Meiji to form subsidiary in Hanoi to boost baby formula sales
HANOI, NNA - Japanese food giant Meiji Co. will set up a wholly owned subsidiary in Hanoi on April 1 to ramp up sales in Vietnam of powdered infant formula milk imported from Japan.
The company announced Friday a plan to establish Meiji Food Vietnam Co. by upgrading a local representative office, paving the way for full-fledged marketing of baby formula currently being sold through local agents and other channels.
Vietnam is seen as a promising market for baby formula. Data from the Southeast Asian country's General Statistics Office show that about 1.5 million babies were born in 2020, roughly 1.7 times more than in Japan.
Meiji is seeking to increase its overseas sales to more than 10 percent of the company's overall total in fiscal 2026.
In Asian markets outside Japan, Meiji is engaged in production and sales of chocolate and other confectionery products as well as milk, yogurt and ice cream in China, while selling mainly chocolate products in Singapore and Indonesia. In Thailand, it sells its dairy products through a joint venture. (NNA/Kyodo)