Vietnam vegetable oil company eyes 4.8 trillion VND in revenue

HCM City, June 13 (VNA) – The Vietnam Vegetable Oil Industry Corporation (Vocarimex) has set a target of 4.8 trillion VND (211.2 million USD) in revenue and 300 billion VND (13.2 million USD) in after-tax profit for 2018, heard the company’s shareholder meeting held on June 12. The corporation’s revenue is expected to rise 9 percent year on year. Vocarimex’s representative said that the company will focus on developing whole sale channels and exploring more export markets while enhancing access to organisations using vegetable oil in their production process in an effort to expand its markets. It will join hands with KIDO Group, an integrated food and beverage consumer company, to complete market development strategies for regions, and study to design rational products, meeting demands of different groups of customers. By increasing its presence in foreign markets and investing in specialised products appealing to the consumers’ taste, Vocarimex eyes to become Vietnam’s leading exporter of vegetable oil. Also, attending international trade fair will help the corporation to branch out its brand in target markets, break into potential ones, and set up long-term and sustainable cooperative ties with its partners. According to the firm’s report in 2017, Vocarimex recorded a revenue of 4.38 trillion VND (192.72 million USD) and 300 billion VND (13.2 million USD) in after-tax profit, surpassing 50 percent of the set plan. Last year, the company slashed 59 percent of its operation costs as compared to 2016, or 212 billion VND (9.3 million USD). Apart from paying due attention to investment restructuring in its joint ventures, focusing on whole sale customers and export, the company has given priority to research and development activities./.