What TH Food Chain does

TH Food Chain (Công ty Cổ phần Chuỗi Thực phẩm TH), founded in 2010 and headquartered in Nghe An, Vietnam, is the consumer-facing dairy and food subsidiary of TH Group (Tập đoàn TH), founded by Thai Huong. The company operates a vertically integrated farm-to-shelf model: it owns and manages the Nghe An high-tech dairy farm (37,000+ cows initially, monitored with Afikim/Afimilk Israeli herd management systems including AfiTag electronic cow identification, AfiLite milk analyzers, and automated Afimilk milking parlors), processes milk at the Nghia Dan factory (600 tons/day capacity, scaling to a planned 500 million liters/year using Tetra Pak UHT equipment), and distributes through 402 TH true mart retail stores, an e-commerce platform (thtruemart.vn), a mobile app (TH eLIFE), and home delivery within 5km of stores.

The product portfolio spans 70+ SKUs across UHT and pasteurized fresh milk (including organic and A2 variants), yogurt with proprietary TH.acidophilus and TH.paracasei probiotic strains from CHR Hansen, ice cream, oat and nut milks, tea, malt beverages, fruit-milk drinks, butter, cheese, purified water, and a convenience food line (Nem, Kim Chi, Cháo, dumplings). TH exports to China and operates a $2.7 billion dairy project in Russia. The company holds ISO 22000:2005 and ISO 9001:2008 certifications from Bureau Veritas and was awarded a National Heroic Title in 2025.

TH Food Chain's revenue model is B2C/B2B2C distribution of dairy and food products, supplemented by a loyalty program (TH REWARDS, launched October 2025) and a co-branded credit card with BAC A BANK. Pricing is not publicly disclosed, varies by channel, and is supported by promotional programs. The customer base is dominated by general Vietnamese consumers (mass market), with secondary segments including families with young children (TOPKID line) and health-conscious buyers (organic, A2, HILO reduced-fat). No enterprise or industrial customer concentration is disclosed, suggesting a diffuse consumer-driven revenue base.

Name

TH Food Chain

Legal name

Công ty Cổ phần Chuỗi Thực phẩm TH

Website

https://thmilk.vn

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TH Food Chain is a Vietnam-based dairy and food company operating 402 TH true mart retail stores across Vietnam through a vertically integrated farm-to-shelf model, using Israeli dairy farming technology and serving Vietnamese consumers with a 70+ SKU portfolio of fresh milk, yogurt, ice cream, beverages, and convenience foods.

Ownership category

akta.pro rank

Product category

Dairy and Food Manufacturing

NAICS

Fluid Milk Manufacturing (311511), Dairy Product Manufacturing (3115), Dairy Product (except Frozen) Manufacturing (31151), Dairy Cattle and Milk Production (112120), Dairy Product (except Dried or Canned) Merchant Wholesalers (424430)

SIC

Dairy Products (2020), Food And Kindred Products (2000), Beverages (2080), Agricultural Prod-Livestock & Animal Specialties (200)

akta.pro primary industry

Milk (Fluid & Shelf-Stable) (CRADACAA)

akta.pro secondary industries

Butter, Cream & Dairy Fats (CRADACAD), Plant-Based Ready-to-Drink Dairy-Alternative Beverages (Protein Shakes, Flavored RTD) (AFAHAJAF), Dairy-Based Protein & Meal Replacement Shakes (RTD Dairy Shakes) (AFAFAEAD), Dairy-Based Beverage Wholesale (Milk Drinks, Yogurt Drinks) (AFAIAGAG)

Keywords

• Fresh milk products
• UHT sterilized milk
• Dairy farm operations
• Probiotic yogurt
• Convenience foods

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fresh and sterilized milk products: Core revenue stream from fresh milk, UHT sterilized milk, and pasteurized milk products. The company produces milk entirely from its own dairy farms using proprietary Israeli technology.
2. Yogurt and fermented dairy: Yogurt products including drinking yogurt, eatable yogurt, live-culture yogurt, pasteurized yogurt, and TOPKID formula yogurt for children. Made from 100% pure fresh milk from TH farms.
3. Ice cream: TH true ICE CREAM products including cups, cones, and sticks in various natural flavors.
4. Beverages and prepared foods: Juice milk (MISTORI), oat milk, rice drinks, tea, malt beverages, functional foods, and prepared foods under the TH true FOOD line including sausages, dumplings, kimchi, porridge, and cooked rice products.
5. Butter, cheese, and dairy ingredients: TH true BUTTER (natural unsalted butter) and cheese products from fresh milk.
6. Pure water: TH true WATER purified water bottled from natural underground water sources.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

TH Food Chain is a vertically integrated dairy and food producer in Vietnam that operates its own high-tech dairy farms using Israeli technology, processes fresh milk and a portfolio of 70+ dairy, beverage, and convenience food products, and sells them directly to consumers through 402 TH true mart retail stores, e-commerce, the TH eLIFE mobile app, and home delivery. The company controls the full chain from cow to consumer, producing UHT milk, pasteurized milk, yogurt with proprietary probiotic strains, ice cream, oat and nut milks, juices, teas, malt beverages, rice water, purified water, butter, cheese, and prepared foods.

Product overview

TH Food Chain (TH true MILK) operates as a diversified food and beverage company offering a comprehensive portfolio of dairy products, convenience foods, and beverages. The core offerings are organized under multiple sub-brands: TH true MILK (fresh milk products including UHT, pasteurized, organic, A2, and reduced-fat variants), TH true YOGURT (eating and drinking yogurts with probiotic options), TH true ICE CREAM (cups and bars), TH true JUICE milk (fruit milk beverages), TH true OAT (oat milk), TH true NUT (nut-based milks), TH true FORMULA (children's formula milk), TH true FOOD (convenience foods like nem, kim chi, cháo, dumplings, rice products), TH true TEA (ready-to-drink teas), TH true CHOCOMALT MISTORI (barley malt beverages), and TH true RICE (rice-based drinks). The company also operates TH true mart retail stores and the TH eLIFE digital platform for e-commerce and loyalty. Complementary products include butter, cheese, and purified water under the TH true brand.

Differentiator

Problem solved

Functional benefit

Brands

• TH true MILK: Clean fresh milk products including UHT milk, pasteurized milk, organic milk, and HILO reduced-fat milk
• TH true YOGURT
• TH true mart
• TH true FOOD
• TH true RICE
• TH true TEA
• TH true MALT / MISTORI
• TH true JUICE
• TOPKID
• TH eLIFE

Products and services

• TH true MILK fresh and UHT milk Fresh and UHT sterilized milk products made entirely from raw milk produced at TH's own dairy farms using Israeli herd management and Tetra Pak processing technology. Includes standard UHT and pasteurized variants in multiple sizes and flavors, with 180-day ambient shelf life and no preservatives.
• TH true MILK Organic Pure 1 Liter Organic certified pure fresh milk in 500ml and 1L packaging, produced from TH's organic farms for consumers seeking certified organic dairy.
• TH true MILK A2 Fresh Milk A2 protein fresh milk in 500ml packaging targeted at consumers with lactose intolerance who cannot tolerate standard cow milk proteins.
• TH true HILO Reduced-Fat Milk Reduced-fat fresh milk with 60% less fat and 70% calcium from high-quality milk calcium, designed to support bone health and balanced physique.
• TH true YOGURT (eating, drinking, and probiotic yogurt) Yogurt product line including eating yogurt, drinking yogurt (pasteurized and UHT), and probiotic yogurt with proprietary TH.acidophilus (Lactobacillus Acidophilus LA-5) and TH.paracasei (Lactobacillus Paracasei F-19) strains sourced from CHR Hansen, with a minimum 1 billion CFU per serving for digestive and immune benefits.
• TH true YOGURT Probiotics Fermented Drinking Yogurt (Strawberry) Fermented drinking yogurt with probiotics and natural strawberry flavor, sold under the TH true YOGURT brand.
• TOPKID Drinking Yogurt (Strawberry and Orange) Drinking yogurt in natural strawberry and orange flavors designed for children under the TOPKID sub-brand.
• TH true ICE CREAM (cups, cones, sticks, and TOPKID bars) Ice cream product line available in cups, cones, and bars with flavors including Matcha Green Tea, Chocolate, and various fruit flavors. Includes the TOPKID ice cream bar line in Strawberry-Banana and Chocolate-Cheese flavors for children.
• TH true ICE CREAM TOPKID Ice Cream Bars Children-focused ice cream bars in Strawberry-Banana and Chocolate-Cheese flavors under the TOPKID sub-brand.
• TH true OAT Oat Milk Oat milk product line with Natural, Coconut, and Chocolate flavors in 180ml and 1L packaging for plant-based and lactose-intolerant consumers.
• TH true NUT (Macadamia and Walnut Milk) Nut milk line including Macadamia and Walnut milk variants for consumers seeking plant-based dairy alternatives.
• TH true JUICE milk MISTORI Fruit Milk Beverages Fruit milk beverage line combining milk with fruit juices in Strawberry, Grape, Orange, Banana, Dragon fruit, and Jackfruit flavors under the MISTORI sub-brand.
• TH true CHOCOMALT MISTORI Barley Milk Drink Barley milk malt beverage with chocolate flavor available in 110ml and 180ml sizes under the MISTORI sub-brand.
• TH true MALT MISTORI Natural Beverage Malt-based natural beverage from barley germ sold in 500ml bottle and can formats under the MISTORI sub-brand.
• TH true RICE Rice Water Beverages Rice-based beverages including Red Brown Rice Water and Roasted Rice Water in 300ml packaging, made from Japonica, Sẻng Cù, and ST25 rice varieties with no sugar, preservatives, or synthetic flavors.
• TH true TEA Ready-to-Drink Teas Tea beverage line including Peach Tea, Lychee Tea, Oolong Tea, and Green Tea with Lemon flavors in ready-to-drink format.
• TH true BUTTER and Cheese Natural unsalted butter (TH true BUTTER) in 200g packaging and cheese products made from TH fresh milk.
• TH true WATER Purified Water Purified water bottled directly from natural underground water sources in 500ml packaging.
• TH true FORMULA Children's Formula Milk Formula milk nutrition product for children from 2 years old, made from fresh milk produced on TH dairy farms.
• TH true FOOD Convenience Food Line Convenience food line featuring ready-to-eat products including Nem (Vietnamese spring rolls) in seafood-cheese, shrimp-pork, and pork variants; Kim Chi; Cháo (porridge) including deer velvet and edible bird's nest varieties; Xúc xích (sausage); Sủi cảo (dumplings); and rice products.
• FVF Premium Rice and Dried Longan Premium rice and dried longan food products sold under the FVF brand.
• TH true UHT Fresh Milk with Natural Banana Flavor (180ml) UHT fresh milk with natural banana flavor in 180ml single-serve packaging, extending the TH true MILK flavor range.
• TH true mart Retail Store Chain Network of 402 modern retail stores across Vietnam specializing in direct distribution of clean, safe, fresh, and nutritious food products meeting international standards. Stores are concentrated initially in Hanoi, Ho Chi Minh City, and Nghe An.
• TH eLIFE Mobile Application Mobile shopping, points accumulation, and rewards redemption application for TH products, available on iOS and Android. Also enables home delivery orders within 5km of TH true mart stores with express (1-3 hours, VND 50,000) or standard (within 24 hours, VND 20,000) shipping.

Quantifiable outcome

• Over 97% accuracy in early heat detection through AfiTag electronic monitoring system
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Bellamy's OrganiccoreChannel Partner/ Reseller/ Distributor · 4 November 2019Bellamy's Organic organic weaning products for children are officially sold at TH true mart stores nationwide. All Bellamy Organic products are certified double organic by NASAA and Australian Organic Certification (ACO).
• Government of Israel / Israeli companiesminorStrategic or Co-development Partner · 22 March 2017During Israeli President Reuven Rivlin's state visit to Vietnam in March 2017, TH Group signed a Memorandum of Understanding for a High-Tech Healthcare Complex Project in Hanoi, in the presence of Vietnam's Minister of Health.
• Afikim / Afimilk (Israel)coreTechnology or IntegrationTH Food Chain acquired complete dairy farming technology and cattle management expertise from Israeli company Afikim/Afimilk. Israeli farmers and experts were hired to operate machinery and train Vietnamese workers. The company uses AfiFarm herd management software, AfiTag electronic cow identification chips, AfiLite milk analyzers, and automatic Afimilk milking systems. TH also uses Afimilk software for feed mixing (Afimilk ration formulation) and water filtration technology from Amiad.
• Totally Vets (New Zealand)coreTechnology or IntegrationNew Zealand company Totally Vets provides veterinary management expertise for TH's dairy farms. Their experts directly diagnose, research, prevent, and treat diseases in the dairy herd, while also training Vietnamese veterinary staff.
• Tetra Pak (Europe)coreTechnology or IntegrationTH invested in importing complete ultra-high temperature (UHT) milk processing equipment from Tetra Pak, the leading European dairy processing technology provider, to operate the milk processing factory.
• CHR Hansen (Denmark)coreTechnology or IntegrationCHR Hansen, a world-leading probiotic supplier, provides TH with two proprietary bacterial strains named exclusively as TH.acidophilus (Lactobacillus Acidophilus LA-5) and TH.paracasei (Lactobacillus Paracasei F-19) for use in TH's yogurt products with live cultures.
• BAC A BANKcoreStrategic or Co-development PartnerBAC A BANK co-branded credit card with TH true mart offering discounts on TH products. The bank also ran promotions for TH Food Chain staff using electronic banking channels with waived interbank transfer fees.

Scale indicators11 records

Recent moves7 records

Expansion highlights3 records

Emerging players

• Oatly: Swedish oat milk pioneer and leading global plant-based dairy brand. Comparable to TH's TH true OAT line in addressing growing plant-based beverage demand in Asian markets.

Direct peers

• Nutifood: Vietnamese nutrition company producing dairy, pediatric nutrition, and functional beverages. Comparable in product mix (milk, yogurt, formula) and Vietnamese retail presence to TH.
• Vinasoy: Vietnam's leading soy and plant-based beverage producer. Comparable to TH's TH true OAT, TH true NUT, and TH true RICE plant-based beverage lines in addressing dairy-alternative demand in Vietnam.
• Vinamilk: Vietnam's largest dairy company, producing fluid milk, yogurt, ice cream, and other dairy products. Direct competitor to TH in Vietnamese retail and foodservice channels with comparable product portfolio and mass-market positioning.
• FrieslandCampina (Dutch Lady Vietnam): Global dairy cooperative with a major Vietnamese subsidiary (Dutch Lady) selling UHT milk, yogurt, and condensed milk. Directly competes with TH in fluid milk and yogurt categories in Vietnam.

Broad incumbents

• Yili Group: China's largest dairy company and one of the world's top dairy players, supplying UHT milk, yogurt, and infant nutrition. Comparable to TH's ambitions in Chinese dairy exports and international expansion.
• Fonterra: New Zealand dairy cooperative, one of the world's largest dairy exporters, with established presence in Southeast Asia. Comparable to TH as a globally integrated dairy producer with Vietnam-relevant brands.
• Danone: Global dairy and plant-based products major (incl. Dumex, Activia, Alpro). Comparable to TH's yogurt, UHT milk, and plant-based portfolio across Asia-Pacific markets.
• Mengniu: Major Chinese dairy producer with full product portfolio across fluid milk, yogurt, ice cream, and infant nutrition. Comparable to TH in product breadth and Asia-market growth strategy.
• Nestlé Vietnam: Subsidiary of Nestlé operating a broad portfolio in Vietnam including dairy (MILO), infant nutrition, and beverages. Overlaps with TH in milk, nutrition, and prepared food categories but with much wider global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC_WTyKviDNd6WnM7Ctx12XQ
• Facebookfacebook.com/thmilk
• Instagraminstagram.com/thtruemilk.official
• LinkedInlinkedin.com/company/thfoodchaincareers

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TH Food Chain