Del Monte Philippines Inc. is venturing into the dairy industry through a 50:50 joint venture with Vietnam Dairy Products JSC.
DMPI plans to import dairy products from Vinamilk and market and distribute them in the Philippines.
DMPI’s entry into the dairy sector is in line with its strategy of offering health and wellness products to consumers.
The Philippines has the second largest population in Southeast Asia and a relatively low per capita consumption of dairy products, according to DMPI.
“The joint venture provides an opportunity for growth in the domestic dairy industry as Vinamilk expands into a new consumer market, and as Del Monte expands its footprint into a new category regularly consumed in Filipino households on a daily basis,” it said.
Vinamilk is among the 40 largest dairy companies globally, ranking 36th by revenue with $2.6-billion sales in 2020.
