Vietnam’s dairy sector is expected to grow steadily on increasing demand for nutritional products. Photo by Dhiraj Singh/Bloomberg.
Singapore-based GCP will hold around 15% of the Vietnamese company after the deal, the person said, asking not to be identified because the information is private.
Vietnam’s dairy sector is expected to grow steadily on increasing demand for nutritional products. Milk consumption in Vietnam was 28 liters per person in 2021. That’s lower than in Thailand and Singapore, which registered 35 liters and 45 liters of milk consumed per capita, respectively, according to a 2022 research report.
The investment will be used to support the “rapid” expansion of International Dairy Products in Vietnam and across the region, the companies said in a press release.
“IDP is a unique opportunity for us to participate in Vietnam’s rising consumption story,” said Trang Tran, managing director at Growtheum Capital.
International Dairy Products manufactures items such as drinking yogurt, malt drinks, and white milk. Its brands include KUN and Ba Vi. The firm’s revenue rose 26% to 6.1 trillion dong ($260 million) last year, according to data compiled by Bloomberg.
Shares of IDP, traded on Vietnam’s Unlisted Public Company Market, have risen about 27% so far this year.
Growtheum was established in 2021 when two senior GIC Pte executives who specialized in Southeast Asian private equity — Amit Kunal and Choo Koon Po — left the sovereign wealth firm to start their own investment company.
Source: Bloomberg
