LOF International Dairy Products appoints Doan Huu Nguyen as its new CEO

VIETNAM – LOF International Dairy Products JSC has appointed Doan Huu Nguyen as its new CEO, stepping into the role amid a challenging financial period marked by an 86.16% year-on-year decline in after-tax profit for the first half of 2025.

Nguyen will bring over two decades of experience in marketing and executive leadership to the dairy products maker. He used to work for Kido Group, Pepsico Vietnam, Left Brain Connectors, and Cau Tre Group.

Nguyen joined LOF in November 2013 as head of marketing, a role he held until April 2016. He later returned to Pepsico Vietnam as marketing director until February 2018.

Since February 2018, he has served as managing director at LOF and was appointed to the board of directors in October 2021. In addition to his role at LOF, he is currently chairman of Long Thanh Dairy Joint Stock Company.

Q2 FY25

According to the company’s released Q2 financial statement, LOF reported net revenue of over VND2.1 trillion (US$80.08 million) in Q2, up 9.48% year-on-year.

However, the cost of goods sold jumped 17.53%, eroding margins and dragging gross profit down by 2.14% compared to the same period last year.

Operating expenses surged across the board. Administrative expenses soared by 52.17%, while selling expenses nearly doubled, up a staggering 93.11% year-on-year.

As a result, the company reported a loss of VND36.2 billion (US$1.38 million), a 112.58% decline year-on-year.

For the first half of 2025, revenue totaled VND3.94 trillion ($150.22 million), but after-tax profit plunged 86.16% year-on-year to just VND70.78 billion (US$2.7 million).

LOF is registered on the Unlisted Public Companies Market (UPCoM) as IDP, which closed Monday at VND200,000 ($7.63) per share.

The new appointment comes after LOF International Dairy Joint Stock Company announced the signing of a comprehensive partnership with GMP Dairy to develop a line of high-quality powdered formula milk for children under the Kun Doctor brand.

With over 20 years of operation, GMP Dairy is among the top pharmaceutical and food companies in New Zealand and has developed numerous high-quality products.

The management of LOF International Dairy expects that the collaboration with GMP Dairy’s team of experts will help the company develop a premium powdered formula milk line that meets European standards, with its composition adjusted to suit the specific physical constitution of Vietnamese children.

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