Vietnam’s milk imports worth over US$661 mil
(VOV) - Vietnam imported milk and dairy products worth of US$661.9 million in the first eight months of the year, up 10.29% against the same period last year, according to the Vietnam Customs and the Ministry of Industry and Trade (MoIT).
Import turnover of dairy products hit US$80.6 million in August alone, down 6.5 % from a month earlier.
Vietnam imported milk and dairy products primarily from New Zealand, the US, Thailand, Malaysia and Denmark in the reviewed period. Of these markets, New Zealand made up the largest market share of 27% or US$178.8 million, up 12.81% on last year’s period, followed by the US with US$133.3 million, up 45.77%.
Notably, milk import turnover from the Spanish market was US$5.2 million. In August, Australia’s major dairy producer Devondale, entered the local market.
Since the beginning of August, many foreign milk companies have increased their price from five to ten percent, according to MoIT Industrial and Trade Information Centre.
The increase is attributed to price hikes for oil and gas material inputs, higher costs for design changes and pay rise,
At present, the price of Vietnamese milk is at just 50-70% of imported milk.