Vietnam’s largest dairy producer Vinamilk inaugurated Monday its new milk powder making plant in the southern province of Binh Duong, a facility that cost nearly US$100 million.

Spanning 6 hectares in the VSIP 1 Industrial Park, the plant is capable of producing 54,000 tons of many different types of powder milk a year, according to Vinamilk.

The facility is also equipped with the state-of-the-art technology provided by GEA/NIRO Group and other leading companies in G7 and EU. The equipment includes two giant drying towers, which are considered the most modern in Asia, the company said.

“The new plant will increase Vinamilk’s milk powder making capacity by five times,” CEO Mai Kieu Lien said.

Vinamilk’s sales last year rose 23 percent to US$1.3 billion, while net profit jumped nearly 40 percent to $280 million. It also wrapped up 2012 with a US$180 million export turnover, or 14 percent of total revenues.

The company targets a $3 billion revenue in 2017, in order to enter the list of 50 leading dairy producers in the world.