VIETNAM DAIRY PRODUCTS JSC

CORPORATE PRESENTATION
Important Notice
Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information.
Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of Vietnam Dairy Products JSC (“VNM”), or industry results, to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking statements
and financial information. Such forward-looking statements and financial information are based on numerous assumptions
regarding VNM’s present and future business strategies and the environment in which VNM will operate in the future. Because
these statements and financial information reflect VNM’s current views concerning future events, these statements and financial
information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these
forward-looking statements and financial information.
VNM expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statement or financial information contained in this Presentation to reflect any change in VNM’s expectations with regard thereto or
any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with
all applicable laws and regulations and/or the rules of the Ho Chi Minh City Stock Exchange and/or any other regulatory or
supervisory body or agency.
This Presentation includes market and industry data and forecast that have been obtained from internal survey, reports and studies,
where appropriate, as well as market research, publicly available information and industry publications. Industry publications,
surveys and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but
there can be no assurance as to the accuracy or completeness of such included information. While VNM has taken reasonable steps
to ensure that the information is extracted accurately and in its proper context, VNM has not independently verified any of the data
from third party sources or ascertained the underlying economic assumptions relied upon therein.

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Key Highlights
Favorable Macro Situation in Vietnam

Diversified Portfolio Leadership

Unique End-to-end Value Chain

Agile Leadership

Strong Financial Position

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How We Get Here

North
Ha Noi 1 Factory
1 Dairy Farm
2022
1976
VINAMILK Today Central
100% State owned 4 Factories
enterprise • Largest listed F&B on HOSE ($8B market cap) 7 Dairy Farms

• Established as Southern Coffee Dairy • Most valuable brand by Forbes Vietnam ($2.4B)
Company with 3 dairy factories. • No.1 dairy production facilities (17 dairy South USA
factories) 8 Factories 1 Factories
4 Dairy Farms
2003-2006 • No.1 dairy cow network (160,000 heads
including Mocchau Milk) Cambodia
Go Capitalized 1 Factories
• Nationwide distribution network plus 4 Headquarter
• IPO and renamed to Vietnam Dairy
overseas subsidiaries Ho Chi Minh City Healthcare Clinic
Products Joint Stock Company in 2003.
• 36TH global dairy producers by revenue
• Listed on Ho Chi Minh Stock Exchange
(HOSE) in 2006.
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Corporate Structure
Domestic Subsidiaries &
Production & Logistics
13 factories in the North,
Central, and South
03 sales offices in Ha Noi,
Da Nang, and Can Tho
02 logistics enterprises in
Ha Noi & Ho Chi Minh City
Cu Chi Raw Milk Center
An Khang clinic
* Percentage of Vinamilk’s ownership
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VINAMILK
Overseas Subsidiaries &
Associates Associates
Vietnam Dairy Cow One Member
Co., Ltd. (100%)* Driftwood Dairy Holdings Corporation
(USA, 100%)
Thong Nhat Thanh Hoa Dairy Cow
One Member Co., Ltd. (100%) Angkor Dairy Products Co., Ltd.
(Cambodia, 100%)
GTNFoods JSC (75%)
Del Monte – Vinamilk (Philippines,
50%)
Vietnam Sugar Joint Stock
Company (65%)
Miraka Limited (New Zealand, 23%)
Vibev F&B JV Co. Ltd. (51%)
APIS Joint Stock Company (20%) Lao Jagro Development Xiengkhouang
Co., Ltd (Laos, 85%)
Asia Coconut Processing Joint
Stock Company (25%)
5
Ownership
• No foreign ownership limit (FOL) since July 2016
• Largest free float ($3B) for foreign investors
• 3 major shareholders: The State Capital Investment Corporation (SCIC), F&N Group (ThaiBev)
Jardine C&C (Victory Platinum)

Others
(free
SCIC,
float),
36.00%
33.37%

F&N
Jardine Group,
(Victory 20.01%
Platinum)
, 10.62%

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New “Green Farm” in Quang Ngai
This dairy farm of over 100 hectares has
the capacity of 4,000 heads, with the initial
investment capital of up to VND 700
billion. It is a part of the eco-friendly farms
network “Green Farm” that Vinamilk has
been investing in and developing7 since the
beginning of 2021.
Investment highlights

Favorable Macro Domestic End-to-End Solid Proven Record of

Situation Champion with Value Chain Leadership Financial Results
Diversified
Portfolio

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Favorable Macro Trend in Vietnam
• Vietnam is forecasted to be one of the fastest • The second highest Final consumption
growing economies in the world. expenditure per GDP in Southeast Asian in 2019.

7.0 6.7 7.0 86%

2.9 75%
72%
67% 66%

2019 2020 2021F 2022F

46%

Philippines Vietnam Malaysia Indonesia Thailand Singapore

Indonesia Malaysia Philippines
Singapore Thailand Viet Nam
Source: Asia Development Bank Source: World Bank

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Strong Dairy Demand In Vietnam
Vietnam dairy consumption per capita (CPC) in 2019 was 21.8kg – a 18% lower than regional
average – implying sizable room for future growth.

42.9
33.5
Kg per capital

25.7 26.7
21.8 22.3

9.0

Malaysia Vietnam Thailand Indonesia South Korea China

CPC of each comparable Avg. CPC of comparables
Source: Euromonitor data

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Investment highlights

Favorable Macro Domestic End-to-End Solid Proven Record of

Situation Champion with Value Chain Leadership Financial Results
Diversified
Portfolio

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Leverage the 44-Year Brand Heritage
250 SKUs
Since 1976 Well-perceived and
Trusted Brands All Segments From Pre-
Consistently Deliver
High Quality And Value
natal To The Elderly

UNRIVALLED LEADER IN THE DAIRY CATEGORY IN VIETNAM

Liquid Milk Yoghurt Condensed Milk Formula Milk

Fruit Juice &

Baby Cereal Plant-based Cheese Milk Smoothie Ice Cream Power Drink

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Balance Heritage with Innovation

Refresh the portfolio annually with 10-15 new products

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Pioneer The National School Milk Program

• Rollout year: 2016 under Degree 1340/QĐ-TTg by Vietnam’s Deputy Prime Minister
• Purpose: Improve the nutritional intakes and physique of Vietnamese children; Increase dairy
penetration among young generations
• Reference stories: Korea (1953), Japan (1959), Thailand (1985)
• Full scale: 300 million milk bottles (180ml) per month
• Achievement: >30 cities and provinces already signed contracts with Vinamilk via competitive
bidding

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Investment Highlights

Favorable Macro Domestic End-to-End Solid Proven Record of

Situation Champion with Value Chain Leadership Financial Results
Diversified
Portfolio

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VINAMILK’s End-to-End Value Chain MANUFACTURING AND 01
PROCESSIG DriftWood Factory -
FARMING AND MILK PROCESSING 13
Farms
USA
BEVERAGES AND
DAIRY PRODUCTS 01
AnkorMilk -
01
Raw Milk Centre – Cu Chi
Cambodia

13
Factories
01
Vinamilk Lao- 83
Raw Milk Collection Stations
Jagro Dairy
Farm Complex 01 DISTRIBUTION
Moc Chau
01
Raw Material Production and Factory
Supply Factory (Sugar)

TRADING 03
Sales
Branches

~200
Distributors
02
HEALTH CARE, 240.000
Points of Sales
Logistics
NUTRITION Enterprises
Conventional channels
465
“Giac Mo Sua Viet” Stores
01
Polyclinic
2.400
Points of Sales – Convenience Stores

01 Export to 5
Nutrition Continents
Center 55 5.400
Points of Sales – Supermarkets
Countries and Territories
08
E-Commerce Partners

Vinamilk E-shop giacmosuaviet.com

Domestic operation

Online Shopping app – “Giac Mo Sua Viet” International Operation

From The Long-Term Relationship With Suppliers
LOCAL RAW MILK FRESH-MILK PRODUCTS

14 34K+
Own farms Cows

6K+ 126K+
Contracted cows
farmers

IMPORTED MILK POWDER RECONSTITUTED & POWDER PRODUCTS

Whole Milk Skim Milk Anhydrous Milk

Powder Powder Fat

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Xiengkhouang Dairy Farm (Laos)
In May-19, Vinamilk inaugurated a
new organic dairy farm complex in
Laos:

• 5,000 hectare land bank offering

significant potential for future
expansion
• Highland area, suitable soil &
weather for organic farm
• Approved projects for Phase 1: 24,000
cows
• Estimated time of milking: 1H2022

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Continued Progress Towards ESG

WATER COW WELFARE

Environmental management system Digitalize disease history and cow
according to ISO 14001 milk yield data
5.15% of water used in production was Improving the method of breeding
circulated and reused cows to not affect cows’ psychology

FARMERS
Policy on reasonable purchase price
Advice on improvement of farming techniques
Improvement of cohesion and service quality

SOIL & BIODIVERSITY
Crop Rotation
Use of organic fertilizers for soil in
replacement of chemicals and inorganic
fertilizers, minimizing waste to the
environment
WASTE
Biogas system applied at all
Vinamilk’s farms to reuse and reduce
waste and greenhouse gas emissions,
while using organic fertilizers as
renewable energy for water heating
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Strengthen The Chain through M&A
68% 59.3%

8.9%

MCM’s Positive Sales MCM’s Improved NPAT MCM’s Corporate

Growth Governance and Business
Operation
VND 2,823
bn
VND 281 bn
• Listed on UpCom in 12/2020.
• Integrated ERP in operation business.
• The size of Moc Chau Milk’s herd
VND 2,562
bn
reached an average growth rate of
14% per year and the average
VND 167 bn yield was 25 liters/head/day.

2019 2020 2019 2020

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VILICO-SOJITZ Beef Project

51% 49%
JOINT
VENTURE

Available Resources in Vietnam:

• Long track record in Vietnam market.
• A massive industrial infrastructure with
270-ha area.
USD 2 mn • The compound feed production and
sales business overseas.
• A food value chain: MINISTOP
Convenience Stores, Japan Best Food.
• Modern cold chain logistics services.

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MCM’S New Resort Farm Project

4,000 cow heads

270 hectare

USD 2 mn

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 To The State-of-The-Art Technologies
• Automation (feeding,
scratching, cooling,
milking etc.) using Israeli
technologies
• Implanted sensors on
each cow to monitor yield
and animal wealthfare
• Raw milk delivered by
chill tankers at 2-6ºC
• Production lines using
German, Italian, and Swiss
technologies
• Spray drying technology by
Niro that retains high content
of nutrients and mineral

• Packaging technologies
• Sales & accounting system
by Tetrapak, Bencopack,
are fully integrated
and SIG Combibloc

• Inventory and spoilage loss

are controlled by Oracle ERP
• Automated shipment from
smart warehouse by LGV
robots

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Completely Automated Factory in Binh Duong Province.
Our Largest Factory (Binh Duong, Vietnam)

100% AUTOMATED PRODUCTION

Capacity: 800 One of the Largest Production of
million liter p.a TETRA PAK UHT Milk, Soya
Factories Globally Milk and Beverages

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Vinamilk Cow “Resort” Tay Ninh
The first facility to be fully governed by 4.0
automated technology, augurated from 2019. The
complex expanding over 685 hectares houses nearly
8,000 cows, with initial investment reaching
26 VND
1,200 billion.
Improved Milking Production over years
194,874 185,979 187,800 193,690 187,410 27.23 27.45
25.61 26.22
24.4

13.17 13.63 13.43

12.25 12.48
148,831
124,255
102,384
73,334
51,790

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Amount of milk purchased from local dairy farmers (tons) Average milk yield of dairy farmers (kg/head/day)
Total amount of raw milk production (tons) Vinamilk's Average milk yield (kg/head/day)

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Be the Leading Distributor in Vietnam and
Expanding Across the Boundaries
• Extensive coverage on the back of nationwide POS network
• Dominant across traditional and modern channels
VINAMILK

Key Accounts
200+ Exclusive Supermarkets 500+ VNM 50+ Export
(Horeca,
Distributors & CVS Stores Markets
schools, etc.)

240K+
Retailers

CONSUMERS/END-USERS
Note: Data updated as at Dec-2019

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Investment Highlights

Favorable Macro Domestic End-to-End Solid Proven Record of

Situation Champion with Value Chain Leadership Financial Results
Diversified
Portfolio

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Experienced Leadership Team with Deep
Industry Expertise
Mdm. Mai Kieu Lien
CEO & Board Member
• Bachelor/Engineer in Meat and Milk Processing
• Certificate of Leningrad Economic Management
• Certificate of Government Management
44

Mr. Mai Hoai Anh Mr. Trinh Quoc Dung Mr. Le Thanh Liem
Executive Director – International Executive Director - Dairy Board Member, CFO anh Chief
and Domestic Sales Development Accountant
• BA in Economics • Engineer of Energy and • BA in Economics, major in
• MBA Automation Enterprise Financial Accounting
24 15 26
• MBA of International Commerce
and Finance
Ms. Nguyen Thi Thanh Mr. Nguyen Quoc Khanh Mr. Tran Minh Van
Hoa Executive Director – R&D Executive Director - Production
Executive Director – Supply Chain • BA in Chemical Technique and • BA in Engineering
• BA in Milk Processing Foods • BA in Business Administration
Technology • BA in Business Administration • BA in commercial laws
37 32 • BA in English 39 • MBA

Ms. Bui Thi Huong Mr. Nguyen Quang Tri

Executive Director - Human Executive Director – Marketing
Resources Administration & PR • Dr, DBA
• BA in Russian language • MBA
• BA in Economics
15 1

Years of Experience with Vinamilk All content © Vietnam Dairy Products JSC 30
Investment Highlights

Favorable Macro Domestic End-to-End Solid Proven Record of

Situation Champion with Value Chain Leadership Financial Results
Diversified
Portfolio

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Robust Growth & Strong Balance Sheet
Double digit CAGR in the last 10 years on top of a healthy Balance Sheet

59.7
56.4
52.6
51.1
47.0
VND trillion

VND trillion
40.2
35.2 48.4
44.7
31.6
27.1 37.4
34.7
22.1
29.4
27.5

10.3 10.2 10.6 11.2

9.4
6.5 7.8
5.8 6.1
4.2 33% 31%
31% 30%
24% 24%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
Total revenue Profit after tax Total debt/Total assets Total assets

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2020 Consolidated Financial Highlights

Net sales Gross profit margin Completed 100% sales guidance and
(VND bn) (%) 105% NPAT guidance

59,636 46.4% Total revenue

59,723
5.9% YoY 79 basic points YoY 59,600
Net profit after tax Earnings per share
(VND bn) (VND)
11,236

11,236 4,770
NPAT
10,690

6.5% YoY 4.5% YoY

Accumulated figures Annual guidance

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2021 Consolidated Financial Highlights
Net sales Gross profit margin
(VND bn) (%)

60,919 43.1%
Net profit after tax Earnings per share (VND)
(VND bn)

10,633 4,517
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 THANK YOU

IR contact
Trung Dong (Mr.)
Investor Relations Manager
E dqtrung@vinamilk.com.vn
T +84 028 54 155 555 / Ext 108247 All content © Vietnam Dairy Products JSC 35