Vinamilk, a Vietnam-based dairy company, has secured an overseas investment certificate from the Vietnamese government to construct a milk factory in the capital of Phnom Penh, Cambodia, with an investment of $23m.
The company will hold 51% stake in the plant, while Cambodia-based Angkor Dairy Products will own the remaining 49% share.
Set to commence production in 2015, the facility will produce 19 million liters of liquid milk, 64 million jars of yogurt and 80 million cans of condensed milk.
The project is a part of Vietnamese dairy giant's strategy to cater to the increasing demand for milk, yogurt and ice cream products in southeast Asia.
In December, the company received a license from the Ministry of Planning and Investment to takeover 70% stake in Californian dairy processor Driftwood Dairy, which specializes in the production of fresh milk, flavored milk, cheese, yogurt and ice cream.
