FY18 Guide & Annual Results, page-375

As we all focus on the approvals from CFDA/SAMR for China, we should really be considering the impacts of Vietnam. It seems to be a very mature and the fastest growing middle-class population in South East Asia.

https://e.vnexpress.net/news/busine...a-is-making-us-giant-abbott-rich-3590559.html

US Giant Abbott as of 2016 has $434 million dollars sales in Vietnam alone. I'd imagine that to be close to $500 million by 2019.

Also.

https://www.businessnewsaus.com.au/...lucrative-vietnamese-organic-food-market.html

In an investor presentation, the group highlighted Vietnam had the fastest growing upper and middle class in South East Asia with expectations the demographic would rise from the 20 million seen in 2015 up to 33 million in 2020.

Euromonitor data estimates Vietnam's baby formula and food market is worth around $1 billion a year with a 15-20 per cent annual growth rate, but this is still dwarfed by the $30 billion Chinese market.

If Bellamy's was to be able to capture say 5% of the market in Vietnam, that's already close to 15% growth as of FY18's revenue.