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On the morning of 22 April 2026, Vinamilk, Vietnam Dairy Products Joint Stock Company (VNM), held its annual general meeting of shareholders as the company marked its 50th anniversary. In Q1 2026, consolidated revenue reached 16,178 billion VND and net profit after tax exceeded 2,458 billion VND. Compared with the same period in 2025, revenue rose 24.7% and profit grew nearly 55%, with growth across all product lines.
According to meeting documents, Vinamilk targets total consolidated revenue of 66,477 billion VND in 2026 and after-tax profit of 9,828 billion VND, representing an increase of about 4% versus 2025. To enhance value for shareholders, the company committed to maintaining a cash dividend payout of at least 50% of consolidated after-tax profit.
For 2025, Vinamilk proposed a total dividend payout ratio of 43.5% and said it will pay the remaining 18.5% in due course.
Management said the dairy market still faces challenges due to slow demand recovery. However, optimistic signals at the beginning of the year could support dairy sector growth of 1.5% to 2% in 2026.
In shareholder discussions, questions focused on strategies to manage input costs and plans to expand into new business areas. Vinamilk CEO Mai Kiều Liên said raw material prices are generally trending upward due to global supply conditions and geopolitical factors. To mitigate profit risks, the company has locked in raw material prices under flexible scenarios—ranging from quarterly to yearly depending on the item—combined with safe inventory management.
On exports, the company noted that tensions in the Middle East have increased logistics costs and extended delivery times to about 45 days instead of one month. Despite this, Vinamilk said it maintains a positive growth plan in the region, which it described as a traditional market.
Expanding production capacity and sourcing remains a core focus for Vinamilk in 2026, with a total asset budget of 4,128 billion VND. The Moc Chau Milk project, covering 4,000 dairy cows, is scheduled to begin operations in Q2 2026. The Tay Ninh 2 and Binh Dinh farms are also expected to break ground during the same period.
Management also highlighted the Tam Dao beef cattle project. After full operation since mid-2025, it has started contributing to revenue. Vinamilk expects the beef segment to generate 600 billion VND in revenue in 2026, begin recording profits in 2027, and target about 59 billion VND in profit in 2028.
On distribution, Vinamilk plans to increase the number of product-showcase stores to 1,000 by 2026. The company said it is strengthening direct-to-consumer (DTC) channels and using technology to manage KPIs transparently for every employee.
Responding to questions about sales staff income, CEO Mai Kiều Liên said that following the channel restructuring in early 2025, staff compensation is currently at market-leading levels. She added that maintaining a high-quality workforce is essential for Vinamilk to achieve double-digit growth in the future and reaffirmed the company’s leadership position in both domestic and international markets.
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