Kerry Group has teamed up with food supplier Nova to develop milk formula products for the Vietnamese market.

The lucrative 10-year deal will see the Irish firm supply ingredients and finished products to Nova’s affiliate Anova.

Vietnam has a lower milk consumption than other Asia states, which many food firms view as an opportunity.

Nova, which also has various property interests alongside its food and veterinary medicines business, plans invest over $50 million in developing various milk-based products and distribution systems for the rapidly growing Vietnamese market.

It plans to launch an initial series of products in late March or early April next year.