Vietnamese dairy group Vinamilk has secured a licence from the country's government to invest in US firm Driftwood Dairy.

Vinamilk has been weighing up an investment in Driftwood and announced today (9 December) it had received a licence from Vietnam's Ministry of Planning and Investment.

The company plans to buy a 70% stake in Driftwood, which is based in California. According to Driftwood's website, it supplies a range of dairy lines, as well as other products including bread and salads, to schools, hospitals and restaurants.