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1. INDUSTRY PREVIEW
Vietnam Dairy Market 2018

2. Page 2
Table of Contents
No Contents Page
1 Vietnam Dairy Market 2018 2 - 14
1.1 Market Structure & Description 3
1.2 Size & Segmentation 4
1.3 Domestic Production 5
1.4 Import 6
1.5 Competitive Dynamics 7
1.6 Financial Indicators 8
1.7 Appendix: Key Players’ Profile 9 – 12
2 StoxPlus Introduction 12 – 22

3. Page 3
Market Structure & DescriptionDAIRYMARKET
Source: StoxPlus
Vietnam dairy market has 04 main sectors including Drinking milk, Powdered milk, Yogurt,
and Condensed milk
Figure 1: Market structure of vietnam dairy market, 2017
• UHT milk dominates drinking milk segment thanks to consumer behavior and food safety,
especially in rural area. In particular, the undeveloped cold chain transportation limits the
coverage of pasteurized milk to rural area.
• Approx. 70% of drinking milk raw materials is imported. However, local giants companies are
developing their own farms to sharpen their competitive advantages, such as TH Milk and
Vinamilk.
• The market is fragmented with over 300 local and global brands. Top players include Abbott,
Vinamilk, FrieslandCampina, Mead Johnson and Nestle.
• Customers prefer global brand. For instance, in the infant milk powder segment, Japanese
products such as Meiji, Morigana or Wakodo are gaining popularity.
• The persistent rising trend of health-consciousness in Vietnam is the key driver boosting the
growth of yogurt segment - the star-performer in dairy market.
• Despites its dominant position, Vinamilk’s market share declined from 90% (2012) to 84% (2017)
due to fierce competition. As yogurt is seen as a potential market (CAGR 2012-2017 of 13.1%),
companies focused more on this segment with the introduction of new brand and product in
2017.
• This sector is in mature stage, largely affecting by the rising health-awareness trend.
• Vinamilk brand name “Ong Tho” remains a firm position with approximately 80% market share
• The market size is relatively small due to customer behavior. However, cheese and butter are
gaining popularity in Vietnam, driven by increasing influence of Western food culture, especially
amongst the youngsters in big cities. Thus, this sector is expected to experience high growth
rate from low base.
• This segment is currently dominated by foreign players such as Bel Group with “The laughing
cow” brand and Lactalis with its “Président”.
Drinking
milk
Others
Yogurt
Condensed
milk
Powdered
milk
Pasteurized Milk
UHT Milk
Drinking
Traditional
Formula
Specialty
Butter
Cream
Cheese

4. 19%
16.8%
2.0%
10.5%
0
1,000
2,000
3,000
4,000
5,000
2014 2015 2016 2017
US$mn
Dairy Consumption Growth Rate (%)
Page 4
Size & Segmentation
Source: StoxPlus
Market size of dairy market reached approx. US$4.6bn in 2017, posting CAGR 2014-2017 of
7.8%
Figure 02: Market size (US$ mn) of Vietnam dairy market, 2014-2017
• Market size of dairy market reached approx. US$4.6bn in 2017, posting CAGR 2014-2017 of 7.8%. The market recorded growth rate recovery of
10.5% in 2017, driven by the expansion of powdered milk and other dairy products such as cheese, butter or ice-cream with growth rate of 11.7%
and 19.5% respectively.
• In 2017, the drinking milk consumption per capita reached 12 liter per person per annum in Vietnam, as much as half of Thailand’s figure or one-
third of Singapore’s one. Given low penetration rate, dairy market in Vietnam is expected to enjoy a healthy growth rate in coming years thanks
to: 2% average population growth with rising health improvement initiatives; rising health-awareness (driving yogurt, drinking milk and powdered
milk segments); zero import tariff with FTAs such as CPTPP
Drinking
Milk
Products
Powdered
Milk
Yogurt
Condensed Milk
Others
2014-2017 CAGR
7.8%
VIETNAM DAIRY MARKET SIZE BY SEGMENTATION
Market size

5. Page 5
Domestic Production
Production volume of drinking milk and powdered milk grew at CAGR 2013-2017 of 11.8% and
6.4%, respectively
Figure 3: Production volume of drinking milk and powdered milk, 2013-2017
Source: StoxPlus from GSO
Drinking Milk Powdered Milk
• Overall, the outperformed growth of the domestic production in the 2014-2015 period was due to the expansion and new construction of cow
farming. In particular, the 2 largest dairy plants in Vietnam with a capacity of 54,000 tons of milk powder and 1.2 million liters of drinking milk
were put into operation by Vinamilk in late 2013.
• Key players in dairy segment in Vietnam including Vinamilk, TH Group, Hanoi Milk are developing their own dairy farm and cooperating with local
farmers. TH Group owns the largest farm in Nghe An with 45,000 cows, and plans to invest in 4 new farms (Ha Giang, Phu Yen, Thanh Hoa, Soc
Trang). Meanwhile, Vinamilk has planned to develop 8 new cow farms during 2017-2021 period. Of which Vinamilk Hanoi farm has capacity of 10,000
cows, while other farm will have around 4,000 cows each. StoxPlus foresees the milk production volume will record a noticeable increase in the
next five years.
8.5%
11.3%
21.4%
7.5%
7.4%
0
500
1,000
1,500
2013 2014 2015 2016 2017
mnlitre
Drinking Milk Growth Rate (%)
7.1%
3.7%
10.1%
8.5%
3.7%
0
40
80
120
2013 2014 2015 2016 2017
'000tons
Powdered Milk Growth Rate (%)
Source: StoxPlus from GSO
CAGR 2013-2017 11.8% CAGR 2013-2017 6.4%

6. 25%
19%
12%
4%
6%
7%
5%
2%
21% 30%
13%
9%7%
6%
5%
5%
4%
22%
New Zealand
Singapore
US
Germany
Thailand
Holand
Malaysia
Australia
Others
Page 6
Import
Import value of dairy products & materials is on the downward trend with CAGR 2014-2017 of
-5%
Figure 4: Import value (US$ mn) of dairy product & material
Source: StoxPlus from Customs
• Cow farming in Vietnam has not yet developed as the qualified dairy
cows are still imported. Additionally, Vietnam still relies much on
import raw material due to limited local production capacity.
However, in recent years, local giant dairy companies including TH
and Vinamilk are focusing in developing raw materials with the
establishment of big dairy cow farm, resulting in a decrease in
import. Please refer to slide 5 for detailed analysis.
• New Zealand remains the biggest milk exporter to Vietnam,
accounted for 30.3% of total import. Notably, among countries,
import products from Japan registered high growth, increased market
share (from 0.1% in 2013 to 2.6% in 2017), indicating the strong
preference of Vietnamese consumers toward Japan products,
especially infant milk powder.
• Raw materials expose to zero-import tariff thanks to FTA such as
CPTPP.
Figure 5: Breakdown Import Value of Dairy Product by Country
2013 2017
Source: StoxPlus from Customs
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
2014 2015 2016 2017
Import vlue Growth rate (%)

7. Page 7
Competitive Dynamics
Vietnam dairy market is dominated by top 5 players, making up approx. 85% market share
Figure 6: Market share of dairy companies by net sales in Vietnam, 2017
Source: StoxPlus
** Note: Sales revenue covers ALL BUSINESS LINES
Figure 7: Net sales of top 5 dairy companies, 2017
Source: StoxPlus
• There are 238 companies producing and trading dairy products in Vietnam. The market is concentrated as top 5 players dominated the market
with 85% market share. Vinamilk remained the as the leading company with approx. 50% market share by net sales in 2017.
• The market witnessed fierce competition:
➢ Product offering: While TH Milk delivered premium organic products, Nutifood offered powder milk targeting low-income customer
class, and Vinamilk with diversified portfolio reaching high-come to economic product). The market also witnessed new product such as
Kido Group’s iced yogurt (‘brand’) or Vinamilk’s Greek yogurt.
➢ Distribution network: Besides the retailers’ network (supermarkets, grocery stores, etc.), Vinamilk and TH Milk pioneered in developing
their own retail chains. In 2018, Vinamilk and TH Milk owned 415 and 213 stores nationwide.
➢ Dairy cow farming: Key players also actively invest in dairy farm. While Vinamilk plans to develop 8 new cow farms during 2017-2021
period, TH Milk continues to invest in 2 large-scaled farms with advanced technology application similarly to the precedent farms.
Vinamilk
Nestle
Vietnam
Nutifood
Frieslandcampina
TH Milk
Others
- 500 1,000 1,500 2,000 2,500
Vinamilk
Nestle Vietnam
Nutifood
Frieslandcampina
TH Milk
US$ mn

8. COMPANY KEY BUSINESS LINE TYPE
SALES
REVENUE
COGS NPAT
TOTAL
ASSET
OWNER’S
EQUITY
Vinamilk Dairy product SOEs (formerly) > 1,000 1,073.2 410.9 1,289.1 983.1
Nestle Diversified Foreign-owned 500 - 1,000 307.6 48.6 349.3 103.9
Frieslandcampina
Vietnam
Dairy product Foreign-owned 300 - 400 202.0 50.3 143.5 53.0
Binh Duong Nutifood Dairy product Private 300 - 400 204.8 45.0 227.9 89.8
TH True Milk Dairy product Private 100 - 200 141.6 -8.9 39.7 -76.2
Moc Chau Milk Drinking milk Private 100 - 200 81.1 8.9 47.7 31.1
IDP
Drinking milk (UHT milk) &
yoghurt
Private < 100 44.1 -9.2 37.1 5.9
Page 8
Financial Indicators
Vietnam dairy market is dominated by top 06 players, making up approx. 90% market share
Figure 7: Selected financial indicators (US$ mn) of key players in dairy market, 2016
Source: StoxPlus

9. Appendix| Key Players’ Profiles
• Registered name: TH Food Chain Joint Stock Company
• Head office: No. 166 Nguyen Thai Hoc, Quang Trung Ward, Vinh City,
Nghe An Province
• Establishment Year: 2009
• Charter capital: US$167.1mm (as of 2017)
• Principal businesses: TH Food Chain Jsc. (TH True Milk) focuses on
manufacturing and distributing drinking milk and yogurt. TH True Milk
farm is the biggest hi-tech cow rising facility in Asia. The company
enjoys great advantages due to having developed a large cow herd
and applied modern technologies provided by Israel, the US and
Europe in raising cows and managing the farm. Currently, TH Milk
owns 45,000 cows, of which more than 22,000 are lactating at 30-40
liters per cow every day.
COMPANY PROFILING
FINANCIAL PERFORMANCE PRODUCTION SITES
KEY PRODUCTS & DISTRIBUTION CAPACITY
Unit: US$mn
2014 2015 2016 2017
Net sales 123.6
CoGS 113.2
Gross Profit 10.4
% Gross Profit(*) 8.4%
NPAT (11.8)
% NPAT (*) -9.5%
Total Assets 64.1
Total Liabilities 95.2
ROA (*) -18.4%
ROE (*) 37.8%
No Plant Location (Province) Designed Capacity
(‘000 tons/year)
1 TH Milk Farm Nghe An 500
DRINKING MILK
• Pasteurized milk
• UHT milk
• Formula milk
YOGURT
• Tradition yogurt
• Drinking yogurt
OTHERS
• Ice cream
• Butter and
cheese
• Healthy
beverage
• Nut milk
TH Group’s business strategy is to develop the "True Milk" brand - bring
fresh milk from the farm into production instead of using powdered milk
to mix with water. In order to create strong brand positioning, TH Group
has developed its own TH True Mart retail channel with up to 200 outlets
nationwide besides distributing its products through traditional
distribution channels and supermarkets,
Contents to be
removed for
demo purpose
• In Ha Giang, TH Milk will develop a cow farm of 10,000 cows with
total estimated investment value of US$100 mn. The Company has
kicked off the project in November, 2017
• TH Milk will develop a dairy cattle farm of 20,000 heads in Phu Yen,
which is divided into 2 phases. The total estimated investment value
is around US$201 mn. The project in Phu Yen has commenced to
construct the first phase with capacity of 5,000 cows in 2018
• Additionally, TH Milk will continue to invest in large-scale farm in
Thanh Hoa (10,000 cows) and Soc Trang (20,000 cows) with advanced
technology application similarly to the precedent farms.

10. Appendix| Key Players’ Profiles
• Registered name: International Dairy Products Joint Stock Company
• Head office: Km 29, National Road 6, Truong Yen Commune, Chuong
My District, Hanoi, Vietnam
• Establishment Year: 2004
• Principal businesses: International Dairy Products Jsc. (IDP) is a milk
and yogurt manufacturer and distributor in Vietnam,. The company
owns 04 brand names including Love'in Farm (LIF), LIF Kun, Ba Vi, and
Men Song. Besides the traditional products, IDP also develops a
“hybrid“ product line between milk and soft drink to create
nutritious energy drinks. The corporation currently operates 03 milk
processing and manufacturing plants, of which 02 factories in Ba Vi
(Hanoi) and only 01 factory in Ho Chi Minh City.
COMPANY PROFILING
FINANCIAL PERFORMANCE PRODUCTION SITES
KEY PRODUCTS & DISTRIBUTION CAPACITY
Unit: US$mn
2014 2015 2016 2017
Net sales 79.9
CoGS 59.7
Gross Profit 20.0
% Gross Profit(*) 25.1%
NPAT (3.2)
% NPAT (*) -3.9%
Total Assets 8.3
Total Liabilities 40.8
ROA (*) -37.9%
ROE (*) 9.7%
No Plant Location Designed Capacity
(mn litre/year)
1 Truong Yen factory Hanoi City
48
2 Ba Vi factory Hanoi City
3 Cu Chi factory Ho Chi Minh City
N/A
DRINKING MILK
• UHT milk
• Corn milk
YOGURT
• Tradition yogurt
OTHERS
• Milk café
• Fruit milk
• Choco milk
IDP focus its business on 02 segments: fresh milk and yoghurt, in which
"Love'in Farm" and BaVi are the major fresh milk brands. “Love’in Farm”
is positioned as a premium 100% fresh milk product line, competing
directly with major players such as Vinamilk and TH True Milk.
Meanwhile BaVi targets at the low- and middle-income consumers,
strongly focuses on rural markets.
Contents to be
removed for
demo purpose

11. Appendix| Key Players’ Profiles
• Registered name: Binh Duong Nutifood Nutrition Food Joint Stock
Company
• Head office: 281-283 Hoang Dieu Street, Ward 6, District 4 Ho Chi
Minh
• Establishment Year: 2003
• Principal businesses: NutiFood is a manufacturer and distributor of
specialty dairy products focused on 03 groups: Infant milk powdered,
specialty milk, and high-energy nutrition product. Today, Nutifood is
one of the leading brands in whole milk powder. Besides the milk
powdered lines, the company also distributes a wide range of
products including UHT milk, yoghurt, condensed milk, and most
recently the company has invaded the field of instant coffee in 2018.
COMPANY PROFILING
FINANCIAL PERFORMANCE PRODUCTION SITES
KEY PRODUCTS & DISTRIBUTION CAPACITY
v Unit: US$mn
2014 2015 2016 2017
Net sales 270.7
CoGS 167.7
Gross Profit 102.5
% Gross Profit(*) 37.9%
NPAT 23.0
% NPAT (*) 8.5%
Total Assets 99.8
Total Liabilities 43.2
ROA (*)
23.0%
ROE (*) 40.5%
No Plant Location Designed Capacity
(per year)
1
NutiFood Binh
Duong
Binh Duong Province - PM: 50,000 tons
2
NutiFood Cao
Nguyên
Gia Lai Province
- DM: 500 mn liters
POWDERED MILK
• Formula
• Specialty
DRINKING MILK
• UHT milk
OTHERS
• Yoghurt
• Soymilk
• condensed milk
• Café
• Nutritious cereal
At present, NutiFood has 03 exclusive distribution centers located in Ho
Chi Minh City, Dong Nai province, Quang Nam province. From these 3
centers, NutiFood builds a professional distribution network covering 64
provinces and cities nationwide
• In 2015, the company started the construction of NutiFood Vietnam
Factory in Kien Khe Industrial Zone, Ha Nam with the processing
capacity of 200 million liters of fresh milk and 31,000 tons of milk
powder, which is the largest factory in the North.
• In 2017, the company invested in NutiFood Vietnam Factory II at Pho
Noi Industrial Zone, Hung Yen Province with total investment capital
of US$$72 million.
Contents to be
removed for
demo purpose

12. Page 12
Table of Contents
No Contents Page
1 Vietnam Dairy Market 2018 2 - 14
1.1 Market Structure & Description 3
1.2 Size & Segmentation 4
1.3 Domestic Production 5
1.4 Import 6
1.5 Competitive Dynamics 7
1.6 Financial Indicators 8
1.7 Appendix: Key Players’ Profile 9 – 12
2 StoxPlus Introduction 12 – 22

13. Page 13
Overview
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14. Page 14
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15. Page 15
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