Vietnam Dairy Products JSC, also known as Vinamilk, confirmed to Bloomberg last week that it is working to acquire another U.S. company, although a top executive wouldn’t reveal which company was being targeted. Vinamilk purchased a 70% interest in Driftwood Dairy in December 2014 and recently acquired the remaining 30% stake in August as it seeks global expansion. Vinamilk is Southeast Asia’s biggest milk producer by market value.

Chief executive officer Mai Kieu Lien told Bloomberg in an interview that the deal is expected to close next year but declined to give the name of the company or the deal value.

Lien added that Vinamilk is trying to achieve annual revenue of $3 billion by the end of 2017, and the "U.S. is the most difficult market. If we are accepted in the U.S. market, it will be a big advantage for us, helping us to penetrate into other markets and boost our growth.”

In addition to 10 farms and 13 factories within Vietnam, Vinamilk has three factories in the U.S., New Zealand and Cambodia. It has one subsidiary in Poland and is boosting export promotion in new markets such as Thailand , Myanmar and Africa.

At a conference earlier this year, Lien said export sales for the company have increased from 27 million in 1998 to 5.3 billion in 2015 (approximately $242 million), which was also a 77% increase from 2014. Vinamilk's products are now present in 43 countries around the world, and the company continues seeking to expand the market to Europe, Africa and South America.