Vinamilk and Kido Group, two of the largest food manufacturers in Vietnam, could be set to form a new joint venture in the country.

The two companies have signed a memorandum of understanding to establish a venture marketing beverages and ice cream.

A brief stock-exchange filing from Vinamilk said the venture, if finalised, would “produce and trade beverages – including healthy drinks, tea, milk tea, etc., excluding carbonated drinks – ice cream and frozen foods. 

Vinamilk would own 51% of the venture, the filing said.

Approached for further details, a Vinamilk spokesperson referred just-food to the stock-exchange announcement.

Kido made a similar stock-exchange filing, confirming the shareholdings and the nature of the products to be traded by the venture.

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Vinamilk’s recent corporate moves have included an entry into South Korea and an expansion of its business in China.

In 2019, Vinamilk generated net revenue of VND56.32trn (US$2.43bn), up more than 7% on a year earlier. Net profit stood at VND10.55trn, compared to VND10.21trn in 2018.

During the year, the company acquired a majority stake in local peer GTNFoods in two stages, first buying 40.5% of the business in March and then a further 35.5% during November and December.

Kido’s net revenues were down 5.2% at VND7.21trn amid a reduction in sales of edible oils, the company said. Net profit was up more than 35% at VND200bn.