vinamilk introduced its first carbonated Kombucha drink under the HayDay brand. HayDay Kombucha stands out with a six-month fermentation period, compared to the average 21-30 days for other market products, and is carbonated.
These achievements propelled Vinamilk into the Top 5% of the world’s strongest brands with the highest AAA++ rating and ranked it among the Top 3 global dairy brands according to Brand Finance’s Brand Strength Index, announced in August 2025.
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