Topic analysis of corporate culture at th joint stock company th true milk

Trang 1 VIETNAM NATIONAL UNIVERSITY - HCM CITYUNIVERSITY OF ECONOMICS AND LAWFACULTY OF BUSINESS ADMINISTRATION SUBJECTCORPORATE CULTURETopic:ANALYSIS OF CORPORATE CULTURE AT TH JOINT ST

VIETNAM NATIONAL UNIVERSITY - HCM CITY

UNIVERSITY OF ECONOMICS AND LAW FACULTY OF BUSINESS ADMINISTRATION

SUBJECT

CORPORATE CULTURE

Topic:

ANALYSIS OF CORPORATE CULTURE AT

TH JOINT STOCK COMPANY - TH TRUE MILK

Lecturer: Mr Phan Dinh Quyen

Subject code: 225VH0101

Group: Group 7

Ho Chi Minh City, July 20th 2023

VIETNAM NATIONAL UNIVERSITY - HCM CITY

UNIVERSITY OF ECONOMICS AND LAW FACULTY OF BUSINESS ADMINISTRATION

SUBJECT

CORPORATE CULTURE

Topic:

ANALYSIS OF CORPORATE CULTURE AT

TH JOINT STOCK COMPANY - TH TRUE MILK

Lecturer: Mr Phan Dinh Quyen

Subject code: 225VH0101

Group: Group 7

Ho Chi Minh City, July 20th 2023

Ordinal

number

Name Student ID Role Level of job

completion

1 Dao Le Dinh Quyen K214100713 Leader 100%

2 Nguyen Ngoc Van Anh K214100668 Member 100%

3 Nguyen Bao Huong Giang K214100674 Member 100%

4 Le Nguyen Truc Quynh K214100714 Member 100%

5 Huynh Thi Minh Diep K214101300 Member 100%

TABLE OF CONTENTS

1.1 Introduction

1.2 History of formation and development

Chapter 2: CORPORATE CULTURE

2.1 Artifacts

2.1.1 Logo

2.1.2 Slogan

2.1.3 The main services

2.1.4 Upcoming projects

2.1.5 The work environment

2.1.5.1 TH Group - A happy workplace

2.1.5.2 A multicultural, equal, and transparent work environment

2.2 Espoused values

2.2.1 Mission

2.2.2 Vision

2.2.3 Core Values

2.2.4 Business Strategy

2.2.5 Business Philosophy

2.2.6 Brand Positioning

2.2.6.1 Steps in Brand Positioning for TH true MILK:

2.2.6.2 Brand Positioning Strategies for TH true MILK:

2.3 Basic underlying assumptions

2.3.1 Basic underlying assumptions of the company

2.3.2 Basic underlying assumptions of the leader

2.3.2.1 Biography of Mrs Thai Huong - President of TH true MILK

2.3.2.2 Leadership style

2.3.2.3 Basic underlying assumptions that Mrs Thai Hương included when managing the business

Chapter 3: EVALUATIONS AND RECOMMENDATIONS

3.1 Evaluations:

3.2 Recommendations for building the corporate culture of TH true MILK:

3.2.1 Building organizational culture

3.2.1.1 Human Resource Development Strategy

3.2.1.2 Leveraging mechanisms and policies for human resources development

3.2.1.3 Solutions for personnel recruitment and selection

3.2.1.4 Solutions for training and developing human resources

3.2.1.5 Solutions for motivation and retention of human resources

3.2.2 Building a leadership culture

3.2.3 Building business culture

3.2.4 Building business ethics

3.2.4.1 Establish an effective ethics compliance program

3.2.4.2 Develop and effectively communicate ethical standards

CONCLUSION

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INTRODUCTION

Traditional cultural characteristics are a factor to determine the existence of acountry A family cannot be warm, reunited, and contribute positively to societywithout the ordination and decency Businesses too, if they don't have their ownunique corporate culture - where employees can work effectively, promote creativity,and be loyal to the business - since its inception, it will not be possible for sustainableand long-term development in the market

The period of international economic integration has brought opportunities forVietnamese businesses along with difficulties and challenges that require businesses toquickly change and shape their style and identity Trend - appropriate philosophies,rules, and methods are important not only to help solve management problems, butalso to limit the need to remedy the consequences of possible bad decisions That isthe process of building a corporate culture In recent years, the concept of corporateculture has been mentioned as a criterion when discussing a business Corporateculture is the intangible asset of each business, building and developing the corporateculture of our country today has a very important effect in improving the efficiencyand competitiveness of enterprises according to the requirements of the enterpriseeconomic development needs of the country

In order to survive and develop as it is now, TH - TH true MILK Dairy FoodJoint Stock Company is one of the Vietnamese enterprises that has built its corporateculture since its inception With all the dedication and devotion for customers andabove all, the professional corporate culture system of the collective TH Milk FoodJoint Stock Company has in turn launched products of suitable quality with everycustomer, meeting the strictest requirements of the international product qualitycouncil

TH true MILK is a familiar milk brand with Vietnamese consumers today.Although it has only been launched for more than 10 years, TH true MILK has nowbecome a big name in the dairy industry alongside many other long-standing

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2businesses, even creating a "clean fresh milk revolution" in Vietnam that makesConsumers are surprised and amazed.

Because of the success and professional corporate culture that makes the brandand name in the Vietnamese dairy market, our team has chosen TH - TH true MILKDairy Food Joint Stock Company to carry out the topic: "Analysis of corporate culture

at TH Joint Stock Company - TH true MILK" for this essay

An, Vietnam This is a 100% Vietnamese dairy brand, specializing in the productionand supplying of milk and dairy products Although being presented in the market formore than 10 years, far behind the history of formation and development of Vinamilk,Moc Chau and so on However, it is only a loss of time, not a loss of developmentspeed and popularity in the market, TH true MILK has proven its superiority in theVietnamese dairy segment TH Dairy Joint Stock Company has affirmed its position inthe dairy industry with the evidence of ranking 2nd in the Top 10 prestigious foodcompanies in 2020, dairy and dairy products industry.

1.2 History of formation and development

In 2009: TH true MILK Joint Stock Company was a company under the

management of TH Group, which was established on February 24, 2009 with thefinancial advice of Bac A Bank

In 2010: On May 14, 2010, the groundbreaking ceremony of TH dairy factory

took place in Nghia Dan, Nghe An with a total investment of about 1.2 billion USD

On December 26, 2010, launching TH true MILK fresh milk, TH true MILK productwas officially launched and delivered to consumers

In 2011: TH true MILK Dairy Group officially opened the first TH true mart

store in Hanoi on May 26, 2011 On August 30, 2011, the store continued to open in

Ho Chi Minh City

In 2012: On November 27, 2012, TH true MILK participated in the

International Conference on Milk and launched a new set of fresh milk products,pasteurized and supplemented with nutrients

In 2013: On July 9, 2013, Inaugurated TH Fresh Milk Factory with modern

dairy farm, largest industrial scale in Southeast Asia

In 2015: TH true MILK Dairy Group set the record for the largest cluster of

high - tech dairy farms in Asia on February 10, 2015 At the end of December 2015,

TH Group signed a contract with Control Union Vietnam Co., Ltd to start producingorganic fresh milk in Vietnam Just 5 years after the launch of the first product, THtrue MILK is the enterprise that owns the largest dairy herd in Vietnam with a herdsize of up to 45,000 heads, on a farm area of 8,100 hectares center in Nghe An

In 2016: TH won 3 awards at Gulfood Dubai International Fair From May to

October 2016, TH Group built a complex of TH dairy farms in Moscow and Kalugaprovince, Russia On October 19, 2016 received the award for the best dairy farm inVietnam by Vietstock organization On December 10, 2016, TH farm was awarded agold cup

In 2017: Commencement of construction of high - tech dairy farming and milk

processing projects in Ha Giang and Phu Yen in November and December 2017

In 2018: On 31/01/2018 TH true MILK Group inaugurated TH's first dairy

farm in Moscow, Russia On December 20, 2018 received the National Brand Logofor the third time in a row TH true MILK milk achieved a growth of nearly 22% involume, 30% growth in revenue

In 2019: On October 22, TH held a ceremony to announce the first batch of

dairy products allowed to be officially exported to the Chinese market

In 2020: TH for the 3rd time was honored with National Brand At the same

time, ranked 2nd in the Top 10 most prestigious food companies in 2020, dairy anddairy products industry

In 2021: TH true MILK Dairy Group officially completed the import of 1,620

high - yielding HF dairy cows from the US to the cow farm in Nghe An

2.1.2 Slogan

During the establishment of TH Group, Mrs Thai Huong always prioritizedcommunity benefits with a single word: "compassion," particularly when it comes tothe responsibility towards the younger generation She recognized them as the futuresocial resources that need to be provided with the best nurturing for both physical andintellectual development Thus, TH Group became closely associated with the officialslogan "For the Vision of Vietnam

2.1.3 The main services

TH is a group that offers a wide range of diverse products and services to themarket Their offerings include milk and dairy products, food, education, andhealthcare, among others TH Group's investment projects are focused on integratingadvanced technology and scientific management, resulting in breakthrough productsand goods that have exceptional quantity and quality These projects aim to achievesustainable development and promote health benefits The product portfolio of TH

6Group caters to the varied needs of consumers and encompasses a wide variety ofoptions Some notable products include:

- UHT milk: TH true MILK: Pure (Less sugar, With sugar), Strawberry flavor,

Chocolate; TH true MILK LIGHT MEAL: fresh milk with cereals; TH trueMILK HILO; TH true MILK GOLD; TH true MILK Organic: organic freshmilk; TH true MILK Pure A2

- Pasteurized fresh milk: TH true MILK Pasteurized Fresh Milk: Pure, Low

Sugar

- TOPKID: TOPKID Organic Vanilla fresh milk; TOPKID eating yogurt:

Vanilla, Banana - Barley; TOPKID Pasteurized Drinking Yogurt: Orange,Strawberry, Strawberry - Banana - Barley, Drinking Yogurt Cheese TOPKID;

TH true JUICE MILK TOPKID: Strawberry, Orange

- Yogurt (TH true YOGURT): Eating Yogurt: Low Sugar, Sugar, Natural Flavor,

Coconut, Apple - Cherry, Aloe Vera, Durian, Passion fruit, Mango - Chia Seed,Sticky Rice; Yogurt with live yeast: Blueberries, Fruits; Yogurt drink live yeast:Vanilla, Blueberry; Fermented milk drink: Sugar, Strawberry; PasteurizedDrinking Yogurt: Orange, Strawberry, Blueberry; Pasteurized Drinking Yogurt:Sugary, Strawberry

- Nut milk: TH true NUT: Nut Milk and Red Brown Rice, Nut Milk and

Turmeric, Nut and Gac Milk, Almond Milk, Macadamia Nut Milk, WalnutMilk

- Ice cream (TH true ICE CREAM): TOPKID Popsicles: Chocolate - Vanilla,

Chocolate - Cheese, Strawberry - Banana; Popsicles: Cheese, Strawberry,Green Bean, Caramel - Salted Coffee, Chocolate, Vanilla, Durian, Coconut; IceCream Sandwich: Chocolate - Vanilla; Ice cream cones: Chocolate, Vanilla,Strawberry; Ice cream box: Vanilla, Chocolate, Green Tea, Coconut, Durian,Caramel - Salted Coffee

- Butter and cheese: TH true BUTTER: Unsalted butter; TH true CHEESE:

Sticks of Mozzarella

- Soft drink: TH true TEA: Green Tea, Oolong Tea; TH true RICE: Roasted Rice

Water, Red Brown Rice Water; TH true JUICE - Juice: Mango Nectar, Guava,Mango Smoothie - Banana, Orange, Apple, Apple - Gac, Apple - Peach; THtrue JUICE MILK - Fruit milk drink: Orange, Strawberry, Blueberry, Banana

- Pure water: TH true WATER.

- Tea bag: TH true HERBAL: Jiaogulan - Lingzhi, Perilla - Ginger, Adenosma

caeruleum R Br - Chrysanthemum flower, Lac Tien - lotus embryo

- Food: FVF: Japonica Rice, Red Brown Rice; NASU: Brown Sugar.

Besides that, TH Group also provides products and services in the fields ofhealth, education,

In medical, Trust Farma Quoc Te (TFI) is a joint-stock company under the TH

Group, specializing in the production and distribution of pharmaceuticals andfunctional foods The company operates a modern facility that adheres to GMP-WHOstandards and aims to achieve GMP-EU standards TFI provides the followingservices:

- Production and distribution of various oral and injectable antibiotics, as well ashealth supplements, such as Unsefera, Tizosac, Emotaxin, Emixorat, CeftriaxonTFI, Emipexim, Cefpovera, Adverlex, Stareclor, Rinedif, Lyco-Prevent

- Production and distribution of drugs for the treatment of central nervous systemdisorders, such as Nozasul and Zolpidem TFI

- Production and distribution of drugs for the treatment of cardiovasculardiseases, such as Amlodipine TFI and Atorvastatin TFI

- Production and distribution of drugs for the treatment of gastrointestinaldisorders, such as Omeprazole TFI and Pantoprazole TFI

In education: TH School is an international school system, offering education

from preschool to high school, and it is part of the TH Group TH School hascampuses located in Chua Boc, Hoa Lac, and Vinh, providing modern facilities thatare fully equipped and safe for students The main services offered by TH Schoolinclude:

- Providing an international curriculum following Cambridge standards,combined with Vietnamese subjects following the 80/20 model The curriculumenables students to access advanced teaching methods and developcomprehensive skills while preserving core Vietnamese values

- Providing a school nutrition program based on the Vietnamese food pyramid,designed specifically for each age group Student meals are provided usingorganic and fresh products from TH true MILK, FVF, and other reputablebrands

- Offering diverse and beneficial extracurricular activities, including sports, arts,science, technology, and social activities These extracurricular activities helpstudents develop physical fitness, creativity, and a sense of responsibility

- Providing boarding services for students from remote areas at the Hoa Laccampus Boarding services help students become more independent andconfident in themselves, living in a warm and safe environment similar to afamily setting

2.1.4 Upcoming projects

TH Group is one of the leading companies in Vietnam in the production anddistribution of fresh milk and milk-based products With a vision for community

9health, TH Group continuously innovates and expands its business activities intovarious fields such as healthcare, agriculture, and education The new projectsundertaken by TH Group not only bring economic value to the company but alsocontribute to improving the quality of life, health, and knowledge within thecommunity.

TH Medical is the first high-tech medical and healthcare complex in Vietnam,invested and developed by TH Group It is located in Tien Duong commune, DongAnh district, Hanoi, with an initial investment of 3,000 billion VND for Phase I Theproject also collaborates with Hanoi Medical University to establish a Research andApplication Center for cell technology and bioproducts according to internationalstandards TH Medical project aims to utilize world-class designers, consultants,operators, and managers in each specific function, with technology and expertisepartnerships from reputable Japanese institutions The project also incorporates state-of-the-art Industry 4.0 technologies in healthcare and utilizes advancedpharmaceutical extraction techniques, offering a completely new experience indiagnosis, treatment, and recovery within a harmonious green park hospital setting.The project follows an open-minded approach to modern medicine, where doctors notonly treat patients to save lives but also ensure the restoration of patient functions,enabling them to reintegrate into society after treatment The project also collaborateswith Hanoi Medical University to establish a Research and Application Center for celltechnology and bioproducts according to international standards TH Medicalincludes:

- Center for Preventive Medicine and Early Diagnosis

- International Standard General Hospital with Advanced Technology

- 5-Star Nursing and Functional Rehabilitation Center

- Research and Clinical Training Center

- Geriatric Center and Long-term Care Institute

10With exceptional thinking and the combination of modern, advanced medicalknowledge from around the world and the essence of Vietnamese traditional medicine,

TH Medical represents the integration of Vietnamese intelligence, resources, andcutting-edge technology TH Medical is a high-tech healthcare complex that bringstrue happiness and value to every individual Additionally, TH Medical demonstrates

TH Group's responsibility and contribution to community health, in line with itsmission of "For community health" since its inception

The project commenced on October 14, 2019, and is expected to be completed

by 2023

2.1.5 The work environment

TH Group is recognized for placing a strong emphasis on its people, building ahappy work environment, promoting personal development, encouraging creativity,respecting diversity, inclusion, and equality, as well as fostering transparency andproviding opportunities for individuals to voice their opinions TH also has a culturethat appreciates and rewards the commitments and efforts of its employees Thisapproach helps TH's people reach their full potential

One of the notable achievements highlighting TH Group's efforts is winning the

"Best Companies to Work for in Asia'' award in 2021 TH Group, the parent company

of the TH true MILK brand, received this prestigious recognition from a leading HRpublication in Asia on October 8, 2021 The HR Asia survey conducted using theTEAM model revealed that TH Group's scores exceeded the industry average by asignificant margin Notable indicators of TH's excellent work environment includepolicies encouraging employees to acquire additional skills and certifications (THscored 4.71/5, compared to the industry average of 3.57); a workplace environmentthat prioritizes employee health (4.54/5, compared to the industry average of 3.7); and

a focus on putting people above profits (4.3/5, compared to the industry average of3.69), among others

2.1.5.1 TH Group - A happy workplace

At TH Group, "happiness in the workplace" is about dedication and personalgrowth, meaningful work, and a state of well-being both physically and mentally THGroup recognizes that people are the agents of society, the driving force behind thecountry's development, and a key factor in the success and sustainable growth of thebusiness TH Group always demonstrates appreciation for its employees by makingefforts to create a work environment where each individual has the opportunity tocontribute, grow, and achieve a state of well-being in both body and mind

In 2019, TH Group collaborated with Hay Group Korn Ferry, a globalmanagement consulting firm, to conduct an employee survey The results revealed that90% of employees expressed pride in working for TH Group, an organization thatpositions its brand on the principle of "authenticity." TH Group is always at theforefront, exploring new paths to bring genuine happiness and sustainabledevelopment to the community

Through various activities, employees at TH Group are well taken care of andprovided with excellent welfare policies Some of the notable policies include talentattraction programs, attractive salary and bonus schemes, and opportunities forunexpected salary increases TH Group also offers superior health insurance coverage,regular health check-ups, and sponsored learning and training opportunities for itsemployees

TH Group goes beyond and cares for the mental well-being of its employees.They engage in various activities such as group exercise during breaks, daily bondingthrough Happy Hour, nutritious meals, detox programs at the beginning of the week,smoking cessation and reduction counseling programs, sustainable living programs,participation in sports activities and enthusiastic movements, team-building trips, andcommunity volunteering activities

Employees with similar healthy interests throughout the organization areconnected through groups such as gardening clubs, cycling, running clubs, book clubsfor TH literature enthusiasts, badminton, and more The development direction of TH

12Group firmly focuses on ensuring the best health care for the community, includingtheir own employees They aim to create an ecosystem within the clean and naturalfood industry, while also promoting sustainable development with the motto "CherishMother Nature, She will provide everything”.

2.1.5.2 A multicultural, equal, and transparent work environment

The total number of employees currently working in TH Group's projectsexceeds 10,000 people TH Group is a workplace for citizens from 19 differentcountries and cultures, spanning various age groups

Since January 2018, TH Group has implemented the "Equal EmploymentOpportunity'' policy, which aims to prevent all forms of discrimination and harassment

in the workplace It does not tolerate racial, ethnic, gender, disability, national origin,marital status, sexual orientation, or gender identity discrimination The proportion offemale leadership in TH Group is 30% "Although the proportion of female leadership

is considered high compared to the general average, we still have a goal to furtherincrease this ratio," shared Mrs Tran Thi Quyen, Director of Human Resources at THGroup

Transparency in the work environment at TH Group includes receiving regularfeedback on job performance All employees are regularly evaluated for their jobperformance and career development This creates an open atmosphere thatencourages employees to perform well and advance in their careers TH Group statesthat it will remain committed to ensuring the best health care for the community,including its employees, by creating an ecosystem in the clean and natural foodindustry and promoting sustainable development

2.2 Espoused values

2.2.1 Mission

With a deep connection to nature, TH Group is committed to nurturing thephysical and spiritual well-being of the Vietnamese people by providing natural, clean,safe, fresh, and nutritious food products With the aspiration called "Vietnamese

13Stature," TH aims to enhance the physical and intellectual health of the Vietnamesepopulation and offer clean, safe, and nutritious dairy products from nature for thefuture of Vietnamese children.

2.2.2 Vision

TH Group strives to become the leading manufacturer of natural, clean foodproducts in Vietnam Through dedicated and long-term investments coupled with themost advanced technology in the world, TH is determined to establish itself as aworld-class food brand trusted by all and a source of national pride

2.2.3 Core Values

With the slogan "True Happiness”, TH Group is guided by the following corevalues that have brought it closer to consumers:

- True Happiness: Striving for genuine happiness

- Community Health: Commitment to the well-being of the community

- Completely Natural: Products derived entirely from nature

- Environmentally Friendly: A commitment to environmental friendliness

- Superior Thinking: Pursuit of excellence

- Harmonious Benefits: Balancing interests

In the context of the dairy industry in Vietnam being tainted by the concepts of

“reconstituted powdered milk” and “fresh milk” for exploitative purposes, TH trueMILK's clean fresh milk has paved the way, laying the foundation for the productionand processing of clean fresh milk in Vietnam “With TH true MILK, the strength of abrand lies in the core value that we wholeheartedly strive for: Community Health”

2.2.4 Business Strategy

For TH true MILK's business strategy, the brand has employed a competitivestrategy based on differentiation and a focus on improving the quality of its products

14The company has carved its own path in the milk market with a distinct positioningcompared to competitors, catering to consumer psychology.

- Differentiation Strategy:

In reality, at the time TH true MILK was introduced, 92% of the milk market inVietnam consisted of reconstituted powdered milk However, by 2015, this ratio haddecreased to about 72%, largely due to the contribution of TH true MILK Currently,

TH is the only dairy company with a 50% market share of fresh milk In 2014, thecompany's revenue exceeded 4,000 billion VND (occupying 1/3 of the fresh milkmarket) Fresh milk products are considered the focus of attention and research anddevelopment, diversifying to meet customer preferences To cover the market andfulfill its business mission, TH Group has researched and introduced TH SCHOOLMILK, a clean fresh milk product with added micronutrients to improve the physicaland mental health of school-age children, certified by the Vietnam Nutrition Instituteand the Ministry of Health for its effectiveness in improving children's nutrition.Recently, TH true MILK has also introduced pasteurized fresh milk products that meetinternational standards, the only one of its kind in Vietnam The distinctive feature ofpasteurized milk is that it is processed at a lower temperature than other types of milk,preserving almost all the natural nutrients

- Differentiation in Human Resource Management:

TH not only differentiates itself through “clean” products but also in humanresource management The Chairman of TH has chosen a “courageous” approach,investing without prioritizing profit, known as “standing on the shoulders of giants”.Mrs Huong, the Chairman of TH Group, believes, “If I am not knowledgeable aboutmilk, I should find the world's best experts to advise me, and I have hired manyexperts from Israel”

The internationalization or multi - nationalization process of TH's personnelextends from experts and farmers to the transfer of Israeli cattle care technology,veterinary management from New Zealand, and financial management from Germany

15These have brought incredible and miraculous success to TH true MILK inimplementing its business strategy.

- Strong Marketing Strategy:

From the beginning, in its communication campaigns, TH true MILK hasalways emphasized the uniqueness of its products compared to other milk brands inthe market, and the company has done this very effectively by capturing the “clean”aspect With a promotional program accompanied by PR that highlights the “cleanmilk” factor, TH true MILK has attracted the attention of the media and publicopinion, quickly gaining consumer trust Fresh milk products remain the main focus ofattention and research and development, diversifying to meet customer preferences

- Premium Pricing Strategy:

With its distinct positioning and entering the market later, TH needed a pricingstrategy that would differentiate itself Recognizing TH true MILK as a premiumproduct, TH chose the highest pricing strategy possible while also attempting toinfluence consumer psychology regarding the price-quality relationship

2.2.5 Business Philosophy

According to TH true MILK, the business philosophy within TH's businessstrategy is clear and consistent: high - quality clean fresh milk must encompass acomplete closed - loop cycle that is closely controlled and managed The source ofraw milk must be truly clean, derived from a clean farming process: clean feeding,clean living conditions, and clean drinking water

Furthermore, TH's dairy farming process at its farm in Nghia Dan, Nghe An,follows an integrated industrial - scale model that is synchronized in all aspects,including selecting cattle breeds, providing optimal nutritional food, ensuring livingconditions for the cattle (shelters, management systems, veterinary care), and theproduction and distribution of products

2.2.6 Brand Positioning

The TH Corporation has positioned TH true MILK in the high - end segmentwith excellent quality Although it belongs to the same segment as Vinamilk, TH trueMILK has a higher price and slightly better quality compared to similar products ofVinamilk

2.2.6.1 Steps in Brand Positioning for TH true MILK:

a Competitive Environment

- Direct Competitors

Currently, the Vietnamese milk market has over 300 branded products fromlarge companies such as Vinamilk, FrieslandCampina, and Nutifood According toVPBS Securities Company's statistics, Vinamilk holds 49% market share in the freshmilk product category, followed by TH Corporation with 40% Despite TH trueMILK's lower competitive ability compared to Vinamilk, the dynamic nature of themilk market at the present time, along with Vinamilk's limited production capacitymeeting only 25% of the demand, intensifies the competition for the leading position

- Indirect Competitors

Although TH true MILK clearly defines its market segment as pasteurizedfresh milk, the pressure from substitute nutritional products is significant due to thediverse range of nutritional products available in the market Therefore, TH trueMILK needs to be cautious about substitute products such as drinking yogurts,condensed milk, cheese, soy milk, butter, and cream, as they indirectly compete with

TH true MILK

b Target Customers & Customer Insights

Starting with the aspiration named "Vietnamese Stature" and the desire toenhance intelligence and physical health for Vietnamese people and future generations

of Vietnamese children, TH true MILK targets:

- Target Market:

c Product Benefits

TH true MILK's fresh milk products were born in an industrial context whereincome is increasing, and awareness of the benefits of milk is growing, leading to anincreasing demand for milk consumption As the environment becomes more polluted,the need for a clean milk product becomes essential Understanding this, TH trueMILK commits to providing products sourced from nature that are clean, safe, fresh,delicious, and nutritious

With the desire to offer users truly fresh and clean milk while ensuringelements such as aroma, sweetness, and purity, every product introduced to the market

is completely pasteurized fresh milk with no more than 1% additional ingredients Theproduct is very convenient, as it can be enjoyed immediately upon opening and is anutritious beverage that provides vitamin A and D

d Brand Value and Personality

The brand is a special factor for product recognition The TH Corporation,abbreviated as TH, stands for "True Happiness," meaning genuine happiness The THCorporation is committed to strictly adhering to quality standards, ensuringauthenticity, seriousness, and consistency, thereby building strong trust withVietnamese consumers and partners Therefore, TH true MILK embodies three

18elements: Seriousness, Pride, and Integrity, proudly being the pioneer in the cleanmilk industry in Vietnam.

Through these characteristics, TH true MILK showcases its brand personality

of Happiness to customers

e Reasons to Trust the Brand

To substantiate the "clean" quality that TH true MILK proudly delivers tocustomers, the TH Corporation places special emphasis on the production process.The TH's clean fresh milk factory has a team of experts from Israel who advise andmonitor proper cattle care standards Highly skilled engineers are often sent to learnfrom experiences in renowned milk production regions such as New Zealand,Australia, and Canada Workers participating in the milk production process undergorigorous training before joining the farm The production model and line of TH trueMILK are built on a perfect chain

TH's clean fresh milk factory plays a role in processing, applying top-notchtechnology from Europe to produce milk products that meet international standardsfor clean, naturally sourced fresh milk Additionally, the factory utilizes modernmachinery and equipment Furthermore, the TH Corporation pays attention to theinput materials for the current dairy herd

f Brand Differentiation

The "clean" quality that TH true MILK commits to is not only the reason whycustomers trust and choose the product but also the factor that differentiates TH trueMILK from other milk brands present in the market

Recognizing that the "clean" factor will attract consumers in the context wherefood safety is the greatest concern, TH Corporation's marketing strategy focuses onpromoting and emphasizing the "clean milk" aspect With this bold step, TH trueMILK has somewhat associated its name with the concept of "clean." In this way, THtrue MILK simultaneously creates differentiation from the dominant player, Vinamilk,and successfully positions its image in the minds of consumers