TH Group

What TH Group does

TH Group (Công ty Cổ Phần Tập Đoàn TH) is a privately held Vietnamese joint-stock conglomerate founded in 2009 by Chairwoman Thái Hương, headquartered in Nghe An with corporate offices in Hanoi and Ho Chi Minh City. The company is structured around a vertically integrated, closed-loop value chain spanning high-tech dairy farming, milk processing, food and beverage production, retail distribution, and adjacent consumer services. Core operations include the THMF dairy farm cluster (45,000-head herd, Asia Book of Records' largest high-tech dairy farm, 2020 world-record holder) and the THM milk processing plant (21 production lines, capacity above 1,000 tons/day, scalable from 200,000 to 500,000 tons/year), equipped with technology from GEA, Combi, SACMI, Tetra Pak, SERAC, Siemens, Danfoss, and Grundfos.

The commercial portfolio is anchored by the TH true MILK fresh-milk brand (45%+ Vietnam fresh-milk share, 100% consumer brand awareness) and extends across TH true YOGURT, TH true NUT, TH true JUICE, TH true TEA, TH true ICE CREAM, TH true FOOD, TH true WATER, TH true Herbal, and FVF organic produce. Distribution reaches end consumers through 350+ TH true mart stores serving over 200,000 customers monthly, plus general trade, modern trade, key accounts/HORECA, e-commerce, home delivery, and international export channels (notably the first Vietnamese company authorized to export fresh milk to China). Adjacent wholly-owned subsidiaries include TH School (3 international-curriculum campuses, ~700 students), TH Medical (preventive care, hospital, rehabilitation, geriatrics), and the Quỹ Vì Tầm Vóc Việt (VSF) social foundation.

Revenue mechanics are predominantly consumer-goods retail across dairy and F&B categories, supplemented by tuition-driven education services and fee-for-service healthcare. The company is founder-controlled with no public listing, no disclosed external funding, and sustainability positioning reinforced by ISO 22000, PRO Vietnam alliance membership, VB4E co-founding, and PAS 2060:2014 carbon-neutrality certification at TH Milk and Nui Tien Pure Water.

Name

TH Group

Legal name

TH GROUP

Website

https://thgroupglobal.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

501–1,000 employees

Short description

TH Group is a privately held Vietnamese conglomerate operating a vertically integrated, high-tech dairy and food value chain from farm to retail, anchored by the TH true MILK brand (45%+ Vietnam fresh milk share) and extended into education, healthcare, and sustainability ventures.

Ownership category

akta.pro rank

Product category

Dairy Products and Fresh Milk

NAICS

Fluid Milk Manufacturing (311511), Dairy Product Manufacturing (3115), Dairy Product (except Frozen) Manufacturing (31151), Dairy Cattle and Milk Production (11212), Dairy Product (except Dried or Canned) Merchant Wholesalers (424430)

SIC

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

akta.pro primary industry

Fluid Milk & Cream Processing (AFAKAKAA)

akta.pro secondary industries

Dairy-Based Beverages Manufacturing (Flavored Milk, Lassi, Drinkable Yogurt) (AFAKAKAH), Plant-Based Ready-to-Drink Dairy-Alternative Beverages (Protein Shakes, Flavored RTD) (AFAHAJAF), Dairy-Based Beverage Production (Milk Drinks, Yogurt Drinks, Lassi) (AFAFABAJ), Fluid Milk & Cream Wholesale (AFAIAEAA)

Keywords

• Fresh milk production
• Dairy processing
• High-tech dairy farming
• Functional food beverages
• Agricultural retail distribution

Headquarters

HQ city

Vinh City, Nghe An

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Fresh Milk and Dairy Products: Core business producing and selling fresh milk, yogurt, cheese, butter, and other dairy products under TH true MILK brand. Leading fresh milk market in Vietnam with over 45% market share.
2. Food and Beverage Products: Production and sale of clean vegetables (FVF brand), fruit juices, herbal drinks (TH true Herbal), and water products.
3. Education Services: TH School international education system with 3 campuses serving students from ages 2-18. International programs including IPC, IMYC, IGCSE, and A-Level.
4. Healthcare Services: TH Medical complex offering preventive healthcare, international standard hospital, rehabilitation center, and elderly care services.
5. Retail Distribution: TH true mart retail chain with 350+ stores nationwide serving over 200,000 customers monthly. Home delivery service.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

TH Group produces and sells fresh milk, dairy products, plant-based beverages, juices, herbal drinks, purified water, and processed foods under the TH true MILK brand family. The group operates a vertically integrated closed-loop supply chain spanning high-tech dairy farms, a milk processing factory, and a retail network of 350+ TH true Mart stores, supplemented by education (TH School) and healthcare (TH Medical) services.

Product overview

TH Group is a diversified Vietnamese food and beverage conglomerate founded in 2009, operating a vertically integrated ecosystem across dairy farming, milk processing, food production, retail distribution, healthcare, and education. The core product portfolio centers on the TH true MILK brand family, encompassing fresh milk (TH true MILK), yogurt (TH true YOGURT), plant-based milk (TH true NUT), fruit beverages (TH true JUICE milk), tea (TH true TEA), ice cream (TH true ICE CREAM), processed foods (TH true FOOD), purified water (TH true WATER), and herbal drinks (TH true Herbal). The group operates through three primary business units: TH Dairy Farm (THMF) for raw milk production with high-tech farms, TH Milk Plant (THM) for dairy processing with leading Asian-scale manufacturing, and TH Food Chain (THFC) for distribution across 350+ TH true Mart retail stores and multiple channels. Beyond dairy, TH has expanded into organic produce (FVF), healthcare services (TH Medical), international-standard education (TH School), and herbal beverages (TH Herbals), supported by the Quỹ Vì Tầm Vóc Việt foundation for CSR activities.

Differentiator

Problem solved

Functional benefit

Brands

• TH true MILK: Premium fresh milk and dairy products from high-tech farms
• TH true Mart
• TH true YOGURT
• TH Medical
• TH School

Products and services

• TH true MILK Premium fresh milk from high-tech dairy farms, positioned as clean and natural dairy products for Vietnamese consumers. Produced through closed-loop supply chain with UHT and aseptic processing enabling 6-month shelf life without preservatives.
• TH true YOGURT Premium yogurt products in multiple flavors, including the Gulfood Award-winning green tea matcha variety. Produced from TH Group's high-tech dairy processing facility.
• TH true NUT Premium plant-based nut milk products made from natural nuts. Won Stevie Awards 2018 Bronze for Best New Product of the Year.
• TH true JUICE milk Fruit milk beverages combining TH dairy with natural fruit juices.
• TH true TEA Herbal tea beverages made entirely from natural ingredients.
• TH true ICE CREAM Ice cream products manufactured under the TH brand using dairy from high-tech farms.
• TH true FOOD Processed food products under the TH brand focused on clean, natural ingredients.
• TH true WATER Purified groundwater products from Công ty TNHH Nước tinh khiết Núi Tiên, sourced entirely from natural origins.
• TH true Herbal Herbal beverages made from natural medicinal herbs supporting consumer health. Part of TH's Con đường Thảo dược (herbal path) initiative cultivating medicinal plants under forest canopy.
• TH true Mart Chain of 350+ retail stores providing clean, hygienic, nutritious, safe, and fresh food and dairy products nationwide in Vietnam, serving over 200,000 customers monthly.
• TH School International standard school offering K-12 education across 3 campuses in Hanoi and Vinh, with nearly 700 students. Programs include IPC, IMYC, IGCSE, and A-Level curricula for ages 2-18.
• TH Medical High-tech healthcare complex featuring a preventive medicine center (E-Center), international-standard general hospital, 5-star rehabilitation center combining Eastern and Western medicine, and geriatrics/elderly care institute.
• FVF Organic Vegetables and Clean Food Organic vegetables and clean food products under the FVF brand, supporting TH's clean agriculture platform.
• Dalatmilk Dairy products from the Dalat region featuring an organic farm with 35km biological fence, positioned as a sustainable dairy farming model.

Quantifiable outcome

• 45%+ market share in Vietnam fresh milk market
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• VB4E (Liên minh Doanh nghiệp vì Môi trường Việt Nam)coreStrategic or Co-development Partner · 17 June 2020TH Group is founding member of VB4E along with IUCN and Institute of Natural Resources and Environment. Focus on environmental protection and sustainable development initiatives.
• PRO Vietnam (Liên minh Tái chế Bao bì Việt Nam)coreStrategic or Co-development Partner · 21 June 2019TH true MILK co-founded PRO Vietnam alliance with 8 other companies to achieve 100% packaging collection and recycling by 2030. Shared commitment to environmental sustainability.
• Israeli Technology PartnerscoreTechnology or IntegrationIsrael technology partners provided technology transfer for high-tech dairy farming operations, with direct on-site support from local experts. Key for implementing advanced agricultural methods.
• GEA and Combi (Germany)coreTechnology or IntegrationGerman processing and packaging technology providers for TH milk factory. GEA and Combi equipment enables advanced dairy processing capabilities.
• SACMI (Italy)coreTechnology or IntegrationItalian technology provider for dairy processing and packaging equipment at TH factory.
• Tetra Pak (Sweden)coreTechnology or IntegrationSwedish packaging technology leader providing processing and packaging solutions for TH dairy products.
• SERAC (France)coreTechnology or IntegrationFrench technology provider for dairy processing equipment at TH factory.
• Siemens, Danfoss, GrundfoscoreTechnology or IntegrationGlobal technology providers for measurement and control systems in TH dairy processing factory, ensuring precision manufacturing operations.
• VinacontrolsupportingStrategic or Co-development PartnerLeading testing, inspection, and certification organization in Vietnam that verified safety of TH's biodegradable yogurt spoons for human health and environment.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Dairy Farm International Holdings: Pan-Asian retail operator (Wellcome, Mannings, 7-Eleven, IKEA Food). Comparable on multi-brand retail and grocery distribution across Asia; relevant benchmark for TH's 350+ TH true mart chain strategy and store economics.
• FrieslandCampina: Dutch dairy cooperative and global dairy major with established Vietnam operations (Dutch Lady, Friso). Overlaps with TH in fluid milk, dairy-based beverages, and ingredients; broader global portfolio but similar go-to-market into Vietnamese retail and HORECA.
• Fonterra Co-operative Group: World's largest dairy exporter and a New Zealand farmer-owned cooperative. Comparable on dairy farming scale, UHT/aseptic processing technology (similar to TH's Tetra Pak-based lines), and B2B ingredient supply into Asia, including Vietnam.
• Nestlé Vietnam: Subsidiary of global FMCG giant Nestlé, competing in Vietnam across dairy (MILO, Nestlé Pure Life, liquid milk), nutrition, and HORECA. Comparable distribution muscle and brand breadth across modern trade and key accounts where TH also competes.

Direct peers

• Vinamilk: Vietnam's largest dairy company and the long-standing incumbent in fresh milk, yogurt, and dairy beverages. Directly comparable on product portfolio (fluid milk, yogurt, plant-based, ice cream), Vietnamese retail distribution, and HORECA channels; together with TH it dominates the premium local fresh-milk segment.

Regional players

• Abbott Nutrition Vietnam: Global nutrition company with strong Vietnamese presence in adult, pediatric, and sports nutrition. Comparable on premium nutrition positioning, distribution into HORECA and modern trade, and brand-led pricing strategy in health-conscious consumer segments TH is targeting with TH true NUT and TH true Herbal.
• Yili Group: China's #1 dairy company spanning fluid milk, yogurt, infant formula, and ice cream. Comparable integrated value chain, premium brand portfolio, and international expansion ambitions; relevant for TH's export trajectory into China and Southeast Asia.
• Ausnutria Dairy: Dutch-Chinese dairy group focused on premium infant formula and dairy nutrition. Comparable on premiumization strategy in Greater China and on leveraging European-origin technology for Asian consumer markets; relevant adjacency as TH expands plant-based and nutritional SKUs.
• Mengniu Dairy: One of China's two largest dairy groups with broad fluid milk, yogurt, and ice cream portfolios. Highly comparable on vertically integrated farm-to-retail model, premium fresh milk positioning, and large-scale dairy farm cluster operations; TH's China export authorization makes Mengniu a relevant counter-positioning reference.

Emerging players

• IDP International Dairy Products: Independent dairy processor and trader active in Asia. Comparable as a mid-scale dairy manufacturer-distributor competing for shelf space and ingredient supply; relevant sizing benchmark for TH's mid-tier operations outside the global majors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/THtrueMILKvn
• Facebookfacebook.com/THCareers
• LinkedInlinkedin.com/company/th-group-global

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries8 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 Group