The leading domestic confectionery producer, Kinh Do Corporation (KDC), said it would expand production in new categories of noodles, coffee and edible oil in an aim to enlarge its market share.

At its annual shareholders' meeting in Ho Chi Minh City on June 30, KDC Vice President Tran Quoc Viet said the growth of the confectionery industry was expected to be low in coming years, but food consumption in Vietnam, as a developing country, would remain stable.

Viet added that KDC would continue to focus on growth and expansion in the coming year through diversification into new categories, countries and consumers.

He said that KDC would work with Sai Gon Vewong to sell a variety of instant noodle products in Vietnam.

The company will introduce its first new product in the third quarter, with the goal of becoming one of the top three players in the instant noodle market.

It will also become a strategic shareholder of Vocarimex and Phin Deli through an equitisation process to make edible oil and coffee.

To fulfill the goal, KDC will shift all of its activities related to confectionary production to the Kinh Do Binh Duong Corporation.

After restructuring the company, KDC will operate in eight main categories, including confectionary, ice cream and dairy, noodles, oil, coffee and retail.

Last year, the corporation posted revenue of nearly 4.6 trillion VND (219 million USD) and a pre-tax profit of 619 billion VND (29 million USD).

For 2014, it is expected to reach revenue of 5.2 trillion VND (248 million USD) and pre-tax profit of 660 billion VND (31 million USD), up by 13 percent and 6.6 percent year-on-year, respectively.

This year, KDC will share dividends by cash at a rate of 20 percent per share.-VNA