NAME: HUYNH THI KIM PHUONG

TABLE OF CONTENTS
I. Strategy Formulation
About the company
Vision and Mission
Long-term Objectives
External Factor Evaluation
Internal Factor Evaluation

SWOT Analysis
QSPM - Quantitative Strategic
Planning Matrix
II. Strategy Implementation
Current Objectives
Long-term Objectives
Balanced Scorecard
III. Target
Conclusion and Evaluation
References
Appendix
IV. References
ABOUT THE COMPANY
The TH Milk John- Stock Company as part of THE Group which was founded with the financial advisor of
North Asia Commercial Joint Stock Bank is a well-known brand in the dairy industry of Vietnam. Established
in 2010, processing and UHT milk is their major business. The company is famous for its advanced
management system and integrated production processes, synchronized by international standards from
planting grass, building barns, cattle feed processing, management veterinary control, processing and
packaging to the distribution of products to consumers. It is their goal to become a clean milk and UHT milk
supplier in Vietnam and at the same time develop chain convenience stores called TH True mart to provide
clean fresh produce from Farm TH, safe and high-end products for consumers.
TH True Milk decides to choose its own path to produce clean and fresh milk products (not reconstituted
milk). It can be said that until now, Th True Milk has its own position in Vietnamese consumers' mind and
achieves many successes.
GENERAL INFORMATION
TH True Milk Company
Although TH True Milk dairy products have just been launched on December 26, 2012, so far they have
gained many admirable achievements, received lots of high praises for their milk quality for using foreign
technological techniques and becoming a worthy competitor against other long-standing dairy brands. What
helps this dairy company achieve so many rapid successes in the Vietnamese dairy market.
TH True Milk Company, all so known as TH Milk Food Joint Stock Company, belongs to TH Group. The
enterprise was established under the financial advice of Bac A Commercial Joint Stock Bank. Entering the
Vietnamese market since 2010, the company always aims to produce the most authentic "fresh milk"
products.
For only 12 years, TH True Milk has achieved many proud achievements. In 2013, the company inaugurated a
clean fresh milk factory with a capacity of 500,000 tons/year. Dairy cows are raised according to high
technology standards, with more than 45,000 cows carefully selected from New Zealand, Australia, Canada,
etc.
During the following years, TH won the love and trust from consumers and local governments at different
levels. TH Group was rewarded with many prizes;
"Viet Nam's High-Quality Product" prize for three consecutive years of 2012, 2013 and 2014
"Reliable Supplier in Viet Nam 2011"
"Prestige Brand"
"Agriculture Enterprise applying High-tech"
"National Golden Quality Prize 2013"
"Trusted Brand" by National Quality Assurance Agency

A/ VISION
With the vision of TH True Milk are determination becomes the first company that has products derived from
natural achieve international standards in Vietnam; use modern technology for create fresh milk with high
quality to customers belief that “Clean fresh milk is the only way ”; and open chain stores with the name are
TH True Mart for distribution products to customers.

B/ MISSION
Human beings are the masters of the society as well as the driving force for the growth of a country, so the
mental and physical development of individuals is very important. Therefore, at TH, we have a strong faith
that our investments for the health benefits and education services have contributed to the improvement of the
country’s next generations; these are the strategic investments for the national growth.
Consequently, they are always motivated by the question “How to improve Vietnamese stature and help the
country to take a place among the world’s developed countries?” Every Vietnamese has this ambition in his
heart. At TH, the desire has become a huge motivation to forge us to pave a completely new way for an
honorable mission for the sake of the people, the society and the country of VietNam

C/ CORE VALUE
1. “True Happiness”
TH's great achievements are recognized by international organizations not only in high-tech farms, but also in
the sense of community. Since its establishment, TH has oriented products to have the ultimate goal of
bringing meaning, joy and happiness to the community, creating an ecosystem in the food industry that is
clean and completely safe. from nature.
2. Public Health
For sustainable development, TH does not follow the direction of applying genetically modified technology,
using chemicals. TH Group's approach is to develop organic farms, plant medicinal herbs under the forest
canopy to maximize the values of indigenous plants, keep the creations of mother nature, and respect the laws
of nature. nature, not forcing nature, not changing nature (like genetic modification). Because the corporation
always thinks that protecting nature is protecting the health of the community.
3. Truly Natural
TH Farm applies high technology and modern equipment in all stages of the closed process from green
pastures to clean milk: the world's most advanced breeding and herd management technology.
4. Environmentally Friendly
TH Group became the first and only enterprise in the dairy industry to use yogurt spoons made from
environmentally friendly materials (mainly derived from plant starch), absolutely safe for human
consumption. consumption. use and contribute to environmental protection, completely replacing spoons
made of PE plastic.

5. Innovative thinking and harmony of interests

TH Group is considered to have successfully implemented the clean fresh milk revolution, built the
Vietnamese brand of clean fresh milk at an international level, and contributed to the shift of the proportion of
liquid milk made from reconstituted milk powder to 92% (2008) reduced to nearly 60% today.

TH Group's fresh milk products with TH true MILK brand have won many international gold awards such as
World Food Moscow, ASEAN Best Food Product 2015, Gulfood Dubai 2016,...

D/ LONG-TERM OBJECTIVES-TOWARDS THE GOAL OF SUSTAINABLE DEVELOPMENT IN

5 ASPECTS
1. Innovative process and product development:
● Innovation:
- Continuing to participate in the major “playgrounds” of the world dairy industry, TH True milk has
been warmly welcomed for innovation and creativity in the global dairy industry when consistently
maintaining a clean and fresh milk path, thus developing product lines completely from nature.
- TH clean milk factory is also the largest and most modern in Southeast Asia, operating the first-phase
production line with a capacity of 200 million liters / year (and up to 500 million liters / year by 2020).
The processing and packaging lines are managed with the world’s leading modern measurement and
control technology such as Simen, Danfoss, Grundfoss.
- TH true MILK has launched a pioneering healthy snack drink called ‘TH true MILK LIGHT MEAL’
which is a combination of pure milk and plant-based ingredients including granular oats, walnuts and
macadamia nuts, bringing innovation to dairy shelves across Vietnam. With the help of SIG's
drinksplus technology, TH true MILK was able to combine high quality pure milk with cereal grains,
 walnut, and macadamia nut paste, creating a nutritious snack drink that is reportedly ideal for
consumers who are concerned about their weight and prefer a light snack drink to a full meal.
● Quality assurance:
- TH True milk produces organic fresh milk (organic) according to European and American standards.
At the end of December 2015, TH Group signed an agreement to implement organic fresh milk
products, marking the first business in Vietnam to pioneer the implementation of organic standards of
Europe and the US applied to production and processing.
- TH Farm in Nghe An – the Asian record organization confirmed as “The largest dairy farm in Asia
with the highest concentration of technology in 2015”. At the farm, cows are attached with Pedometer
chips to collect information on their health and nutrition, thus they are bathed and farmers let them
listen to music to stimulate milk production, making the freshest and most pure milk drops.
- Besides, TH has also been developing a chain of nearly 200 TH true Mart retail stores with fully
equipped facilities, milk preserved in the best condition.

2. Sustainability in human resources:

● Overview:
TH Group’s strategy with three core factors including a high-efficiency working culture, a happy working
environment, and development of sustainable HR governance makes it strong. Besides that, TH Group was
also highly valued for its focus on HR development with respect for diversification, equality, and
transparency, and with opportunities for all staff to raise their voice and opinions.
● HR Strategy:
TH True milk, one of Viet Nam’s largest fresh milk producers, has gone live with solutions for human capital
management called SAP SuccessFactors:
- The action is intended to assist the firm in improving its human resource capabilities and utilizing real-
time analytics for better business decisions.
- The SAP SuccessFactors solutions have been implemented in three companies within the TH Group
including TH Food Chain JSC, TH true milk Food and TH true milk, encompassing 5,500 employees
within Viet Nam, Russia and the US.
- Around 40% of the Vietnamese market for fresh milk is controlled by the TH Group. In addition,
through multiple kinds of products such as UHT sterilized milk, pasteurized fresh milk, yogurt or
drinking yogurt, the TH Group’s farm is used by researchers and experts working in the dairy sector
due to those new perspectives and methods it provides on dairy production in the country.
The key objective of TH true milk’s digital HR transformation is to be the best employer in the whole of
Vietnam.

3. Environmental sustainability:
The TH Group was recognized as a pioneering company that promoted environmental protection during its
establishment and expansion.
A number of efforts and environmentally friendly solutions have been taken with the guiding philosophy
"Respect Mother Nature, who will offer her all" and the ambition to become an environmentally friendly firm
and sustainable development carried out by TH Group.
The Alliance for Conservation of Nature was officially inaugurated on June 17 by the International Union for
Conservation of Nature (IUCN), the Institute of Strategy and Policy on Natural Resources and Environment
(ISPONRE) under the Ministry of Natural Resources and Environment (MONRE), and TH Group. Alliance
for Business and the Environment (VB4E).
- The three core objectives of the VB4E Alliance are capacity building, policy lobbying, and the
creation of an online idea bank. In particular, an online idea bank is a location where stakeholders,
 businesses, and NGOs may work together to develop and carry out projects and efforts to safeguard
the environment.
- Collaboration projects are conducted in a variety of disciplines, including preserving biodiversity,
managing plastic waste, developing sustainable tourism, protecting the ocean and coastline, restoring
the landscape of forests, conserving water and wetlands, and combating climate change.

● Raise environmental awareness:

Plastic bags are no longer used in the statewide TH genuine mart shop system, which is where TH True Milk
items are sold and introduced, as of May 2018. The True Mart employs product bags made of environmentally
friendly organic materials instead. With this move, TH has supported and encouraged customers in tiny ways
to practice smart consumption, green living, environmental conservation, and sustainable development.
- When consumers bring a box of TH True Milk Organic or TH True Milk TOPKID formula to
retailers, TH gives them a canvas bag as part of a campaign to collect milk cartons for recycling. By
substituting canvas bags for milk cartons, TH not only encourages customers to use cloth bags rather
than plastic ones, which helps to reduce waste from single-use plastics, a problem that affects both
Vietnam and the rest of the world, but also collects milk cartons for recycling.
- Presently, TH True MILK is the only company in the sector to use millions of yogurt spoons
manufactured from bio-based materials that are environmentally beneficial in place of plastic spoons.

- The TH Group is the first company to announce the creation of milk straw alternatives made from
cutting-edge bioplastics like Ingeo PLA and BioPBSTM, which are produced from plant materials
including corn, cassava, and sugarcane. One of the measures that TH Group undertakes in accordance
with the roadmap to lessen single-use plastic products is the substitution of plastic straws with straws
made of biodegradable materials.
- Accordingly, TH's eco-friendly straws, whose main component is bioplastic made from plants, will
only take about six months to decompose in industrial composting conditions into water, CO2, and
nutrient humus for the soil that is safe for plants. This is in contrast to normal plastic straws, which
take hundreds of years to decompose.
The TH Group used this solution for the first time with its TH genuine MILK Pasteurized Fresh Milk brand.
Fresh organic milk is used only in TOPKID formula.
Prior to that, in June 2019, TH Group co-founded the Vietnam Business Association for the Environment
(VB4E), along with eight other significant Vietnamese multinational corporations and organizations. In order
to contribute to a green, clean, and beautiful Vietnam through the development of a circular economy, the
Packaging Recycling Organization (PRO Vietnam) will begin collecting and recycling 100% of the bags used
to package already-available goods in 2030.

● Reduce emissions:
Students at TH School, who will be leaders and owners of the Earth, learned the importance of wise,
ecologically friendly eating through the "No Meat Monday" activity.
- TH School is the first school to provide "Meat-free meals" every Monday, with a menu for kids that
will include vegetables, fruits, cereals, and dairy products. This is done in an effort to teach the next
generation about sustainable development through practical application.
- The "meat-free" menu at TH School, which is made up of the freshest, tastiest dishes, will aid in
educating kids about nutrition, provide experiences to assist them alter their appetites and consumption
patterns, and guide them toward healthier lifestyles and habits.
- Studies show that the production of meat products consumes more resources, energy, and therefore
pollution than the production of other foods that provide the same amount of energy.
 - All 300 children from the same TH School staff responded favorably to the meat-free Monday. The
youngsters now have a better understanding of the advantages of eating less meat for both themselves
and the environment because of the 20% reduction in meat consumption.
- Students at TH School benefit from nutrition education and the formation of healthy eating habits by
eating a "meat-free" supper on Mondays. They also advance their personal development. The United
Nations' Sustainable Development Goal No. 12: "Responsible Consumption and Production '' since
September 2015, the United Nations has established 17 sustainable development goals, one of which is
"Responsible Consumption and Production".
Vegetarians cut greenhouse gas emissions by 22% and 29%, respectively, compared to meat eaters
(According to The American Journal of Clinical Nutrition, University of Oxford). According to a study by Dr.
David Pimentel of Cornell University, it would take 28 calories of fossil fuel to produce enough meat to give
us 1 calorie of protein. Conversely, the same amount of seeds only require 3.3 calories of fossil fuel to
produce.
➢ Hence, cutting back on meat consumption helps preserve resources, energy, and the environment.

● Water source:
- The largest regional waste treatment plant in Vietnam by the dairy company TH True Milk in Nghia
Dan, Nghe An, was finished and put into service after a year of development. Hoai Nam-Hoai Bac, a
competent waste treatment company that operates on a regional scale, is in charge of carrying out the
project.

Three "awful" biogas tunnels were developed and constructed at Cluster II, TH True Milk farm, by the Hoai Nam-Hoai
Bac group

- The HN-HB biogas tunnel was created with the use of cutting-edge technology, current methods to
assure the effective treatment of pollutant parameters, and anaerobic microorganisms for quick
wastewater treatment to completely break down the pollutants found in wastewater.
- After leaving the biogas cellar, wastewater passes through a number of additional stages before
entering a sizable lake and then passing through yet more stages before being allowed to enter the
environment. According to the Green - Clean standards, the waste treatment technique that Mr. Thanh
mentioned is certainly environmentally beneficial. Because there is no scent when standing next to a
mountain of cow excrement with the unaided eye and senses.
The CDM clean development mechanism project at Cluster II of the TH True Milk dairy farm will completely
address the source of pollution, restore a clean environment to the community, and contribute to the
community. The project will treat livestock wastewater and recover biogas for electricity generation health
protection for local residents and agriculture employees. Also, the system produces a significant amount of
energy from biogas, which helps lower the cost of energy purchases and supports the operation of the farm's
wastewater treatment system as well as a number of other operations.

4. Social responsibility of the company:

TH Group has over the years, while taking corporate social responsibility (CSR) seriously, positively
impacted the community in a variety of areas, including commitment to products made entirely from natural
resources, healthy, educational development, social security, environmental protection, and sustainable
development.
● Community health:
- In 2020, TH and BAC A BANK took the lead in supporting the Government and the populace in the
fight against the Covid-19 pandemic by donating 1 million cups of fresh milk and sponsoring medical
 equipment worth more than 15 billion dong for hospitals, frontline forces, and quarantined individuals
in numerous provinces and cities across the nation.
- TH continues to provide many TH real MILK fresh milk goods and TH true WATER purified water
products worth over 1 billion VND to the people of the country during the flood that hit the Central
area in the last days of October and the beginning of November. The province was hardest hit.

● Social security activities:

- By responsible investment both domestically and overseas, TH constantly works to transform the local
economies in places where businesses operate, enhancing the economic, social, and human situations.
Commonly in Nghe An, the prosperous TH Dairy Farming and Fresh Milk Processing Project has
helped to transform the skin and elevate Nghe An to the position of being the top "capital" in the clean
fresh milk sector in Vietnam. Western Nghe An, raising people's means of subsistence.
● Mission to protect children:
- Children are the focus of extra care and attention from TH. Over the past ten years, the TH Group has
worked with BAC A BANK, an investment consultant for TH's projects, to donate nearly 30 million
glasses of milk (worth more than VND 240 billion) to underprivileged children, the underprivileged,
and policy targets across the country. Additionally, the TH Group has delivered millions of glasses of
milk to children with life-threatening illnesses at top hospitals like Hospital E, the Oncology Hospital
in Ho Chi Minh City, Children's Hospital 2, SOS Children' offering school milk to kids in the Central
Highlands, putting disadvantaged kids in the sea and on islands…
- With the Fund for Vietnamese Strength, TH has also undertaken numerous initiatives to personally
assist and fund a large number of underprivileged children, assisting them to attend school, pursue
their education, and grow up. Additionally, TH collaborates and serves as the primary sponsor for a
number of long-term and sustainable initiatives, including the "Growing up with children" project
(which provides wholesome meals to preschoolers in mountainous areas) and the building of civil
works like bridges, roads, schools, etc. in hard-to-reach places all over the nation.

5. Business management:
- From grass planting, barn construction, cow food processing, and management, TH Milk Food Joint
Stock Company has invested in a high-end management system and a closed and synchronized
production process in accordance with international standards. From veterinary care to processing and
packaging to product delivery to the consumer, everything is involved.
- The TH farm in Nghe An was named the largest high-tech concentrated farm cluster with the greatest
closed process in the world by the World Records Union in December 2020.
- TH was adamant to deploy cutting-edge technologies that had never been used in Vietnam even at the
outset of the complex's construction. The workforce at TH has not only imported and used such
technologies, but has also gradually mastered the technology to achieve previously unheard-of levels
of productivity and economic efficiency.
- The farm uses a variety of technologies, including the Israeli Afifarm herd management software, the
New Zealand-based Total Vets veterinary management tool, the Amiad water treatment and filtration
solution, or cutting-edge 4.0 technology like SAP, ERP and industry-leading quality standards like
ISO, Halal, USDA Organic, or EU Organic.
- TH has also made a global impact by doing significant projects on expansive Australian and Russian
territory. Products from TH are gradually gaining ground in potential markets like China, the US, or
Singapore.

EXTERNAL FACTOR EVALUATION

The macro environment
 ● Politics
For the dairy industry, the political environment is relatively stable; there are no institutions or regulations
restricting its development. This creates opportunities for the dairy industry in Vietnam to develop. In
addition, there are supportive policies of the state, such as encouraging dairy farming and processing for
farmers and facilitating the supply of input materials for workers in the industry. big; the government's
operational policies in health care, combating malnutrition, encouraging people to use milk in health care,
combating malnutrition, encouraging people to use milk to improve their health, physique, and intelligence for
everyone, especially young children and the elderly; and free drinking and development campaigns by
companies in the industry together contribute to creating a potential market for Vietnam's dairy industry.
Vietnam's accession to the WTO is also an opportunity to help Vietnamese dairy enterprises have the
opportunity to access the supply of dairy ingredients from abroad at cheaper prices when tariff barriers are
reduced. However, besides the benefit of lower raw material costs, domestic dairy businesses must also
guard against the risk of market share competition before the penetration of foreign milk firms into the
market.

● Economics

Gross domestic product (GDP) in the fourth quarter of 2022 was estimated to increase by 5.92% over the
same period last year, although higher than the growth rates of 4.7% and 5.17% of the same period in 2020
and 2021, but lower than the growth rate of the fourth quarter of the years 2011–2019. In which agriculture,
forestry, and fisheries increased by 3.85%; the industry and construction sectors increased by 4.22%; and
the service sector increased by 8.12%. Regarding GDP use in the fourth quarter of 2022, final consumption
increased by 7.12% over the same period last year, contributing 82.6% to the overall growth rate;
accumulated assets increased by 5.61%, contributing 43.78%; exports of goods and services decreased by
6.14%; imports of goods and services decreased by 4.83%; and the difference between import and export of
goods and services decreased by 26.38%.

It is estimated that GDP in 2022 will increase by 8.02% (in the first quarter by 5.05%; in the second quarter
by 7.83%; in the third quarter by 13.71%; in the fourth quarter by 5.92%) over the previous year due to the
economy recovered and reached the highest growth rate in the period 2011-2022[2]. In the general growth
rate of the whole economy, the agriculture, forestry and fishery sector increased by 3.36%, contributing
5.11% to the growth rate of total added value of the whole economy;
Regarding GDP use in 2022, final consumption increased by 7.18% compared to 2021, contributing 49.32%
to the overall growth rate; accumulated assets increased by 5.75%, contributing 22.59%; exports of goods
and services increased by 4.86%; imports of goods and services increased by 2.16%; the difference between
import and export of goods and services contributed 28.09%.

GDP scale at current prices in 2022 is estimated at VND 9,513 billion, equivalent to USD 409 billion. GDP
per capita in 2022 at current prices is estimated at 95.6 million VND per person, equivalent to 4,110 USD, an
increase of 393 USD compared to 2021. The labor productivity of the whole economy in 2022 at current
prices is estimated at 188.1 million VND per employee (equivalent to 8,083 USD per employee, up 622 USD
compared to 2021). At constant prices, labor productivity in 2022 will increase by 4.8% due to improved
qualifications of workers (the proportion of trained workers with diplomas and certificates in 2022 will reach
26.2%, higher than 0.1% compared to 2021).

This brings advantages to the dairy industry in Vietnam as per capita income increases, leading to increased
demand for milk as the dairy market in Vietnam is still a potential market.
● Social
In the context that the economy is still facing many difficulties after the impact of the COVID-19 pandemic,
consumers are becoming more and more strict about products in terms of price, quality, and home
information. Especially when the market is now flooded with different brands of milk and information about
dairy products containing chemicals such as melamine makes consumers hesitant.
However, the dairy industry also has certain advantages:
Milk is an essential consumer product for people, and the habit of consuming dairy products has now been
formed.
The consumption market in Vietnam is still very fertile, with a young population structure, a rapid population
growth rate in the next few years, and a low consumption of dairy products compared to other countries.
world.
Consumer tastes shifted to favor nutritional food products.
● Technology
For Vietnam's dairy industry, most of the production technology is imported from abroad, but each enterprise
has different methods and know-how, so the quality of milk is also different.
However, it should also be noted that today's customers have more and more information, so they are more
concerned about the quality and safety factors of food. In addition, improving production technology also
helps businesses reduce operating costs, leading to lower product prices, increasing competitiveness in the
market. This puts a lot of pressure on manufacturing enterprises when they have to always research and
explore new and more modern technologies.
● Environment
Considering environmental factors, although Vietnam has a climate that can raise tropical dairy cows, the
quality and output are not as high as those of temperate breeds. Therefore, businesses and households
have imported as well as improved some foreign cow breeds to improve the yield and quality of milk.
However, to do that, businesses and households have to spend a lot of time and money on the management,
care, and improvement of these cows to suit the climate and environment in Vietnam.
In addition, at present, the government and people are also paying great attention to the issue of
environmental protection. If dairy businesses have waste treatment systems in the production process, small
households will not pay attention or invest properly in the treatment of waste in the process of raising cows.
This not only pollutes the surrounding environment but also increases the risk of diseases that can be
transmitted.
● Law
The dairy industry is not affected by the law. However, this trend may change in the next year when the new
Price Law is enacted and some price adjustments are made to the current listing of milk prices.

The micro environment

● Climate
Distributor: TH Dairy Joint Stock Company and TH Transport Joint Stock Company
Retailer: We can easily buy TH's products at stores, agents, big retail systems such as
Co. coopmart, Big C, Maximart, etc. There are also separate retail systems called TH True Mart. This
system promotes the users about the quality of the item as well as their own style. There is a hand- delivery
service to consumers at TH True Mart.
Customers
TH's customers are families with young children with moderate or higher income. In addition, it is also aimed
at young people who like natural products, aged from 15 to 25.
TH is under a lot of pressure from customers.
Price pressure: customers always want to buy cheap but good quality products
Quality pressure: customers want quality products, especially pasteurized products such as milk
● Collaborator
❖ Collaboration with HAGL: Why HAGL brand?
Becoming a leader in agriculture fields as farm sugar rubber.
70% of the cost of a cow farm is food for cows, HAGL is able to use sub-productions through sugar-cane
farms and corn.
Owner of more than 100.000 hectare agriculture land in Vietnam, Lao, Cambodia.
HAGL is interested in a cow farm and intends to use 30.000- hectare land for it.
HAGL already has a project for a cow farm & factory in Laos.
Agriculture of HAGL in Laos was already set up a few years ago. Now, this system runs smoothly and
upgrades with stable work.
HAGL is a well-known brand in Vietnam.
This group has a chairman who has a very aggressive business theory. His determination always keeps
direction to target long-term vision. It is very important in the milk market and TH true milk.
TH True Milk target increases factory power and revenue. It needs a healthy financial life. The cash flow
return is lower than other majors.
In the milk market, HAGL has not entered this market. And they also have no plan to sell milk, their goal is
50% sales of beef meat and 50% milk sources.
Collaboration with HAGL as a Joint venture cow farm. This is the first step of expanding the production size
of TH True Milk. We believe that TH True Milk will compete massively in fresh milk after 2 years of
collaboration.
❖ Afimilk (Israel's leading milk technology producing group):
In July 2013, the company placed its $100 million 200,000-tonne-per-year hi-tech milk producing facility into
commercial operation in the northern central province of Nghe An's Nghia Dan district. The fully automated
facility uses technology from global leaders such as Siemens, Danfoss and Grundfos. The facility is part of
True Milk's $1.2 billion hi-tech dairy cow and fresh milk processing project, making it the most advanced of its
kind in Southeast Asia. TH True Milk also has a 200-ton per day milk facility in the northern province of Hung
Yen which began operations in 2010.
● Competitor
❖ Domestic dairy companies: Nutifood, Vinasoy, etc
Strengths: Understand the consumer culture, quite modern production technology, high product quality,
reasonable price.
Weaknesses: Haven't created a strong brand, products are not diversified, lack of management experience,
limited vision, not enough raw material resources.
❖ Foreign dairy companies: Nestle, Abbott, etc.
Strengths: strong brand, strong product, large distribution channels, modern production technology, skilled
workers.
Weaknesses: still not understand well the new market, have not overcome the cultural and political barriers,
the price is quite high and have to be imported
❖ Vinamilk: Vinamilk is the top of companies ranking in Vietnam about manufacturing not merely milk
but also many products from milk.
Strengths:
Manufacturing technology achieves international standards.
Continuously developing advanced products.
System of distribution covers many areas.
A familiar brand has been trusted by Vietnamese consumers for more than 34 years.
Highly effective marketing.
Diversified product portfolio, largest market share in Vietnam
Wide distribution network with many distribution channels according to different models.
Strong financials.
More equipment and technology.
Weaknesses:
Meet difficulty in focusing on the kind of natural milk.
Haven't mastered the source material yet.
The market share of powdered is not high and cannot compete with competitors in the same industry.
❖ Dutch Lady: So far Dutch Lady Vietnam has a large market in Vietnam. There, Dutch Lady has many
market segments following the age including the small child, child, teenager and adult; following the
kind of milk products consisting of sterilized milk, condensed milk. Because Dutch Lady makes many
segments, they set a slogan for the natural milk which is called: " Ready for life!" and for impressing
their various products for all age which is called: "cùng bé yêu khôn lớn'' to distinguish with other IQ's
messages.
Strengths:
Applying to the high technology.
Constantly improve products.
The Distribution system covers many areas.
Locating a power position of a brand name.
Strong brand, understand people's consumer culture.
High quality products.
Good customer care system, reasonable prices, diverse products.
Weaknesses:
Not having the ability to self-control the source of raw materials.
The quality of raw materials cannot be managed, unstable.
Creating barriers for dairy farmers.
Not having a large market share in the powdered milk segment.

INTERNAL FACTOR EVALUATION ( tham khảo bài report mẫu)

LOGO
Logo is not only an image representing a company, an organization but it is also a message that its owner
wants to send to the community. Through the logo people can identify the products, goods and services that
the business provides.

The logo of TH True Milk milk brand is only short with 2 letters "TH", but it contains a great meaning.
Specifically, TH stands for the word "True Happiness", which means "true happiness". Ms. Huong shared:
"This is also the wish of TH Milk Company to bring the most "real" milk lines from nature to everyone." It can
be said that TH milk is the leading milk brand in using 100% natural ingredients, ensuring the integrity of the
essence of nature. Therefore, we use the word "True" which means "True", besides, TH milk brand always
ensures that it is a product “Fresh - Clean - Essence” from nature In addition, TH is also coincidentally the
first 2 letters of the name of Mrs. Thai Huong - Chairman of TH True Milk Group.

SLOGAN
TH True Milk's slogan is "It's natural" that wants to convey the message of pure fresh milk from the farm to
your cup. This slogan represents TH True Milk's vision in bringing consumers fresh milk. pure, produced
directly from the company's own farms and shipped to consumers.

The slogan also emphasizes TH True Milk's commitment to product quality and production processes that
ensure freshness, safety and standards, thereby helping to improve the health and well-being of consumers.
In addition, that also shows the group's concern and responsibility for the environment and community by
applying sustainable farming and production methods.

ACTIVITIES AND CONTRIBUTION TO SOCIETY

Taking corporate social responsibility (CSR) seriously, over the years, TH Group has made positive
contributions to the community in many fields: natural products good for health, educational development,
safety and health. social welfare, environmental protection and sustainable development.

Sustainable investment domestically and internationally, TH always strives to change the face of the local
economy where businesses set foot, improving economic, social and people's conditions. Typically in Nghe
An, the successful TH Dairy Farming and Fresh Milk Processing Project has contributed to bringing Nghe An
to the position of the leading "capital" in the clean fresh milk industry in Vietnam, improving income, standard
of living for the people. In which, Nghia Dan district, from a particularly difficult district with a poverty rate of
up to 23%, has now decreased to only 4.07%.
In 2020, a pioneer in accompanying the Government and people in the fight against the Covid-19 pandemic,
TH and BAC A BANK donated 1 million cups of fresh milk. In addition, the brand has sponsored medical
equipment with a total value of more than 15 billion VND for hospitals, frontline forces and quarantined
people in many provinces and cities across the country.

With the flood in the Central region in the last days of October - early November, the business continued to
support many "TH True Water" pure water and milk products worth over 1 billion VND to the people.

Green economy is understood as a combination of three factors: Economy - Environment - Society. The
closed production chain of TH Group has contributed to reducing the amount of by-products and waste
released into the environment, attracting the participation of local people, and creating jobs for thousands of
workers.

Through “Quỹ Vì Tầm Vóc Việt”, TH has also carried out many activities to support education, directly
sponsoring many disadvantaged children, helping them to go to school, study and grow up. Besides, TH also
joins hands, is the main sponsor for many sustainable long-term projects such as: The project "Cùng em
khôn lớn".

Children are the object of special attention and care by TH. Over the past 10 years, TH Group in
collaboration with BAC A Bank - an investment consultant for TH's projects - has donated nearly 30 million
glasses of milk (worth more than VND 240 billion) to poor children, the poor, policy objects nationwide;
brought millions of glasses of milk to children suffering from serious diseases at major hospitals such as
Hospital E, Ho Chi Minh City Cancer Hospital, Children's Hospital 2, SOS Children's Village, orphans, and
children with complete disabilities. difficult circumstances, poor children in the sea and islands, giving school
milk to children in the Central Highlands...

INTERNAL ACTIVITIES
TH True Milk is known as the brand that brings true happiness, the organization always adheres to 5 core
elements:
● Vì sức khỏe cộng đồng
● Hoàn toàn từ thiên nhiên
● Tươi ngon, bổ dưỡng
● Bảo vệ môi trương
● Suy nghĩ bên ngoài và điều phối các mối quan tâm

Beside that, TH True Milk begins its story with the desire to rise up titled: “Vì sức khỏe cộng đồng”. They
have carried out three revolutions with 3 main product groups: Clean fresh milk revolution; Herbal revolution
and Sugar-free nut milk revolution because they want everyone to drink milk: fresh, clean, quintessential.

TH True Milk's corporate culture upholds human values and wishes to contribute to improving the quality of
Vietnamese people's lives. Stemming from the desire that children are nourished from a clean milk source,
fully developed physically and mentally, TH is still trying to create a standard for children's milk in Vietnam.

Leaders always strive to build a TH corporate culture that is aligned with the vision and mission of the
business. A harmonious culture, balancing the interests of businesses and consumers, for the benefit of the
community, ensuring short-term goals with the motto of sustainable and effective development.

HR Asia believes that TH is strong in HR strategy, focusing on 3 aspects: establishing a high-performance

work culture; pleasant working environment; and establishing a sustainable human resource management
system. The Group also puts people first, respects diversity, inclusion, equality and transparency, and is
appreciated for providing opportunities for employees to freely speak and express opinions.
BOARD OF MANAGEMENT

SWOT MATRIX
STRENGTHS

S1: TH True Milk has many cow farms with international standard production processes.
S2: TH Group established a strong credit rating in the eyes of customers.
S3: TH True Milk builds a tech-enabled consumer-retail ecosystem.

S4: TH Farm is a concentrated dairy farm that has been applying the Global G.A.P standard.

S5: TH's milk production and fruit milk drink products are diverse and most of them attain high quality.

S6: TH Farm is the main supplier of milk to produce products such as yogurt, ice cream, butter, nut milk ...
S7: Good governance, best-in-class policies and procedures.
S8: TH True Milk has a team of experienced professionals and employees.

WEAKNESSES

W1: TH True MILK's fresh milk products have a higher price than many other milk brands on the market such as
Vinamilk, Moc Chau, etc.
W2: Dairy market in Vietnam is saturated
W3: The raw materials required for manufacturing several products are imported from outside of Vietnam.

W4: Some key product reach maturity stage and could hardly continue impressive growth as in the past (after Covid-19)
W5: Running a well-functioning international farm requires a lot of money.
W6: TH True Milk must always commit to following the principles of the business in the future.

OPPORTUNITIES

O1: Vietnam has signed many free trade agreements (FTA) with different countries all over the world.
O2: Vietnam has abundant labor force with low salary
O3: Vietnam economy is recovering and consumption spending also increase tremendously.
O4: Vietnam government enforces many policies to support companies to overcome covid-19 pandemic like reducing taxes
or interest rate
O5: Large business markets such as Vietnam, China, America, Russia, Japan,...
O6: Stable and flexible political environment and positive economic reforms.like reducing taxes or interest rate
O7: International maritime and air transportations are back to normal when covid-19 pandemic is controlled.
O8: Industry of food manufacturing in Vietnam is focused and developed
O9: Some of business areas in TH True Milk receive some tax incentives

THREATS
T1: Vietnam has recently experienced macroeconomic challenges, including high inflation and devalued currencies.
T2: Price of materials and oil increases due to instability of the political situation in the world.
T3: Risk of information security
T4: High operating costs of TH Group's dairy farming system
T5: In the food production industry, TH True Milk also competes with both national and international brands like Vinamilk
from Vietnam, Nestlé from Switzerland or Nutifood from Vietnam
T6: Loan interest rates fluctuate
T7: Digital services and information systems are still limited in Vietnam.

SWOT DETAILED ANALYSIS

STRENGTHS
S1: TH True Milk has many cow farms with international standard production processes.
Implemented since October 2009 with a total investment of 1.2 billion USD, the project "Concentrated dairy farming
and milk processing on a high-tech industrial scale" of TH Group has operated for 9 years. farm with nearly 70,000
dairy cows.

TH Farm has continuously won many major domestic and international livestock awards, such as setting a record for the
largest farm in Southeast Asia in 2015 and "Cluster of farms with high technology application with a closed production
process". largest scale in the world" 2020.

Thanks to the optimal feeding, care and nutrition process, TH farm's dairy cows achieve the highest milk production in
Vietnam and Southeast Asia. The average peak season is 35 liters/head/day, equivalent to nearly 11,000
liters/head/cycle of 305 days.

TH Farm applies the world's leading advanced production management system such as breeding process, cow herd
management, stables using the advanced dairy management system Afimilk (Israel); New Zealand's veterinary and
disease management processes; software system to control mixing, make food rations (1-One, DNS); processes and
equipment for water and waste treatment of Japan, Israel, the Netherlands; ...
TH is also the first farm in Vietnam to convert pastures and cows to organic farming to produce organic fresh milk
according to European standards.

TH's organic dairy farm has been certified by Control Union - a global international certification organization in
commodity management and supervision. The Control Union considers TH as a typical example for the development of
organic agriculture in Vietnam.

From the success in Nghe An, TH Group's high-tech dairy farms and milk processing are being expanded to Thanh Hoa,
Kon Tum, Phu Yen, An Giang, Ha Giang, Cao Bang... The Group TH wants Vietnamese consumers to have access to
clean, nutritious fresh milk products with international quality standards.
S2: TH Group established a strong credit rating in the eyes of customers.

TH True Milk has built a brand for the community. TH True MILK has participated and built charity projects to
contribute benefits to the community such as giving calves to alleviate poverty, awarding scholarships to students,
establishing farms and factories to help create more jobs for local people, annual milk donation to areas with many poor
households… In its charity activities, TH True MILK often targets unlucky children.

Besides, TH True MILK is also a sponsor for other community projects such as the project of sponsoring millions of
glasses of milk for voluntary blood donors on Red Sunday, programming projects to increase Women's values, social
ethical standards, TH True MILK's project changes the face of the countryside,...
For many years, TH has continuously been on the list of the most chosen brands by consumers because from the
beginning, TH determined its own path: Taking public health as the guiding principle for all strategic actions. . Instead
of taking marketing communication or price as a competitive factor, TH focuses on giving maximum priority to product
quality, providing consumers with completely natural and healthy products; from there, taking product quality as the
main competitive advantage in the market.
S3: TH True Milk builds a tech-enabled consumer-retail ecosystem.

Over a decade of development, as an enterprise that attaches importance to sustainable development and caring for
products "all from nature" and "for public health", TH Group has implemented many activities. and environmental
protection solutions such as: Founding Vietnam Packaging Recycling Alliance; Founding the Vietnam Business
Alliance for the Environment (VB4E), Collecting batteries at the office; Conservation of biodiversity at farms and
factories; The programs “No plastic in the office”, “Recycling for sustainable development”… aim to reduce plastic
waste that is harmful to the environment.

Since October 2018, TH Group has become the first and only enterprise in the dairy industry to use yogurt spoons made
from environmentally friendly materials (materials derived mainly from plant starch). object), absolutely safe for users
and contributing to environmental protection, completely replacing spoons from PE plastic materials.
Made with the most modern technology, eco-friendly disposable yogurt spoons take only about 6 months (when in
contact with soil, microorganisms and soil moisture or buried) to decompose completely biological, forming CO2, water
and nutrient humus for the soil, limiting the production of components harmful to the environment. That is an
impressive number when compared to the hundreds of years of decomposition time of ordinary PE plastic.
Previously, TH Group has implemented a series of environmentally friendly consumer solutions from the smallest
details. In May 2018, the system of nearly 300 TH true mart stores nationwide stopped using plastic bags, instead TH
true mart donated and then officially sold canvas bags. Next, in September 2019, TH Group was the first dairy
enterprise in Vietnam to use eco-friendly straws instead of conventional plastic straws. Most recently, in February 2021,
TH true WATER purified water products in 350ml bottles officially stopped using plastic shrink film in bottle caps. On
the other hand, TH Group regularly implements programs to collect and recycle milk cartons to accompany and
encourage consumers to live green, protect the environment and consume wisely.
Despite pioneering the use of eco-friendly plastic yogurt spoons, TH Group has taken a stronger step: Cutting 50% of
the amount of disposable yogurt spoons supplied to the market with dairy products. eat TH true YOGURT from June 1,
2022.

With this reduction action, TH Group hopes to contribute to increasing awareness about plastic waste, correcting
consumption behavior, encouraging consumers to reduce the use of single-use plastic spoons, and promoting sustainable
development. , environmental protection.

Reducing 50% and gradually approaching 100% of disposable plastic spoons provided free of charge with TH true
YOGURT products of TH Group will help reduce from 130 to 260 tons of plastic waste into the environment annually. ,
in the context that every year the world generates up to 8.3 billion tons of disposable plastic waste, polluting the
environment (2018 data of the American Marine Research Association).

S4: TH Farm is a concentrated dairy farm that has been applying the Global G.A.P standard.

TH farm - is the farm that sets the record of "The largest concentrated dairy farm, applying high technology in Asia in
2015" with a scale of 45,000 cows that has been applying the Global Standard. G.A.P, ensuring compliance with good
agricultural practices. With the implementation of European and American organic standards, the farm continues to
apply the criteria of eliminating chemicals, ensuring the product is natural and environmentally friendly, bringing high
value. more for clean fresh milk in the process of international integration (currently on the shelves of Europe and the
US, organic fresh milk is already a popular product and is preferred by consumers)
S5: TH's milk production and fruit milk drink products are diverse and most of them attain high quality.

Established in 2010, after less than a decade, TH True Milk has affirmed its solid position in the Vietnamese dairy
market and occupies a significant market share. The advantage of TH is that all products are made from fresh milk of
high standards, produced under advanced technology lines and retain extremely natural and delicious flavors.
One of the prerequisites for the delicious taste of TH true MILK milk is a pure and diverse food source for cows with a
rich menu for each individual, including: corn, sorghum, grass. , sunflower, molasses,…

TH has applied the important research results of the world's leading nutritionists, from 15 types of feed ingredients to
build suitable formulas, so that the cows can create a full line of nutritious milk, precious microelements for human
health.

TH's most popular products include:

TH true Milk: TH's pasteurized fresh milk and pasteurized fresh milk both meet ISO 2000:2005 food hygiene and safety
standards, absolutely no flavoring is used. The product has pure flavors without sugar, low sugar, sugar, strawberry
milk, chocolate flavor, ... diverse for you to choose according to your taste and nutritional needs.

TH true Yogurt: Drinking yogurt and eating yogurt are also familiar products that are fermented from milk. In addition
to fresh milk, TH also produces drinking yogurt with characteristics of less sweetness, natural mild aroma. You can
choose plain yogurt, orange yogurt, strawberry or more strangely, blueberry, blueberry and orange flavor
combinations, ... very delicious.
TH true milk: The product is made from nutritious nuts combined with the clean fresh milk of TH farm and all-natural
ingredients, providing a delicious and nutritious drink.
S6: TH Farm is the main supplier of milk to produce products such as yogurt, ice cream, butter, nut milk …
Since 2010, TH Group has been proud to be a pioneer placing the first cornerstone for the fresh milk industry of
VietNam through our centralized dairy farm with hi-tech applications which has investment scale of 1.2 billion USD,
over 45,000 imported cows from USA, New Zealand…and one of the leading modern dairy processing factories in
Asia. By implementing international end-to-end technologies into closed production processes from grass to glass, dairy
products from TH farm’s fresh milk always guarantee freshness, natural essence and international standards, which
delivers outstanding usage experience and health benefits to consumers.
Since our introduction to the market in 2010, the portfolio of dairy products purely made with fresh milk from the TH
farm have been expanded and marked in the heart of consumers through various brands: TH true MILK (UHT fresh
milk, pasteurized fresh milk, formula fresh milk), TH true YOGURT (stirred yogurt, probiotic yogurt, UHT drinking
yogurt), TH true CHEESE (natural cheese), TH true BUTTER (natural butter) and TH true ICE CREAM (natural ice-
cream). In Vietnam, TH is the first company taking the lead in signing an agreement to apply organic dairy farming and
production compliant with the Organic standards of Europe and USA. Moreover, TH is also the first one succeeding in
selectively breeding cows from a precious gene pool to create the A2 cow herd in Vietnam.
s7: Good governance, best-in-class policies and procedures.
TH True Milk builds a clear business strategy:
In business strategy, TH True Milk aims to become a food manufacturer, the first choice in Vietnam for clean products
of natural origin. Currently, TH has successfully built a reputable and safe brand with domestic and foreign consumers.
Some other goals include:

Market growth: Consolidating and expanding the market segment of high-income customers. At the same time, expand
the market to middle and low income customers.
Product diversification: Developing a variety of products such as supplemented fresh milk, yogurt, ice cream, butter,
cheese, fresh vegetables, beef, etc.
Building effective strategic scope:
To be able to compete effectively, TH focuses on a certain strategic area. This is also the target market segment. From
there, design packaging and develop appropriate products. Market segments that TH True Milk targets include:
Market segmentation by geography: Focusing mainly on customer segments living in large cities based on density and
consumption capacity.
Market segmentation by demographic: Targeting customers who are housewives, young people, children, the elderly
and families with a good income or higher.
Market segmentation by customer buying behavior: Focusing on customers who are interested in health, natural and
healthy products. Typically, well-off families with young children, young people.

s8: TH True Milk has a team of experienced professionals and employees.

About the company's leadership team, Ms. Thai Huong is the founder and is currently the Chairman of the strategic
board of TH True Milk Group, she is the one who leads, leads and carries TH True Milk products to many customers.

In 2016, TH true MILK fresh milk brand accounted for more than 50% market share of fresh milk in Vietnam with 55
types of products. Entrepreneur Thai Huong is the first woman to bring clean fresh milk production technology to
Vietnam: milk production in a closed chain from green pastures to clean milk cups, applying high technology, creating
clean fresh milk lines. , rich in nutrients.

About the staff, TH True Milk owns a team of highly qualified, eager to learn and quick learners. . To ensure a clean
milk production process, TH True Milk has a team of experts from Israel to advise and monitor how to properly care for
cows; a team of highly qualified engineers are often sent to gain experience in famous dairy producing regions such as
New Zealand, Australia, Canada; Workers involved in managing the milk production process are rigorously trained
before entering the farm. TH True Milk's model and production line are built in a perfect chain.
Weaknesses

W1: TH True MILK's fresh milk products have a higher price than many other milk brands on the market such
as Vinamilk, Moc Chau, etc.

Comparing prices with other milk brands such as Vinamilk, Moc Chau, etc., the price of each type of milk of TH True
Milk is clearly higher. TH Milk is famous for its quality, however, the price is more expensive than other types from
1,000 to 2,000 VND/box, 110ml small boxes cost 6,000 VND/box, larger 180ml types nearly cost 9,000 VND,
chocolate flavor (110ml) neatly 6,000 VND/box, a carton of TH Milk chocolate retails is 50,000 VND more expensive
than other types of milk. Not only consumers, even wholesalers and retailers also think that TH True Milk's product
price is higher than other milk brands in the Vietnamese market. Many people agree that it is true that TH True Milk is
"unrivaled" in terms of price.

The reason TH chose to penetrate the market at a high price to hit the customer's mind is that the product goes hand in
hand with quality, positioning itself at the top in terms of quality. Created in the mind of the customer is a product with
a high price, but the quality stands out.

W2: Dairy market in Vietnam is saturated:

Some people think that the dairy market in Vietnam is saturated.However, according to an analysis report of Rong Viet
Securities Joint Stock Company (VDSC), the demand for milk in Vietnam is witnessing a divergence as consumers
become more and more concerned about their own health, switching to consuming milk. products with high nutritional
content and healthy drinks.

Therefore, they increase the demand for premium milk, yogurt and plant-based milk substitutes. This is also the current
consumption trend in developed countries such as the US and EU. The reduction in consumption of the traditional
"royal milk" product, which has the highest supply available, but has a relatively low nutritional value, is also one of the
reasons causing the industry's growth to slow down. Currently, Vietnam's milk consumption per capita is quite low
compared to other countries in the region, only about 26 liters per year in Thailand or Singapore with 45 liters per
person.
 VDSC said that consumers are increasingly concerned about their own health, increasing awareness of nutritional
products. Therefore, the demand for yogurt products, premium liquid milk (organic, A2 milk) and plant-based milk
alternatives (walnut milk, soy milk, macadamia milk) is increasing.

The advantage will belong to businesses that have fully prepared resources to take advantage of opportunities. TH True
Milk will have an advantage over competitors in the industry when it owns a system of international standard dairy
factories, launching high-class product lines in line with market needs.

In addition, according to the development plan of Vietnam's dairy processing industry to 2020, vision to 2020 and 1.4
billion liters to meet 40% of demand by 2025.

With the above plan, dairy companies must change their product development strategies to attract consumers, and the
production of organic dairy products is indispensable for dairy businesses.

Grasping the industry's growth trend, TH True Milk has listened and changed according to the needs of consumers.
They launched a series of new products such as fruit juice, yogurt, butter, rice milk and especially TH True Milk
organic fresh milk.

W3: The raw materials required for manufacturing several products are imported from outside of Vietnam.

All of TH's dairy products are produced using raw materials sourced from a network of modern, industrial-scale
concentrated dairy farms that adhere to strict quality control procedures. In order to provide its own plant for processing
milk, TH real milk established a tight network of livestock farms (in Nghe An, Nghe Son, and Nghia Dan). TH Farm
raises dairy cows that are imported from New Zealand, the USA, and Canada.

TH is also the first farm in Vietnam to transition its cows and fields to organic farming, producing fresh organic milk
that satisfies European standards.

From the success in Nghe An, TH Group's high-tech dairy farms and milk processing are being expanded to Thanh
Hoa, Kon Tum, Phu Yen, An Giang, Ha Giang, Cao Bang…

It can be seen that all ingredients to make dairy products, TH True Milk are mainly taken from European standard
farms in their country.

W4: Some key product reach maturity stage and could hardly continue impressive growth as in the past (after
Covid-19):

Competition from plant-based alternatives: The popularity of plant-based dairy alternatives, such as almond milk, soy
milk, and oat milk, has been steadily increasing. These alternatives offer a dairy-free option for individuals who are
lactose intolerant, have dietary restrictions, or choose to follow a plant-based lifestyle. The availability and innovation
in plant-based products pose a challenge to TH True Milk traditional dairy products' growth.

Changing retail landscape: The COVID-19 pandemic has accelerated the shift towards online shopping and e-
commerce. This change in the retail landscape can affect TH True Milk traditional dairy product sales, as consumers
may explore a wider range of options and discover new alternatives through online platforms.

W5: Running a well-functioning international farm requires a lot of money:

Operating a farm to international standards requires significant costs. This is a major weakness identified by TH True
Milk during the analysis of their SWOT matrix. To successfully produce a batch of high-quality finished products, TH
True Milk has invested a tremendous amount of funds. The estimated amount reaches billions of Vietnamese dong per
year, covering expenses for investing in machinery and equipment that meet Israeli standards, as well as importing
purebred cattle from foreign countries.

W6: TH True Milk must always commit to following the principles of the business in the future:
At the meeting at TH True Milk, Prime Minister Pham Minh Chinh emphasized that the meeting had more data and
information to prove the correctness of the Party's guidelines and guidelines on private economic development. The
Prime Minister stated that during his lifetime, President Ho Chi Minh was very interested in developing the private
economy. Our Party has always focused on developing the private economy. The Party's position is not to discriminate
between the private economy and other economic sectors, including in awareness, action and construction of
mechanisms, policies and laws.

The Prime Minister highly appreciated the contribution of the private sector in general and TH Group in particular to
the development of the country; praising the achievements that TH Group has achieved, Ms. Thai Huong - Chairman of
the TH Group's Strategy Council, officers, employees and employees of TH Group over the years.

Regarding private economic development, the Prime Minister shared, the Party's guidelines have been gradually
improved. The job of the Government, ministries, branches and localities is to strictly implement the Party's line on
private economic development, continue to concretize the Party's guidelines, the State's laws and policies to develop the
private sector. Private economic development becomes an important driving force for the development of the national
economy. Maximize the quality, ethics and capacity of Vietnamese people in the private economy, build a transparent,
healthy, equal, professional and civilized private economic culture.

The Prime Minister requested to put the interests of the country and the people first; In the entrepreneurial culture, it is
necessary to harmonize interests, ensure fairness and progress in private enterprises and private economic sectors.
Promote public-private cooperation, mobilize all resources for national development. Attracting private resources into
science and technology innovation, digital transformation, application of achievements of the Industrial Revolution 4.0.
Efforts together with enterprises to develop green economy, circular economy, knowledge economy, participate in
combating climate change, develop green energy, contribute to environmental protection. Economic development does
not sacrifice progress, social justice and the environment.

For businesses, the Prime Minister emphasized, strictly following the lines and policies of the Party, doing business in
accordance with the law. The law protects the legal and legitimate interests of enterprises. Enterprises must participate
in the formulation of mechanisms, policies and legal institutions. Business must be profitable, obey the laws of the
market; actively participate in social welfare work.

Enterprises must be bold, dare to think and dare to do for the common good; anti-corruption, negative. Scientists,
researchers, and managers continue to study theory and practice to develop the private economy. Summarizing, drawing
lessons learned so that the private economy is really the driving force for the country's economic development.

The Prime Minister hoped that TH Group would continue to promote its achievements, overcome all limitations and
inadequacies, and not be subjective in the face of the rapidly changing situation, and our country's high openness. Only
a small external impact has a large domestic impact; I hope TH continues to contribute to the socio-economic
construction and development of Nghe An as well as some other provinces and cities, all for the sake of rich people,
strong country, democracy, justice, and culture. smart and develop strongly. of the country; well implementing
international commitments.

OPPORTUNITIES
O1: Vietnam has signed many free trade agreements (FTA) with different countries all over the world

Although a relatively young and small nation, Vietnam has successfully established trade relations with dozens of
countries worldwide. This is especially evident in the number of free trade agreements (FTAs) in which the country has
signed and is participating. This is is a list of all the bilateral trade agreements Vietnam is currently participating in,
organized by partnering countries:
· Chile: Vietnam - Chile Free Trade Agreement, signed 12 November 2011; came into effect on 4
February 2014
· Cuba: Vietnam - Cuba Free Trade Agreement, signed 9 November 2018; came into effect on 1 April,
2020.
 · Japan: Vietnam - Japan Economic Partnership Agreement (VJEPA), signed 25 December 2008; came
into effect on 1 October 2009.
· South Korea: Vietnam - Korea Free Trade Agreement (VKFTA), signed 5 May, 2015; came into
effect on 20 December, 2015.
· United Kingdom: UK - Vietnam Free Trade Agreement (UKVFTA), signed 29 December 2020;
came into effect on 1 May 2021.
· US: US - Vietnam Bilateral Trade Agreement (BTA), signed 14 July 2000; came into effect on 10
December, 2001.

Vietnam is negotiating future potential agreements with Israel (Vietnam-Israel FTA) and the European Free Trade
Association comprising Switzerland, Norway, Iceland, and Liechtenstein (Vietnam-EFTA).

Beyond the obvious benefits of helping to increase trade with other countries and making it a more attractive
investment destination for exporters and importers, there are a number of strategic benefits towards Vietnam’s
development as well.

The opening index of the Vietnamese economy increased over time from 20% to 173% in the period 1985-2015. The
reason for this can be explained by the signing of FTAs. Exports to Japan and Chile increased over 300% and 60%,
respectively.

Free trade agreements will enable Vietnam’s economic development to continue to shift away from exporting low-tech
manufacturing products and primary goods to more complex high-tech goods like electronics, machinery, vehicles and
medical devices.

O2: Vietnam has abundant labor force with low salary

The population of Vietnam, which is currently 90.73 million (13rd largest in the world), will increase to 100 million by
2020 at a rate of 1.2% each year. Those under 25 make up more than 50% of the population. Vietnamese workers are
young, highly skilled, have a strong work ethic, and have a literacy rate of over 90%. They are educated and prepared to
work in skill-demanding industries like information technology, pharmaceuticals, and financial services at a more
affordable rate than workers from other nations in the region.

According to "ASEAN Community Report 2015: Governing towards Better Work and Shared Prosperity," Vietnam's
minimum salary, although higher than that of Laos, Cambodia and Myanmar, is still in the lowest minimum pay group
in the ASEAN area.

O3: Vietnam's economy is recovering and consumption spending also increases tremendously

For the past 30 years, Vietnam has made incredible progress. As a result of the political and economic changes made
during the "Doi Moi" era, which started in 1986, one of the world's poorest nations was quickly transformed into a low-
income nation. More than 45 million people were pulled out of poverty between 2002 and 2018, and GDP per capita
climbed 2.7 times, reaching more over $2,700 in 2019. The poverty rate dramatically decreased, going from over 70%
to less than 6% (about US$3.2/day). 86% of the country's remaining impoverished are members of ethnic minorities.

The General Statistics Office of Vietnam (GSO) has recently published the official GDP growth rate of Vietnam to be
13.67% in Quarter III. Notably, the first 9 months of 2022 has recorded an incredible 8.83% growth in GDP, highest
since 2011.

This record-breaking pace of growth demonstrates that production and business activities are recapturing their growth
momentum at a remarkable speed, and that the Government’s policies of socio-economic recovery and development
proved their effectiveness.
 O4: Vietnam government enforces many policies to support companies to overcome covid-19 pandemic like
reducing taxes or interest rate

The domestic and foreign business communities in Vietnam recognize and appreciate many decisions from the
National Assembly and the Government to timely support businesses in recent times, such as: 30% reduction of
corporate income tax Enterprise income (CIT) for enterprises mainly of medium and small scale, with a turnover of less
than 200 billion VND/year; extending the agricultural land use tax exemption period from January 1, 2021 to 2025
(approximately 7,500 billion VND/year); extension, deferral of value-added tax (VAT), CIT, land rent and loosening
policies on credit of banks.

In particular, on April 19, 2021, the Government issued Decree 52/2021/ND-CP on extending the deadline for payment
of VAT, CIT, personal income tax and land rent in 2021.

Besides, Vietnam is also applying the reduction of environmental protection tax on jet fuel in 2021 to support the
aviation industry (the estimated amount is about 900 billion VND reduction).
O5: Large business markets such as China, Russia, Thailand,...

● China

TH Milk Joint Stock Company is the first enterprise eligible to be granted a transaction code by the General
Administration of Customs of China, allowing the official export of two groups of dairy products: pure pasteurized
fresh milk and pasteurized fresh milk adding natural flavorings according to the Protocol on Veterinary and Public
Health Requirements for Vietnamese dairy products exported to China. So TH Group has officially obtained a
"passport" to enter the Chinese market, the market with the second largest milk consumption in the world.

Mr. Yu Hoan Chun - General Director - CEO of Kim Kieu International Trading Company (Wuxi, China) - TH's
product distribution partner in the Chinese market affirmed that TH True MILK products have quality is not inferior to
the products of European and American countries, which are present on the Chinese market and expressed their belief
that TH True MILK - the national brand product of Vietnam - will also build the trust of the people. Chinese
consumption with international quality has been confirmed.

● Russia

In the Russian market, after 3 years of presence in this country, TH already has a company in 2 districts of Kaluga
province with a farm and factory that has started - when inaugurated, it will be a factory with a large milk processing
capacity most of Russia. In Moscow province, the farm has been and is being built, the fodder storage area has also
been completed, and TH has imported cows from the US into Russia since the beginning of 2018. Currently, when the
TH dairy factory is being built TH's raw milk line is ordered by leading European dairy companies.

The Russian Far East and the Republic of Bashkortostan have invited TH to invest, it is expected that in early 2020,
these project areas will start farming and building farms in parallel… Thus, in Russia, TH has four region are
implementing investment plans.

O6: Stable and flexible political environment and positive economic reforms

Vietnam is a socialist republic. The Communist Party of Vietnam (CPV) is the only party in the country. Candidates
who wish to compete in elections for the unicameral legislature, the National Assembly, have to obtain the approval of
the CPV. Non-CPV candidates can run for assembly elections provided that they are approved by the party. The prime
minister and president are elected internally by the National Assembly from among its ranks to serve five-year terms.
Selections for these posts are usually made at the CPV’s Party Congress, which is held every five years, the most recent
one being held in January 2021.
 Vietnam has established itself as a stable, rapidly developing, and high growth destination for international business
and foreign investment. Its numerous positive business conditions include a stable political system, consistent track
record of high performing economic and market growth, ample workforce of young and skilled laborers, central
proximity to East Asia’s top emerging economies, and relatively open FDI environment. Its business-friendly policies
stand out among its Southeast Asian country peers and encourages a healthy influx of foreign capital.

Overall, Vietnam ranks #70 among 190 economies (World Bank, Doing Business 2020 report). The US News and
World Report meanwhile, ranked Vietnam #7 among 78 countries in which to start a business in 2021, up 5 spots from a
year earlier. This reflects Vietnam’s strong navigation through the pandemic and its rapid continued development.

Vietnam also continues to be a magnet for attracting foreign direct investment (FDI), and for leading economic growth
— exceeding 2% GDP growth in 2021, and being on pace for a 6.5% GDP growth target in 2022.Vietnam has a
relatively stable government that provides strategic direction and decides on all major policy issues. The government
has worked to improve business policies, labor laws, and its ranking as a leading ASEAN region destination for foreign
direct investment.It continues to prioritize infrastructure investment and does not shy away from looking at countries
outside ASEAN to fuel its growth. The government has also invested in industrial zones, and this investment is
expected to increase as foreign investment continues to pour in.

O7: International maritime and air transportations are back to normal when covid-19 pandemic is
controlled

● International maritime:

In the southern region, statistics from the Vung Tau Maritime Administration show that business activities at seaports
have prospered again.

Specifically, in the first 4 months of 2022, the number of goods through the port reached 11.5 million tons, up 3% over
the same period last year.

In the first three months of 2022, the volume of goods through Da Nang seaport reached 2.58 million tons (excluding
transit goods not handled at the port), down 0.2% compared to the same period in 2021.

In the North, according to a representative of the Quang Ninh Port Authority, after the pandemic, the growth rate at the
seaport here is only about 85% compared to the same period in 2020, which was the pre-pandemic period.
● International air transportations:

The Civil Aviation Authority of Vietnam has proposed growth forecast scenarios, in which, the medium scenario with
high feasibility is 2022, the Vietnamese aviation market welcomes 42-43 million passengers, of which, the Reportedly
there will be about 8 million international visitors. Currently, new international routes focus on Hanoi and Ho Chi Minh
City. The Civil Aviation Authority of Vietnam has also received many requests to reopen flights from European
countries and Russia to central provinces and cities.

In 2022, with the easing of measures to prevent and control the Covid-19 epidemic and the situation of disease
prevention and control achieving many positive results, the market has shown signs of recovery, especially the domestic
market.

According to the General Statistics Office, in April 2022, passenger transport by air increased by 45% over the previous
month and by 40.5% over the same period last year.
Passengers arriving by air reached 170.4 thousand arrivals, accounting for 88.6% of the number of international visitors
to Vietnam, nearly 4 times higher than the same period last year.

O8: Industry of food manufacturing in Vietnam is focused and developed

Over the years, Vietnam's food production and processing industry has achieved important achievements, making great
contributions to the growth of the industry as well as the economic growth of the country with the growth rate of the
production index. The average industry in 5 years 2016-2020 is 7%/year.

The production value of the food production and processing industry accounts for 19.1% of the processing and
manufacturing industries of Vietnam. This is the industry with the highest proportion in the processing and
manufacturing industries, demonstrating the importance of the industry in ensuring the food needs of the people as well
as meeting export requirements.

Vietnam's food production and processing industry is on a strong growth trend, gradually supplying many highly
competitive products, dominating the domestic market and increasing exports. Currently, food accounts for the highest
proportion in the monthly spending structure of Vietnamese consumers. The average growth rate of the industrial
production index of the food production and processing industry in the 2016-2020 period is 7%/year, of which in 2016
it increased by 8.2%; in 2017 increased by 6%; in 2018 increased by 8.2%; in 2019 increased by 7.9%; In 2020, due to
the impact of the Covid-19 epidemic, it will only increase by 4.5%.
O9: Some of business areas in TH True Milk receive some tax incentives

According to the Law amending and supplementing a number of articles of the Law on CIT, hi-tech enterprises and hi-
tech agricultural enterprises are entitled to the tax rate of 10% for 15 years, tax exemption for up to 4 years. , 50%
reduction of corporate income tax for the next 9 years. The tax incentive period is counted from the date of being
granted the certificate of being a hi-tech enterprise or a hi-tech agricultural enterprise.

In the Draft Decree, the Ministry of Finance proposes two options, specifically:

1. High-tech enterprises will enjoy the whole package of incentives (10% tax rate for 15 years, 4 years exemption,
9 years reduction) from the date of issue of the certificate, excluding the period of privileges previously
enjoyed.
2. High-tech enterprises are entitled to tax incentives for the remaining time, except for the time they have
enjoyed.

=> Some TH True Milk dairy factories belonging to TH Dairy Group are one of the highly applied agricultural
enterprises.

Threats

T1: Vietnam has recently experienced macroeconomic challenges, including high inflation and devalued
currencies
Vietnam's recent macroeconomic challenges, including high inflation and devalued currencies, have had a significant
impact on TH True Milk. These challenges affect various aspects of the company's operations and financial
performance. High inflation increases costs for TH True Milk, impacting raw materials, transportation, and production
expenses. Devalued currencies further exacerbate cost pressures, particularly for imported materials. Additionally,
consumer behavior and purchasing power are influenced, as cautious spending and prioritization of essential goods
reduce demand for premium dairy products. Supply chain disruptions and increased prices for imported ingredients
further compound the challenges. To address these threats, TH True Milk can focus on cost management, diversify
product offerings, adapt marketing strategies, explore export markets, and mitigate reliance on the domestic market. By
effectively managing costs, catering to changing consumer preferences, and exploring international opportunities, TH
True Milk can navigate the macroeconomic challenges and maintain its position in the dairy market.
T2: Price of materials and oil increases due to instability of the political situation in the world

Covid-19 has raised the prices of many commodities as the lockdown of global supply chains is distorted. This event
affects milk production, as farmers have to pay extra costs to handle fertilizer and animal feed. In particular, the
invasion of Ukraine made matters worse. Russia and its ally Belarus, which are major fertilizer exporters in the world,
are under sanctions, making the supply increasingly tight, raising the cost of livestock. These events make the price of
raw milk in the world increase by 60%, causing domestic enterprises to gain prices and find ways to balance costs. In
the short term, it is expected that inflationary pressures will ease or milk production will grow until the end of 2022. The
report of the Vietnam Dairy Association showed that dairy businesses increased their selling prices by 5% in the first
half of the year, due to high input materials and production costs. Entering the second quarter, the price of dairy
ingredients has set a new peak. Through the research, one person said that not only powdered milk but liquid milk also
increased in price. For example, if last year a carton of liquid milk of TH True Milk cost 345,000 cartons of 48 boxes of
180ml, now it is 380,000 VND per carton.
T3: Risk of information security
The food and agriculture industry covers a broad spectrum of companies that provide a variety of products and services.
Large farms and ranches use automated and connected systems for everything from tractor autosteer systems to crop
moisture testing to automated distribution warehouses. Information security risks can have significant implications for
TH True Milk. A breach in information security can lead to a data breach, compromising customer data and eroding
trust. Intellectual property theft poses a risk to TH True Milk's competitive advantage, as valuable assets can be stolen.
Operational disruptions, such as malware attacks or system failures, can result in downtime, productivity losses, and
financial setbacks. Non-compliance with data protection regulations and industry standards can lead to legal and
regulatory consequences. Supply chain vulnerabilities further amplify the risk, as breaches in partner systems can
impact TH True Milk's products. Mitigation strategies involve implementing robust security measures, conducting
regular audits, and training employees. TH True Milk must stay informed about emerging threats and invest in the latest
security technologies to enhance resilience against information security risks. Overall, safeguarding against these threats
is crucial to protect TH True Milk's operations, reputation, and customer trust in the digital age.
T4: High operating costs of TH Group's dairy farming system
To get the best dairy products, TH has spent a lot of money to apply modern machinery and technology in dairy farms,
purebred HF high-yielding dairy cows imported from abroad.

Estimated costs for TH's production activities, farms,... are up to thousands of billion dong per year, while the highest
net profit in 2018 is 450 billion dong.

According to market research, TH Group has built dairy farms with a cost of billions of dong in some areas as follows:

On January 31, 2018, TH True Milk Company inaugurated the first high-yielding dairy farm in Moscow, Russia. This is
a project within the framework of the complex of dairy farming, high-tech milk processing and a number of food
projects with a total investment capital of up to 2.7 billion USD of the company in the Russian Federation. TH true
MILK's Nghe An project of dairy farming and concentrated milk processing was implemented with a total investment
of up to $1.2 billion on a total area of 37,000 hectares. Currently, TH farm has 45,000 cows, of which more than 22,000
are lactating with an average milk yield of 30-40 liters/head/day, with 22,000 dairy cows per day TH true MILK farm
collects from 400 - 450 tons of fresh milk.

In Kon Tum, the project of raising dairy cows has a total investment of 2,544 billion VND, built on an area of 441ha.
The project implements 2 models: Focusing on raising cattle with the number of 10,000 cows, and linking with farmers,
with an estimated 20,000 cows. Besides, TH will build a milk processing factory with a capacity of 150 tons/day. This
will be the largest dairy farm and clean fresh milk processing factory in the Central Highlands.

In Son La, Van Ho fresh fruit and herb processing factory put into production phase 1 (2020-2025) with an investment
of 1,200 billion VND with a processing capacity of 300 tons of vegetables, fruits, herbs, and 15,000 hectares of raw
material area. Phase 2 (after 2025), the whole project will increase the investment to 3,500 billion VND, handling more
than 35,000 hectares of raw materials.

In Ha Giang, this group has built a high-tech dairy farming and milk processing project with an investment scale of
VND 2,500 billion and a project on planting and processing high-tech medicinal herbs in Xin Man and Hoang Su
districts. Phi and Bac Me. The medicinal plant project has a total land area of 5,536 hectares (including the entire plant
and plant area) and an investment of 2,000 billion VND.
T5: In the food production industry, TH True Milk also competes with both national and international
brands like Vinamilk from Vietnam, Nestlé from Switzerland or Nutifood from Vietnam

The dairy market is one of the most competitive in Vietnam and other nations with many famous domestic and
imported brands such as Vinamilk, Nestle, Dutch Lady, NutiFood... Despite participating in such a competitive
environment, TH True Milk still has certain tools. The 30% figure is proof of TH True Milk's efforts.

Vinamilk

Vietnam Dairy Products Joint Stock Company; other name: Vinamilk; is a company manufacturing and trading milk
and dairy products as well as related machinery and equipment in Vietnam.

According to statistics of the United Nations Development Program, this is the 15th largest company in Vietnam in
2007. Vinamilk is currently the leading enterprise of the dairy processing industry, accounting for more than 54.5% of
the dairy market share. water, 40.6% market share in powdered milk, 33.9% market share in drinking yogurt, 84.5%
market share in edible yogurt and 79.7% market share in condensed milk nationwide.

In addition to strong domestic distribution with a network of more than 220,000 sales points covering 63 provinces and
cities, Vinamilk products are also exported to 43 countries around the world such as the US, France, Canada, Poland,
Germany, and Japan. Middle East, Southeast Asia…

After more than 40 years of launching to consumers, up to now, Vinamilk has built 14 production factories, 2 logistics
factories, 3 branches of sales offices, a dairy factory in Cambodia (Angkormilk) and an office. representative in
Thailand. In 2018, Vinamilk was one of the top 200 companies with revenue over 1 billion dollars in Asia Pacific (Best
over a billion).

Nestlé

TH True Milk's competitor – Nestlé S.A. is a Swiss multinational food and beverage group with its headquarters in
Vevey, Vaud, Switzerland. It is the largest food company in the world, as measured by revenue and other metrics, as of
2014. The group ranks 64th in the 2017 Fortune Global 500 list and 33rd in the 2016 edition. by Forbes Global 2000

Nestlé's 29 brands have annual sales of over 1 billion Swiss francs (about $1.1 billion), including Nespresso, Nescafé,
Kit Kat, Smarties, Nesquik, Stouffer's, Vittel and Maggi. Nestlé has 447 factories, operates in 189 countries and
employs approximately 339,000 people. It is one of the main shareholders of L'Oreal, the world's largest cosmetics
company.

Nutifood

NutiFood is a Vietnamese enterprise operating in the field of nutritional foods. With an achievement of 22% market
share, the difference is 1.77 times higher than the next ranked company, NutiFood was honored to receive the title of
Vietnam's No. 1 Baby Milk Brand from the Vietnam Dairy Association in 2020.
Back in the 90s, the founding team of Nutifood, from doctors and nutritionists, researched using a blender to puree
many foods, combined with digestive enzymes. to feed infants through a nasogastric tube.

That enthusiastic work has saved thousands of children's lives at a time of difficult medical conditions. Since then, the
desire to "Nâng chuẩn dinh dưỡng cho người Việt" has been shaped and become a guideline for the journey to create a
happy and healthy life for the community at all life stages.

T6: Loan interest rates fluctuate

According to TH's 2016 separate financial statements, at the end of the year, TH's equity was VND 2,385 billion.
Meanwhile, the share capital of this company is up to 3,800 billion dong. That means, TH's equity was "negative" to
1,415 billion dong, equivalent to 37% of shareholder's contributed capital. This is a noticeable weakness when
analyzing TH True Milk's SWOT model.

At the end of the year at the end of 2015, liabilities at TH True Milk amounted to VND 8,152 billion, 3.6 times higher
than equity. By 2016, liabilities were 3.2 times higher than equity. As of December 31, 2016, TH True Milk's total
liabilities, although reduced, still reached VND 7,621 billion.

As of December 31, 2016, TH True Milk borrowed nearly 5,000 billion VND from banks, organizations and
individuals. Long-term debt maturing in 2018, 2019, and 2021 is 2,000 billion VND, 600 billion VND, and more than
1,700 billion VND, respectively, and tends to increase. The interest rates on these loans are also much higher than the
average, so it is likely that TH True Milk will have difficulty in repaying the loan. This is a noticeable weakness when
analyzing TH True Milk's SWOT model.

For the serious problem of TH True Milk's liquidity, the banks that gave TH True Milk loans are in a state of crisis and
in danger of losing their capital. Among the creditors of TH True Milk, Bac A Commercial Joint Stock Bank (BacA
Bank) was the largest creditor who was also the financial advisor for TH True Milk when they started their
establishment: Specifically, at the time of 31 As of December 2016, TH True Milk's total debt amounted to VND 794
billion, accounting for 16% of BacA Bank's charter capital. Of which, 478 billion dong is short-term debt, 316 billion
dong is long-term debt with interest rate up to 12.5 - 15%/year.
T7: Digital services and information systems are still limited in Vietnam

It is showed that Vietnam has limitations in the infrastructure system such as telecommunications, information
technology speed is still low, which has not met the development requirements of the Internet of Things, smart cities,
autonomous vehicles, intelligent production,…; access to broadband services in rural and areas is still limited; physical
infrastructure has not met the requirements of applying intelligent management methods; the national shared database
infrastructure system is still slow to be deployed; the national-scale database creating the foundation for the digital
economy is still scattered, lacking, not standardized and synchronous; digital payment infrastructure has not been
synchronized, has not been able to take advantage of the common infrastructure, the coverage is not large; There are
still points that do not meet the requirements of the electricity infrastructure serving the telecommunications
infrastructure. Moreover, the process of transforming the number of national numbers is still slow means digital services
are still limited; Many businesses are passive, the capacity to approach, apply and develop modern technology is still
low. The struggle with criminals, ensuring cybersecurity still has many challenges.
The limited availability of digital services and information systems in Vietnam poses a significant threat to TH True
Milk. Without access to reliable digital infrastructure, the company faces challenges in optimizing operations, utilizing
crucial data, reaching its target audience effectively, and implementing cybersecurity measures. To address this threat,
TH True Milk can collaborate with stakeholders to improve digital infrastructure, seek partnerships with technology
companies, and advocate for increased access to digital services. By embracing digital opportunities, TH True Milk can
overcome limitations, enhance competitiveness, and navigate the digital era successfully.
COMBINED SWOT ANALYSIS ( lấy từ bảng ex4)

S+O strategies
SO1(S5+O2+O4+O6+O9): TH Group achieves success in producing high-quality products with
high diversity, which combines with low-salary labor or tax incentives or government policies
supporting as well as deduction of taxes and interest rate. Therefore, TH can utilize and develop
Best-Cost Strategy.
SO2(S5+O1+O7): After covid-19, maritime and air transportation are back to normal, which is
accompanied by free trade agreement (FTA) signed, TH Group can develop and use Export
Strategy (direct export strategy) to bring their products to foreign markets
SO3(S1+S2+S4+O5): Using international standard production processes, high credit rating and
Global G.A.P system to expand the dairy milk sources in the foreign market- Market Development
Strategy.
SO4(S5+S8+O8): with a lot of experience in producing products and professional working teams,
TH can use Product Development Strategy to research and produce new products with high
quality, when the industry of food manufacturing in Vietnam is focused and developed.

S+T Strategies
ST1(S1+S4+T4): Although with relatively high operating costs, TH True Milk can create a new
market segment that consumes high-quality milk in Vietnam based on its GPA-certified processes
and farms (Blue-ocean strategy).
ST2(S3+ S8+ T3): Reducing customer information security problems, TH True Milk can prevent
challenges by building a high-tech consumer ecosystem or training professional staff (Defensive
strategy).
ST3(S4+S5+S6+T5): With international quality products, TH True Milk should create more
outstanding dairy products (A Broad Differentiation Strategy)

ST4(S8+ T7): TH True Milk should utilize and train more of its professional human resources
(Training and Development Strategy)

W+O Strategies
WO1(W1+O1): Capitalize on free trade agreements to export TH True Milk's premium products to
international markets where the higher price can be justified (A Broad Differentiation Strategy)
WO2(W2+O2+O8): Utilize abundant labor force and developed food manufacturing industry in
Vietnam to optimize efficiency and reduce costs in the saturated dairy market (Low-Cost Strategy)
WO3(W3+O1+O8): Leverage free trade agreements and local food manufacturing industry to
explore domestic sourcing alternatives for raw materials, reducing reliance on imports (Vertical
Integration Strategy)
WO4(W4+O3+O8): Diversify product portfolio and invest in innovation to tap into new growth
opportunities driven by the recovering economy and increased consumption spending in Vietnam
(Product Development Strategy)

W+T Strategies
WT1(W1+W3+T4): looking for good raw materials in the country or from countries in Southeast
Asia at a lower price to be able to reduce the cost of the product compared to competing brands
around (Best Cost Strategy)
WT2(W5+T1+T2+T6): change business methods according to the current situation, discuss with
partners about supply prices as well as actively reduce production and business costs, thereby saving
production costs and reducing costs, and in during the process must be very careful not to cause
additional costs (Cost-Cutting Strategy)

QUANTITATIVE STRATEGIC PLANNING MATRIX ( CAP MÀN HÌNH EX5)

STRATEGY SPECIFICATION
1. Product development strategy
In the dairy industry, TH True Milk competes with big brands both at home and abroad. TH True Milk's biggest
competitor is Vietnam's Vinamilk.TH True Milk's effectiveness in production development strategy is
demonstrated through over 10 years of launching, TH has achieved certain successes. TH True Milk is
mentioned with pride by Vietnamese people - is the milk brand with the most modern cow farm in Southeast
Asia, with a turnover of more than 1 billion USD, is a “clean milk” brand in the Vietnamese market. With
continuous innovation efforts and dedication to improving the quality of life of Vietnamese people, product
lines are always improved in quality as an answer to the beliefs and expectations of customers. products into a
Vietnamese dairy brand. Besides, TH is also constantly expanding product categories to reach more customer
segments in the future. TH True Milk's clean fresh milk products have been warmly received by consumers and
highly appreciated by experts. With these good signs, TH is becoming one of the leading suppliers of fresh milk
in the country. In order to maintain a strong foothold in this tough and competitive dairy industry, TH True
Milk must focus on developing its products, both in terms of quality and packaging. In addition, TH True
Milk can create more diverse products suitable for customers in both Vietnam and foreign markets.

2. Vertical integration strategy

TH True Milk employs a comprehensive vertical integration strategy that encompasses various
aspects of the dairy supply chain. The company owns and operates its own dairy farms, ensuring
complete control over the breeding, raising, and management of dairy cows. In addition, TH True Milk
vertically integrates by producing its own forage, cultivating high-quality crops to feed their cows.
 Their state-of-the-art milk processing facilities enable them to collect, pasteurize, and process the
milk into a diverse range of dairy products. Packaging and distribution are also managed in-house,
with a focus on designing and producing packaging materials and maintaining efficient logistics for
timely delivery. TH True Milk extends its vertical integration to include retail presence, operating their
own outlets to offer direct access to consumers. Throughout the entire supply chain, TH True Milk
upholds rigorous quality control measures and invests in research and development to continually
improve their dairy farming techniques and product offerings.

3. Best-cost strategy
TH Group's product portfolio currently includes pasteurized fresh milk products: pure pasteurized
fresh milk made from 100% fresh cow's milk, low-sugar pasteurized fresh milk, sweetened
pasteurized milk, TH true yogurt, TH true ice cream, TH true cheese, TH true butter,... Besides
diversifying products, the organization wants products to meet "Global Gap" standards, so they have
invested in a high-end management system. Cows are imported from famous dairy countries such as
New Zealand, Uruguay, Canada... to ensure the best source of dairy cows for the best milk quality.
TH True Milk Dairy Factory (Nghe An) belonging to TH Dairy Group is one of the highly applied
agricultural enterprises that have been applied for tax incentives by the government. In which, the
company will apply the tax rate of 10% for 15 years, tax exemption for up to 4 years, 50% reduction of
corporate income tax for the next 9 years and after the Covid-19 epidemic, the government has also
introduced policies to support businesses. In addition, the labor force in Vietnam is considered cheap
with low wages.
Therefore, with the above conditions, TH can distribute products to the market at the most optimal
price to match customer spending.

4. A Broad Differentiation strategy

In terms of both quantity and quality, TH True Milk is presently one of the top milk brands in Vietnam.
The latest and most sophisticated technology are used by TH True Milk to produce products of the
highest caliber. Most importantly, the TH True Milk product line is incredibly varied and competitive
with all of its rivals in the Vietnamese market. But it must concentrate on creating something
distinctively TH True Milk in order to leave a greater impression on buyers and highlight the brand's
uniqueness. In order to resonate in the environmental protection movement and create an image that
creates products that not only create profits but also bring value in the long run (in particular, the
environment) in the hearts of consumers, TH True Milk should develop A Broad Differentiation
strategy with eco-friendly product packaging imbued with TH True Milk's personality.

5. Cutting-cost strategy

Due to high bank interest rates, corporations have difficulties, including TH True Milk. And to solve this
problem in the best way, TH True Milk needs to prepare itself for a suitable direction so that the possibility of
risks to the business is the lowest.
Start to check and review each department in the company; If parts are different but perform a similar
function or give the same result, it is advisable to cut or reassemble to save costs.
For example, there are outdated technologies used in the process, and if replacing them with new technology
increases efficiency, it should. This process may require a higher initial cost, but it will pay off in the long run.
Moreover, it will achieve a good effect in the long run and will assist automation in reducing labor costs.
Consider innovative marketing solutions that can drive growth. Because today's society is increasingly
developed, advertising on old platforms such as newspapers focuses on new technology platforms such as
Tiktok, Facebook, Youtube,etc easily accessible to the new generation of customers today. to expand its own
market.
And by cost-cutting strategy, TH True Milk can use cash flow in the most economical and efficient way.
II/ STRATEGY IMPLEMENTATION
● Current Objectives
TH True Milk has been in the lead in the dairy market of Vietnam thanks to having the largest high-
tech dairy farm in Asia and an operation that operates with a closed process that complies with state
criteria. The aim of TH True Milk is to establish itself as a leading provider of natural, clean products
in Vietnam. TH has currently developed a trusted and secure brand with both domestic and
international customers. With the strategies mentioned above, TH True Milk can expand its consumer
base and uphold its reputation for affordability and high quality. Furthermore, with those strategies,
TH True Milk will have a significant opportunity to enter international markets with its exceptional milk
quality, carefully chosen raw ingredients, modern farms, and rigorous procedures.
● Long-term Objectives
The goal of building long-term strategies is to help TH aspire to become a leading manufacturer in
Vietnam in the field of clean food derived from nature. With serious and long-term investment
combined with the world's most modern technology, we are determined to become a world-class food
brand trusted and loved by all. Another goal shared by Ms. Thai Huong is that the group is aiming to
expand its dairy herd to 400,000 cows by 2025. Of which 200,000 are raised in a closed system and
200,000 are raised by farmers in cooperation communes.

BALANCED SCORECARDS

● Cutting-cost strategy
VISION: TH True Milk's goal is to create the best products at affordable prices to provide consumers with the
best experience.

Financial Perspective
To achieve our goal, how should we appear to our shareholders?

Strategic goals

Actions Measures

Investment Ability to manage and allocate capital

Succeed Reach more customers

Customer Perspective
To achieve our vision, how should we appear to our customers?

Strategic goals

Actions Measures

Customer experiences Offer prices that offer a product line that

suits the needs of consumers at an
affordable price.

Quality assurance 100% natural milk source with cows

raised with high technology to produce
the most premium products.
 Learning and Growth Perspective
To achieve our vision, how will we sustain our ability to change and improve?

Strategic goals

Actions Measures

Business management Must know the company's strengths and

weaknesses, from which to devise a
comprehensive and effective change
plan

Capital management Plan to use and invest capital in a

reasonable and safe way, use it for the
right purposes and bring high efficiency

Business Process Perspective

To satisfy our customers and stakeholders, what business processes must we
excel in?

Strategic goals

Actions Measures

Business plan Need to know how to make a specific,

reasonable and effective business plan
for the business, which contributes to
loyalty to the company.

Personnel management Support and manage human resources,

helping them maximize their
effectiveness at work.

● Best cost strategy

Vision: The Best cost strategy will enable TH True Milk Group to keep producing dairy products of
the highest standard. Through the support of tax incentives, governmental funding, and low-cost
labor, the company is able to introduce new product lines that correspond to consumer expenditure.

Financial Perspective
To achieve our goal, how should we appear to our shareholders?

Strategic goals

Actions Measures

Investment Expansion of cow herd and high-tech

farm system

Succeed Joint ventures and cooperation with

many large dairy companies and farms
in other nations
 Customer Loyalty

Owning a team of highly qualified

technical staff. The production staff are
all trained by experts and farmers in
Israeli dairy farming techniques.

Offer prices that are in line with the

consumer market. The quality of the
milk line is higher, but the price
difference is only 3000-5000 VND

Customer Perspective
To achieve our vision, how should we appear to our customers?

Strategic goals

Actions Measures

Customer experiences Dairy products meet Global GAP standards

Quality assurance 100% natural milk source with cows raised with high
technology to produce the most premium products

Learning and Growth Perspective

To achieve our vision, how will we sustain our ability to change and improve?

Strategic goals

Actions Measures

Product focus Develop a variety of products with high standards

Manufacturing learning Standard quality on a product

Supply Chain Development Logistic management capacity and expand over the
international market.

Business Process Perspective

To satisfy our customers and stakeholders, what business processes must we excel in?

Strategic goals

Actions Measures

Enhancement of the farm Scale of 10,000 dairy cows and a milk processing plant with a capacity
system of 49,000 tons/year
 Human resources and High technology requires a heavy training for all staff. Management
workforce staff usually follow 6-month training.

Market expansion TH True Milk brand awareness index in the mind of customers is rated
at 27%, overall brand awareness is 85% and loyalty index is 29%.

Export to domestic and international markets such as China, Russia

● Product development strategy

VISION: The TH Group aims to become Vietnam's leading manufacturer of dairy products. Today TH
Group is the second-ranked dairy manufacturer, behind Vinamilk JSC, in Vietnam. The core of the
strategy of the group is anchored in the concept of “True Milk” or “True natural Milk” (thật sự thiên
nhiên), i.e. it does not use powder milk for processing The company is proud of the fact that: All
products are made from “fresh clean pure milk” produced in the TH commercial farm (Hoàn toàn tư
sữa tươi nguyên chất của trang trại TH) For this reason, all the products are sold under the brand
“TH True Milk”

Financial Perspective
To achieve our goal, how should we appear to our shareholders?

Strategic goals

Actions Measures

Investment The TH Dairy farm: spatial and technical

organization

Succeed Market segmentation

Customer Loyalty

Customer Perspective
To achieve our vision, how should we appear to our customers?

Strategic goals

Actions Measures

Healthy and Secure The distribution of the TH milk products is managed by

the subsidiary TH food chain JSC.
The marketing of TH True Milk JSC is based on calcium
supplement, health, natural products and food security.
The company wants to be as transparent as possible
for consumers.
All milk products are in a closed
process which is controlled strictly and managed
carefully, as a result, the quality of milk is high.

Corporate Social Responsibility Many activities are undertaken to promote a good

image of the company at the local level, i.e. a company
 well integrated in its landscape and in coherence with
the local development project.

Learning and Growth Perspective

To achieve our vision, how will we sustain our ability to change and improve?

Strategic goals

Actions Measures

Product focus Develop a variety of products

Manufacturing learning Process time per a product

Supply Chain Development Logistic management capacity

Business Process Perspective

To satisfy our customers and stakeholders, what business processes must we excel in?

Strategic goals

Actions Measures

Milk production Each farm has its own milking facility which has a
capacity of 120 cows at the same time.

Human resources and workforce high technology requires a heavy training for all staff.
Management staff usually follow 6-month training.

Manure and water management
The solid part of the manure is managed in the barn by
“deep litters” (Đệm lót sinh học). Those “litters” are a
good fertilizer and they are sold to rubber or coffee
plantations.
The farms also pump water from the lake to water the
cows. In the area, now there are more than 100 lakes,
large and small dams that can meet demand for the
farms

● Vertical integration strategy

VISION: With the aim for market leadership, upholding sustainability and social responsibility, Vertical
integration strategy can help TH True Milk achieve cost control, quality assurance, supply chain
stability, traceability, product differentiation, control over branding and marketing, and gain a
competitive advantage.

Financial Perspective
To achieve our goal, how should we appear to our shareholders?

Strategic goals

Actions Measures
 Survive Cashflow

Succeed Cost savings

Customer loyalty

Sales growth

Risk management The risk abilities have on TH True Milk financial sources

Customer Perspective
To achieve our vision, how should we appear to our customers?

Strategic goals

Actions Measures

Quality Assurance Implement rigorous quality control protocols at each stage of the production
process, including regular testing and monitoring of milk and dairy products

Conduct regular audits or inspections of farms and production facilities to

ensure compliance with quality standards

Pricing Considerations Promotional activities, loyalty programs, or bundled offerings

Learning and Growth Perspective

To achieve our vision, how will we sustain our ability to change and improve?

Strategic goals

Actions Measures

Product focus Percentage sales per manufacturing of each product line

Percentage of inventory

Supply chain development Logistic development capability

Manufacturing learning Process time per a product

Business Process Perspective

To satisfy our customers and stakeholders, what business processes must we excel in?

Strategic goals

Actions Measures

New product introduction The efficiency of the new product launching (TH true MILK LIGHT MEAL)

Working productivity Producing efficiency, on-time completed task rate

● A Broad Differentiation strategy

VISION: The goal of TH True Milk is to differentiate its goods from those of its existing rivals in order
to obtain a competitive edge. The environmentally friendly yet fashionable product packaging of TH
True Milk was created with the intention of creating a noticeable difference and luring new clients.

Financial Perspective
To achieve our goal, how should we appear to our shareholders?

Strategic goals

Actions Measures

Financial Sources Ability to adapt Financial resources

Succeed Accounted for more than 50% market share of fresh milk today

Increase market segmentation

Customer Perspective
To achieve our vision, how should we appear to our customers?

Strategic goals

Actions Measures

Customer experiences New packaging with Re-Pack packaging

Offer a new experience with brand's bold environmental protection products

Quality assurance Products with new packaging but still complying with quality requirements

Learning and Growth Perspective

To achieve our vision, how will we sustain our ability to change and improve?

Strategic goals

Actions Measures

Technology leadership Time to develop new packaging

Human Resource Development attracts individuals with a global perspective and the ability to
operate in developing markets

Business Process Perspective

To satisfy our customers and stakeholders, what business processes must we excel in?

Strategic goals

Actions Measures

Technology innovation Develop farms and factories with the most advanced
modern technologies of international standards

New product introduction The effectiveness of launching new products

Working productivity Tasks performed on schedule

III/ CONCLUSION AND EVALUATION
Target
TH True Milk is a Vietnamese dairy company known for its diverse product range and sustainable farming
practices. The company's main targets revolve around three key areas: quality, sustainability, and community
impact. TH True Milk strives to provide high-quality dairy products that meet international standards, ensuring
customer satisfaction and loyalty. Additionally, they strongly emphasize sustainable practices, aiming to
minimize environmental impact through responsible farming techniques, efficient resource management, and
renewable energy utilization. Moreover, TH True Milk actively engages with local communities, focusing on
social welfare initiatives, rural development, and education, with the aim of creating a positive and lasting
impact on the society they serve.

Strategy Implementation Solution

● Financial solutions
The first solution that will help TH maintain and stabilize its capital soon is to continue cooperating with Bac A
Bank. The fields where Bac A Commercial Joint Stock Bank participates in investment consulting are
directed to projects with the goal of improving the quality of life such as clean food processing, clean milk,
clean medical industry or hospitals, standard schools. These are the areas that create core values, are
friendly to the environment, thereby bringing a large source of revenue for TH Group.
Secondly, TH should promote the expansion of cattle raising, domestic and foreign farms in order to exploit
natural and quality milk sources. Since then, the organization cooperates with foreign businesses to
distribute product lines to consumers and earn profits.
Next, TH can ask for support from foreign investors, mainly from China and Russia, by allowing them to build
a quality farm system and export their products to the market. In the Russian market, TH already has
companies in 2 districts of Kaluga province with farms and factories already in operation. In the Moscow
province, the farm of TH True Milk has been built, the fodder reserve has also been completed. If the group
continues to expand overseas, TH will be able to raise capital from all over the world.

● Human resource solutions

TH True Milk always focuses on investing in people in human resource management. At TH, they
understand that people are a vital asset and a component in determining the business's long-term
viability. As a result, TH constantly emphasizes key investments and people. With an international-class
workforce and the interaction of many local and foreign specialists, the working environment is always
professionalized. Working at TH will allow you to learn, practice, and accumulate. Not only that, in human
resource management, TH also focuses on building a team of talented leaders to steer the work in the
best way. Thanks to intensive courses, always updating knowledge, equipped with modern technology,
helping employees keep up with the trend of the times. In order for employees to promote their abilities,
the company always creates conditions for them to show their capabilities and seize development
opportunities. A worthy reward for TH's employees is a more attractive salary and benefit regime than
many other businesses.
Some of the following solutions can help TH True Milk maintain its effectiveness in terms of human
resources management, such as:
TH True Milk should invest in hiring employees first.
To be able to build a professional and productive working environment, TH True Milk must create an
effective human resource management process that communicates well with employees. Evaluate
employee performance to find ways to improve, boost performance to a high level.
In order to produce quality new products, employees of TH True Milk need to be fully trained and
constantly improve their skills. Experienced people help inexperienced young people to develop the
company together. Both the management team and the staff need to constantly learn because the world
moves so fast and the dairy industry changes and the competition is fierce.

● Marketing solutions
 Firstly, TH True Milk should emphasize its unique selling points, such as sustainable farming practices
and commitment to quality. By effectively communicating these differentiators, the brand can stand out in
the market and attract environmentally-conscious consumers seeking high-quality dairy products.
Secondly, strengthening the brand's digital presence is crucial. TH True Milk should optimize its website,
leverage social media platforms, and explore innovative digital advertising techniques to reach a wider
audience. This will help the brand engage with consumers effectively in the digital space and stay
competitive in an increasingly online marketplace.
Thirdly, collaborating with influencers and industry experts who align with TH True Milk's values can be
highly beneficial. These partnerships can help expand the brand's reach and credibility. Influencers can
create engaging content, share personal experiences, and provide testimonials, thereby enhancing brand
awareness and consumer trust.
TH True Milk can further enhance its marketing solutions by focusing on packaging design, supporting
local communities, expanding the product range, and prioritizing consumer education and customer
engagement. Eye-catching and informative packaging designs will leave a lasting impression on
consumers. TH True Milk strengthens its brand image and forges stronger connections with consumers
by actively investing in education, infrastructure, and social welfare programs. Diversifying the product
range to cater to different consumer preferences can attract a wider audience. Additionally, providing
nutritional resources, educational content, and fostering customer engagement through loyalty programs
and interactive campaigns further enhances consumer knowledge and strengthens brand-consumer
relationships.

● ‌Inventory and Supply Chain Managements Solutions

A company's supply chain and inventory are key factors in determining overall performance and greatly
influence its chances of success. The management of the supply chain and inventory is therefore a
crucial task for any business. Here are some solutions to help TH True Milk manage their ‌Inventory and
Supply Chain well:
First, TH True Milk may create and use software to assist with integrating into business operations,
managing and creating thorough statistics on inventories, and closely monitoring shipping and shipments
over time. In summary, TH True Milk should utilize a program, such as Atom's Location Based Services
(LBS) platform, that can incorporate the aforementioned difficulties, concerns with Inventory and Supply
Chain.
Second, TH True Milk should save money, which calls for specific economic orders and the appropriate
amount of inventory to lower costs associated with maintaining inventory.
Finally, TH True Milk needs to improve cash flow. An appropriate cash flow is maintained with good
inventory management. It makes it possible for TH True Milk to invest money in inventory that sells
quickly, improving the system’s cash flow.

● Product development solutions

When entering the Vietnamese dairy market, TH True Milk took advantage of the abundant natural resources
in Vietnam to extract the most quintessential things from nature and bring clean glasses of milk to the people.
Therefore, TH True Milk's product development solution is to apply a product development strategy to create
new products and product improvement initiatives for the company's existing customers. Some breakthrough
products can be mentioned such as pasteurized fresh milk, pasteurized fresh milk, nut milk, yogurt.
Typically with the brand "Clean milk", TH True Milk has successfully hit the psychology of young mothers and
modern times when the increasingly polluted environment leads to unsafe food. Therefore, food safety is a
top priority and TH Milk has hit that mentality of consumers. As a result, TH True Milk impresses consumers
with organic and pasteurized fresh milk products.
Next, before launching product lines, TH True Milk always learns and updates customers' shopping trends to
be able to create products that are most convenient to customers' needs.
For example, after the Covid-19 pandemic, consumers began to pay more attention to the health of
themselves and their family members, they had a need to buy healthy products to take care of and improve
their health. Strong. health. Understanding that, TH True Milk has launched a nut milk product line with many
different ingredients to suit everyone's needs.
● Macca Nut Milk TH True Milk: strengthens heart health, supports digestive tract to work better
● Gac: rich in antioxidants and vitamin A - good for eyes, beautiful skin
● Walnuts: rich in omega 3 - 6 - 9 that help the brain and nervous system
● TH True Milk almond milk: superfood for underlying diseases such as diabetes, high blood pressure,
blood fat
● TH True Milk Pistachio Milk: anti-aging, providing natural fat
● Turmeric: good for digestion, skin beauty
So, by thoroughly studying customers' needs, TH True Milk can create product development solutions that
are best suited to customers.

Evaluation
● Finance: There are several key criteria that need to be considered when evaluating the factor of
"Finance" for TH True Milk, including the company's revenue growth, profitability, financial stability,
and cost efficiency.
● Customers: When it comes to customers, TH True Milk should take into account not only customer
satisfaction, but also factors such as brand perception, customer loyalty, and market share, as these
play a crucial role in determining the company's success in building strong relationships with its target
audience and capturing a significant market position.
● Brand: In terms of brand evaluation, TH True Milk must give due consideration to various factors,
including brand awareness, which reflects the extent to which the target customer recognizes and
identifies with the brand, as well as brand differentiation, brand consistency, and brand loyalty, all of
which contribute to the brand's overall strength and resonance in the marketplace.
● Internal activities: When assessing the internal aspects of the company, TH True Milk should
carefully evaluate operational efficiency, ensuring that its processes and workflows are optimized for
maximum effectiveness and productivity. Additionally, innovation and research should be considered,
as they enable the company to stay ahead of industry trends and drive continuous improvement.
Employee satisfaction also holds significance, as it fosters a positive work environment and enhances
overall productivity. Lastly, sustainability/CSR should be taken into account, showcasing TH True
Milk's commitment to responsible business practices and its contribution to environmental and social
well-being.

APPENDIX