Vinamilk’s (VNM) domestic and overseas growth drives record-high Q3 revenue

Vinamilk’s (VNM) domestic and overseas growth drives record-high Q3 revenue

Vinamilk, Việt Nam’s leading dairy producer, posted consolidated revenue of VNĐ16.97 trillion in the third quarter of 2025, marking a 9.1 per cent year-on-year increase and bringing the company close to the VNĐ17 trillion milestone.

Vinamilk’s Q3 domestic revenue growth was driven by an expanded retail network, new products and diversified consumer engagement channels. Photo courtesy of Vinamilk

Cumulative consolidated revenue for the first nine months reached VNĐ46.68 trillion, up 0.7 per cent from the same period last year, as both domestic and international operations saw positive growth compared to the previous quarter.

Domestic consolidated revenue rose 4.4 per cent year-on-year to VNĐ13.49 trillion, accounting for nearly 80 per cent of total Q3 revenue. Growth was driven by Vinamilk’s ongoing digital transformation, expansion of its retail network, launch of new products and the success of targeted marketing campaigns.

For the first nine months, domestic revenue reached VNĐ37.12 trillion, slightly below 2024 levels due to early-year challenges, but the gap narrowed significantly thanks to solid results in the second and third quarters.

Meanwhile, international operations continued to be a strong growth driver, contributing over 20 per cent of consolidated revenue. Overseas consolidated revenue surged 32.6 per cent year-on-year in Q3 to VNĐ3.46 trillion, with robust performance in key Asian and African markets.

For the first nine months, overseas revenue climbed 13.7 per cent year-on-year to VNĐ9.49 trillion. Excluding exchange rate effects, international sales rose 25.7 per cent in Q3 and 9.5 per cent in the nine-month period compared to last year.

Pre-tax and post-tax consolidated profits in Q3 reached VNĐ3.13 trillion and VNĐ2.51 trillion, respectively, up 6.2 per cent and 4.5 per cent year-on-year. For the first nine months, pre-tax profit stood at VNĐ8.17 trillion and post-tax profit at VNĐ6.59 trillion, equivalent to earnings per share of VNĐ2,804.

According to Vinamilk CEO Mai Kiều Liên, the company’s third-quarter performance reflects the effectiveness of its digital transformation and brand repositioning journey.

“The improvement across both domestic and overseas operations provides a solid foundation for us to meet our full-year business targets approved by the General Meeting of Shareholders,” she said.

Vinamilk’s operational efficiency also improved, with consolidated gross margin in Q3 increasing by 60 basis points from a year earlier, supported by higher sales volumes and stable production costs. While sales grew nearly 10 per cent, selling expenses rose only 7.1 per cent. For the first nine months, consolidated gross margin reached 41.4 per cent, slightly lower than last year mainly due to Q1 impacts.

The company’s digital transformation initiatives are delivering measurable results. Artificial intelligence (AI) has been applied to fully automate image verification in delivery processes, enabling the system to process hundreds of thousands of images daily within minutes. The innovation eliminates manual checks, enhances accuracy and is expected to save up to US$3 million annually in operational costs, ensuring faster and more reliable deliveries.

Alongside digital advancements, Vinamilk has accelerated the expansion of its retail network. In 2025, the company renovated and opened hundreds of new stores nationwide, all fully aligned with its refreshed brand identity.

Vinamilk representatives said the firm will continue to expand based on market demand while regularly reviewing store performance. Revenue from the Vinamilk retail system and e-commerce channels grew by double digits year-on-year in Q3 and outpaced growth in the first half of the year.

The company is also leveraging its 'online–offline synergy' strategy, using its physical presence to attract consumers online, while online engagement drives them back to stores. This hybrid model enhances brand visibility across multiple touchpoints, keeping Vinamilk modern and connected with consumers.

According to Nguyễn Quang Trí, Vinamilk’s Executive Director of Marketing, the company continues to shape rather than follow consumer trends.

“Vinamilk consistently introduces new products built on advanced global technologies, many of which are the first of their kind in Việt Nam. Our innovations are guided by deep consumer insights and designed to meet personalised nutritional needs while bringing global nutrition science closer to Vietnamese consumers,” he said.

Recent highlights in Q3 included a complete packaging redesign for Vinamilk’s adult milk powder range, the launch of new soy milk with black sesame and oat milk products, and the debut of HayDay Kombucha — Vinamilk’s first fermented beverage. HayDay Kombucha stands out with a six-month fermentation process and natural carbonation, compared with typical market products fermented for only 21–30 days without carbonation.

Vinamilk’s strong performance and innovation have earned it major global recognition. In August, Brand Finance, a leading global brand valuation firm, ranked Vinamilk among the top 5 per cent of the world’s strongest brands, awarding it the highest AAA++ rating, and placing it in the top three global dairy brands by Brand Strength Index.

With rising revenues, growing international presence and continuous innovation, Vinamilk continues to solidify its position as a regional powerhouse — advancing from Việt Nam’s leading dairy brand to one of the most respected names in the global dairy industry.

Bizhub