TH MILK JOINT STOCK COMPANY

The subject is one of three companies in the closed milk production chain of TH Group with brand TH true Milk, including TH MILK FOOD JOINT STOCK COMPANY (farming), TH MILK JOINT STOCK COMPANY – the subject company (production) and TH FOOD CHAIN JOINT STOCK COMPANY (distribution). Therefore, all of the subject’s products are supplied to TH FOOD CHAIN JOINT STOCK COMPANY.  The subject company is expanding its production line, resulting in an increase in the number of employees compared to the previous year. The subject's products are not only consumed in the domestic market but also exported to China (mainly) and Malaysia. 

After 15 years, TH true Milk has become a national brand, and clean fresh milk products are trusted by consumers. According to the Vietnam Brand Footprint 2023 report (Vietnam Brand Footprint - Fast Moving Consumer Goods (FMCG) Industry), TH continued to hold the position of "Top 2 Milk and Dairy Product Brands Most Chosen By Urban Consumers”. In 2023, TH true MILK's e-commerce revenue grew by 45% compared to 2022, which ranked Top 1 in revenue of milk and dairy products on TikTok Shop and top 3 in revenue in all mega sale campaigns on Shopee. TH's healthy beverage products - researched and produced with outstanding quality - also achieved impressive growth compared to the industry's overall growth. Typically, the fruit milk drink industry (brand TH true JUICE MILK) achieved an increase of 62%; The yogurt industry increased by 10.3% (more than double the industry's overall forecast increase).

Regarding industry information, Vietnam's dairy market will have a growth rate (CAGR) of 9.40% in the period of 2024-2032. It is expected that the volume of milk production in Vietnam will reach 2.53 billion kg in 2028. The milk market is expected to have a volume growth rate of 5.0% by 2025. Accordingly, the average volume of milk consumed by each person is expected to reach about 20.7 kg in 2024. Vietnam's dairy industry is "witnessing" fierce competition between many companies, including domestic brands (Vinamilk, TH True Milk, Nutifood, IDP and Moc Chau Milk) and foreign brands (FrieslandCampina (Netherlands)), Nestlé (Switzerland), Abbott (USA), Mead Johnson (USA) and Fonterra (New Zealand)). Currently, there are about 200 businesses operating in this industry, including 40 businesses specializing in milk production and distribution. The majority of the market share belongs to domestic enterprises (about 75%), while the rest belongs to foreign enterprises (about 25%).