Vinamilk plans expansion: VNDirect raises target for Vietnam Dairy Products stock to VND 71,900

Published on 10/12/2026 at 10:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Angkormilk revenue rose 230.00 percent in the first nine months of 2026. Vietnam Dairy Products stock yields 4.90 percent.

Key points in brief

Vinamilk planned further Angkormilk expansion after a US$51.7 million investment in Cambodia.
Angkormilk revenue rose 230.00 percent in the first nine months of 2026, according to VOV.
VNDirect raised its target from VND 70,400 to VND 71,900 after Vinamilk's second-quarter results.
Vinamilk's next investor-relations calendar date is October 30, 2026, for third-quarter financial statements.

Vietnam Dairy Products, VN000000VNM8, Illustration mit AI erstellt.

Vinamilk planned further Angkormilk expansion after the Cambodian project reached USD 51.70 million in total investment, while VNDirect raised its target for Vietnam Dairy Products stock from VND 70,400 to VND 71,900. VOV reported on October 10, 2026, that Vinamilk was planning to expand the Angkormilk factory, while Investing.com reported the target change on September 21, 2026.

Three milestones shape the story

On February 27, 2026, Vinamilk's investor calendar listed disclosure of its fiscal year 2025 financial statements. The company reported second-quarter 2026 results on July 24, 2026, with revenue of VND 18.85 trillion and earnings per share of VND 1,515.58 against a VND 1,221.15 forecast, according to Investing.com. The latest milestone came on October 10, 2026, when Vinamilk's Angkormilk project was linked to expansion plans in Cambodia.

The operating figures behind the expansion are material. In the first nine months of 2026, Angkormilk revenue increased 230.00 percent year over year and post-tax profit rose 238.00 percent, while the project had generated cumulative revenue of USD 573.00 million from 2015 through 2025, according to VOV.

What does Angkormilk add?

The Cambodian unit gives Vinamilk a measurable international growth channel rather than only a domestic expansion narrative. The project employs 662 Cambodian workers, and the proposed farm near Kampong Speu is planned at USD 15.00 million to USD 16.00 million, with capacity for 2,000 dairy cows and 11,000 tons of fresh milk annually, according to VnExpress. That supply-chain investment could support local production, but its contribution will depend on execution and future demand.

Next reporting date is October 30

Vinamilk's investor-relations calendar schedules disclosure of third-quarter 2026 financial statements for October 30, 2026. The date gives investors a concrete test of whether the 230.00 percent Angkormilk revenue increase is translating into a broader earnings contribution.

Target rises after strong quarter

VNDirect's September 2026 view combined a VND 71,900 target with a favorable recommendation after second-quarter revenue reached VND 18.85 trillion, up 12.40 percent year over year. The same report cited a 43.20 percent projected gross margin for fiscal year 2026 and a 4.90 percent dividend yield, according to Elibook. For investors, the key issue is whether international growth can complement Vinamilk's established domestic distribution base without diluting margins.

Angkormilk extends the international case

Vietnam Dairy Products was listed on the Ho Chi Minh Stock Exchange on January 19, 2006, under ticker VNM. The company's latest expansion plan places its Cambodian operations alongside its wider international network as a central operating metric for the next results update.

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