When Vinasoy shared the goal of “creating a world-class plant nutrition ecosystem by 2030”, many people questioned its feasibility. So what has Vinasoy been doing, and what are the foundations to realize this aspiration?
Consistent in strategy focusing on “core” competencies
Throughout its more than 25-year history of development, Vinasoy has been widely trusted through its dairy products with the core ingredient of soybeans. Few people know that, stemming from the desire to bring products that are good for consumers' health and to anticipate the trend of consuming plant-based foods, Vinasoy's leaders soon determined that the company's business strategy is to develop an ecosystem and comprehensive plant nutrition solutions, contributing to the healthy lives of consumers.
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| Vinasoy has cooperated with farmers to provide technical guidance, cultivation, production and purchase of soybeans to create a sustainable raw material area. (Photo: TL) |
From the beginning, Vinasoy focused only on soybeans with soy milk products and invested systematically in developing sustainable soybean material areas across the country. Up to now, Vinasoy Soybean Application Research Center (VSAC) owns a soybean gene bank with 1,533 valuable soybean lines/varieties with outstanding productivity and quality.
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| Modern and automated production lines help Vinasoy confidently reach out to the world. (Photo: TL) |
In addition, two modern, world-class factories of Vinasoy were launched in Bac Ninh and Binh Duong, respectively, increasing the total capacity of all 3 factories to 390 million liters/year. Accordingly, Vinasoy became the first and only soy milk producer in Vietnam to be in the Top 5 largest soy milk companies in the world for 4 consecutive years (According to Global Data).
With its main product being Fami soy milk, for many years, this company has continuously researched and introduced to the market soy milk products with many different delicious flavors, meeting the diverse needs and frequently changing preferences of consumers.
Most recently in mid-2022, Vinasoy made a breakthrough when launching the plant-based yogurt drink Veyo Yogurt, naturally fermented from premium 5-nut milk.
All of this shows that Vinasoy's roadmap is always consistent: developing core competencies in depth around the product axis from soybean nutrition to plant nutrition.
Step by step affirming the ability to conquer the "global" goal
From the end of 2022, the common challenges for Vietnamese businesses will increase as the world economy is affected by the Covid-19 pandemic, the supply chain is disrupted for a long time, drought, climate change, and the price of raw materials and agricultural products increases globally. Faced with such a negative picture, Vinasoy still chooses to stick with one product line and focus all its resources and efforts to take on the role of shaping and leading the product line, and further, "creating a world-class plant nutrition ecosystem by 2030" as Vinasoy's vision. At first glance, this goal seems great, but following Vinasoy's footsteps, we can see that this business has been carefully prepared and has even achieved certain achievements on the journey to bring Vietnamese brands to the world.
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| Vinasoy has gradually affirmed its leading position by being present in major supermarkets in the international market. (Photo: TL) |
With core competencies in the soy milk industry, the "made in Vietnam" soy milk brand has continuously made its mark on the map of large, potential export markets such as appearing in most major supermarkets in China, Japan, Korea, the US...
Immediately after China reopened after the Covid-19 pandemic, Vinasoy's Fami products were present in three influential supermarket chains there. The first is Beiguo Hebei supermarket with 58 large stores in Beijing, Tianjin and Hebei. Next is Wushang Merchant supermarket with 70 stores in Wuhan and Hubei. And especially the state-owned Vanguard supermarket, the most influential supermarket chain in China with 48 stores.
In Japan, Fami soy milk has covered almost all of the territory of the Land of the Rising Sun, with Asian stores and supermarkets spread across 45/47 provinces and cities. In addition, Fami is also present in nearly 200 Asian stores in the US, and Vietnamese convenience store chains in Seoul - Korea. These are positive signals, creating momentum for the development of an international distribution channel for Vinasoy's ecosystem of plant nutrition products in the coming time.
As a common consumption trend worldwide, the potential of the plant nutrition market is huge. Surely there will be many domestic and foreign enterprises competing to join this playground. However, if we follow the development process of Vinasoy, we can see the convergence of many factors: the passion for consumer health from the early days of operation, a quarter of a century of diligent research and grasp of new technology. Along with the opportunity to "create a world-class plant nutrition ecosystem by 2030", there are many challenges that Vinasoy needs to conquer. But with the above foundations, we can completely believe that the day when Vietnamese enterprises assert themselves at the international level in this field is not far away.
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