Vinamilk closes representative office in Cambodia
Vinamilk closes representative office in Cambodia
The Viet Nam Dairy Products Joint Stock Company (Vinamilk) has shut down its representative office in Cambodia.
In a document sent to the Hochiminh Stock Exchange, Vinamilk said the company's management board had agreed to shut down the office operations. It will not extend the office's establishment licence, which expires on March 5.
Vinamilk General Director Mai Kieu Lien will represent the firm to take necessary procedures to close the office operations as per the laws of Viet Nam and Cambodia.
Vinamilk did not disclose the reason for closing its office in the document.
The office received its investment licence in January 2014, after the company obtained an investment licence to build a US$23-million manufacturing plant in Cambodia's Phnom Penh.
The plant, spread over nearly 30,000sq.m, was a joint venture between Vinamilk and Cambodia's Angkor Dairy Products Company Limited, in which Vinamilk contributed 51 per cent of the capital and the Cambodian company held the remaining stake.
The factory was designed to produce more than 19 million litres of milk, 64 million yoghurt jars and 80 million condensed milk bottles of 380gm each. The factory had planned to earn $35 million in revenue in 2015 and $54 million in 2017.
Vinamilk is one of the leading milk producers in Viet Nam. It earned more than VND40.2 trillion ($1.8 billion) in revenue last year, up 15 per cent compared with 2014, with the foreign market contributed nearly VND8 trillion, or 20 per cent.
