General information

Vinamilk's business model

What we depend on

Stakeholders

Suppliers and partners

We are working closely with nearly 5,000 dairy farmers on a herd of about 100,000 cow heads.

Community

The year 2023 marks the 16 anniversary of the Stand Tall Vietnam milk fund. We continue to accompany the chief nursing club and the elderly across the country, while promoting the implementation of the School Milk project.

Shareholders

We are not subject to foreign ownership limit. The shareholder structure remains diversified with the ratio of foreign/domestic investors at 54%/46% and institutional/individual investors at 92%/8% (as of December 28, 2023).

Employees

The whole group has 9,877 employees as of December 31, 2023.

Regulators

We are committed to developing the local economy and the industry in compliance with the law.

Customer and consumers

We are committed to providing customers and consumers with high-quality, diverse nutritional products suitable for each customer segment through a distribution system of nearly 200,000 points of sale across Vietnam. The cumulative export market covers 60 countries/regions.

Resources

Environment

Our operations depend on renewable and non-renewable resources, especially soil, water and forests.

Product

We currently have 250 SKUs in our product portfolio with 04 main categories including Liquid Milk, Yogurt, Condensed Milk and PowderedMilk

Infrastructure

We are operating a system of 15 farms and 16 factories in Vietnam, Cambodia, Laos and the United States.

Financial health and Corporate governance

We maintained a healthy balance sheet as at December 31st, 2023 with:

Total assets

52,673

billion VND

Total equity

35,026

billion VND

Total liabilities

17,647

billion VND

We maintain the operation of 04 functional committees under the Board of Directors.

Strategy committee
Nomination committee
Remuneration committee
Audit committee

Vision, mission and 5-year development strategy

Vision

To become Vietnam’s proxy of trust in nutrition and health products for human life.

Mission

To provide the community with top-class nutrition and quality with respect, love and responsibility for human life and society.

Five-year development strategy 2022-2026

To develop superior products and experiences for consumers, and consolidate the leading position in Vietnam's dairy industry.

To step up technology application and implementation of international standards for sustainable development.

To create new business opportunities through mergers and acquisitions, joint ventures and venture capital.

To become a destination for talent, and nurture a corporate culture that values innovation and creativity.

The value created in 2023

Stakeholders

Suppliers and partners

The total volume of purchased fresh milk reached over 240 thousand tons.

Community

The total contribution to society reached 81 billion VND through programs such as School Milk, Stand Tall Vietnam, and elderly health care.

Shareholders

100% of investors surveyed were satisfied with business results update meetings and 96% were satisfied with disclosed documents.

Employees

The Employee Satisfaction rate remained high. Vinamilk has been certified by Great Place To Work.

Regulators

Contribution to the State budget reached more than 3,800 billion VND. We also gave comments and feedback on the development of legal documents.

Customer and consumers

Sufficient delivery rate has been improved, enhancing satisfaction and trust of customer, the loss rate through storage or in process transportation is also reduced, ensuring product quality and safety.

99% of international customers surveyed were satisfied with Vinamilk's export services. We won 12 more new export customers.

Resources

Environment

The green energy use rate in production activities, recycled water level used for agriculture and reused animal waste was at a high level.

Product portfolio

Launched new and re-launched over 10 products. Improved packaging and design for many flagship products.

Infrastructure

13 farms are certified to GlobalG.A.P and ISO 9001:2015.

2 farms are certified to Organic EU.

15 factories are certified to FSSC 22000 and/or Halal and/or ISO 9001.

Financial health and Corporate governance

Total consolidated revenue

60,479

billion VND

Consolidated profit after tax

9,019

billion VND

Dividend payout ratio (Expected)

91%

Number of independent BOD members

3/10

Number of female BOD members

3/10

Value chain

Upstream

Research and Development

Our marketing and R&D teams have a deep understanding of consumers and the expertise to develop products that match their needs.

Raw material area

We work closely with our suppliers to ensure their goods and services meet quality, environmental and social requirements, in addition to our strict internal standards.

Manufacture

We implement a safe, standardized manufacturing process in line with international standards. We also strive to achieve eco-efficient processes that maximize efficiency without polluting the environment.

Downstream

Distribution

An extensive distribution system and network ensures our products are effectively distributed to consumers. We strive to boldly adopt new operation models that meet the needs of domestic production and export quickly, cost-effectively, and in compliance with the law.

Marketing and Sales

We show responsibility to consumers and society by providing better products in terms of quality and more transparency in label information. We also obtain feedback from customers to create sustainable value for both consumers and the Company.

Mr.

Alain Xavier Cany

Non-Executive BOD member
Member of Strategy Committee
Member of Audit Committee

Born in 1949, he has been a non-Executive BOD member since March 2018.

Professional qualifications

Baccalauréat - Academie de Paris.

Experience

• He held many executive positions at various financial corporations:

• From 2007 to 2023 he has been Chief Representative - Group Country Chairman of Jardine Matheson Ltd. (Vietnam).

• From 2000 to 2003, he was Head of European Business Development - Asia Pacific at HSBC Asia Pacific Head Office and then became President and CEO of HSBC Vietnam from 2003 to 2007.

• From 1969 to 2000, he had held various executive positions at Credit Commercial de France and Banque Worms in France and Hong Kong.

• In addition, he also held some important positions including Advisor for Foreign Trade to the French Government and Chairman of EuroCham, Vietnam Business Forum and Director of Asia Commercial Bank.

• He was awarded Officer of The French National Merit Order and Knight of The Legion of Honor by the President of France and the Friendship Medal by the President of The Socialist Republic of Vietnam.

Mr.

Nguyen Hanh Phuc

Independent Chairman
Head of the Nomination Committee
Member of Remuneration Committee

He was born in 1959. He has been a member of the Board of Directors of Vinamilk and has been the Chairman since April 2022. He has many years of experience in the field of State management.

Professional qualifications

Civil Engineer, Hanoi University of Architecture 1976-1981.

Experience

• From 2011 to 2021, he was a member of the National Assembly (XI session, XII session), Member of the National Assembly of the XII, XIII, XIV, and held many other important positions in the National Assembly such as Member of the National Assembly Party Union, Member of the National Assembly Standing Committee, General Secretary of the National Assembly, Chairman of the National Assembly Office (XIII session, XIV), Secretary of the Party Committee of the National Assembly Office, Chief of the Party Office of the National Assembly, Chief of the National Election Council, Chairman of the Vietnam-Australia Friendship Parliamentary Group.

• From 2005 to 2011, he was Secretary of the Provincial Party Committee of Thai Binh Province and held many other important positions such as Deputy Permanent Secretary of Thai Binh Province, Chairman of the Provincial People's Council, Secretary of the Provincial People's Committee, Chairman of the Provincial People's Committee, Head of the XII National People's Delegation of Thai Binh Province.

• From 2003 to 2005, he held the positions of Standing Committee of the Provincial Committee, Secretary of the Party Committee, Chairman of the People's Council of Thai Binh City.

• Before 2003, he worked as Director of Thai Binh Department of Industry, Deputy Director of Department of Construction, Deputy Director of Construction Management Department, Director of Thai Binh Ceramic Tile Company.

Awards

• Second Independence Medal.
• First Labor Medal.
• Third Labor Medal.
• Great National Unity Medal.
• Second Freedom Medal of the Lao PDR.
• Prime Minister's Certificate of Merit.

Mr.

Lee Meng Tat

Non-Executive BOD member
Member of Strategy Committee
Member of Nomination Committee

Born in 1963, he has been a non-Executive BOD member since September 2016.

Professional qualifications

• Master in Business Administration (MBA), Imperial College, London (1997).

• Bachelor of Engineering (Mechanical), National University of Singapore (1988).

• Advanced Management Programme (AMP), Harvard Business School (2005).

• International Directors Programme (IDP), INSEAD (2017).

• Senior Accredited Director, Singapore Institute of Directors (SID) (2024).

Experience

• He has many years of experience in corporate and economics management at both private and public institutions.

• In 23 years (1999 - 2022), he held top management roles at consumer goods and tourism companies such as Fraser & Neave Ltd, Heineken-APB (China), Management Services Co. Ltd, Asia Pacific Breweries Ltd, Wildlife Reserves Singapore Group.

• From 1994 to 1996, he was Deputy Director, Regional Tourism, Singapore Tourism Board.

• Previously, he was Assistant Head, International Business Development, Singapore Economic Development Board from 1993 to 1994.

Mr.

Le Thanh Liem

Executive BOD member
Member of Strategy Committee
Chief Financial Officer cum. Chief Accountant

Born in 1973, he has been an Executive BOD member since April 2017.

Professional qualifications

• Master in Finance and International Business, Leeds Metropolitan University, UK (2012).

• Bachelor in Economics, University of Finance - Accounting, Ho Chi Minh, Vietnam (1994).

• Certificate in Advanced Director Certification Program (DCP) conferred by Vietnam Institute of Directors (VIOD).

• Certificate of Global Leadership Program (GLP), PACE Institute of Management.

Experience

• He has over 27 years of experience in the field of finance and accounting and has held the position of Chief Financial Officer cum Chief Accountant since 2015.

• From 2003 to 2015, he held managerial positions at Vinamilk's Finance - Accounting Division including Deputy Head of Accounting and Chief Accountant.

• From 1994 to 2003, he held different positions at Finance - Accounting Division of Vinamilk.

Position at other entities

• BOD member, Vietnam Livestock Corporation JSC (Vilico).

• BOD member, Del Monte - Vinamilk Dairy, Philippines, Inc.

• Vice Chairman, Vietnam CFO Club.

Mr.

Hoang Ngoc Thach

Non-Executive BOD member
Member of Audit Committee
Member of Remuneration Committee

Born in 1975, he has been a non-executive BOD member since April 2021.

Professional qualifications

• Bachelor of Accounting - Hanoi University of Commerce.

• Master of Business Administration - Solvay School of Economics and Management, University of Brussels (Belgium).

Experience

• Since November 2009: Deputy Head of Risk Management Department of State Capital Investment Corporation (SCIC).

• From September 1999 to October 2009: Enterprise equitization specialist of Power Company 1.

Mr.

Michael Chye Hin Fah

Non-Executive BOD member
Member of Audit Committee
Member of Remuneration Committee

Born in 1959, he has been a non-Executive BOD member since April 2017.

Professional qualifications

• MBS (with Distinction in Accounting and Finance) and BBS (with First Class Honors in Accounting and Finance), Massey University, New Zealand.

• Fellow of Singapore Institute of Directors (SID) since 2013.

• Associate Member of Institute of Singapore Chartered Accountants (ISCA) since 2003.

• Member of Institute of Chartered Secretaries & Administrators (ACIS) since 1990.

• Associate Member of Chartered Secretaries Institute of Singapore (CSIS).

Experience

• He has over 15 years of experience as a company director. He is currently a member of the Board of Directors, Audit Committee and Sustainability and Risk Management Committee of Saigon Beer- Alcohol-Beverage Corporation. He is also an Alternate Director at Fraser and Neave Limited and a director of many companies in ThaiBev Group.

• For over 22 years, he held senior positions at several financial and investment companies and has extensive international experience in many Asian countries.

• Prior to these roles, he was a university lecturer in New Zealand.

Position at other entities

• CEO, BeerCo Limited.

• Member of the Board Executive Committee and Risk Management Committee of Fraser and Neave Ltd and Fraser & Neave Holdings Berhad.

• Non-Executive BOD member at: Heritas Capital Management Pte Ltd, IMC Pan Asia Alliance Corporation, Prudence Holdings Ltd.

Mr.

Do Le Hung

Independent BOD member
Head of Audit Committee

Born in 1969, he has been an Independent BOD member since April 2017.

Professional qualifications

• Master of Public Finance and Degree of Public Management, National School of Administration, France.

• Certificate in Treasury Inspection, National Treasury School, France.

• Bachelor of Finance - Accounting, University of Finance and Accountancy (Vietnam Academy of Finance now), Hanoi.

• Certificates in Public Financial Management, Accounting, Auditing.

• Certificates in Advanced Auditing conferred by international organizations.

• Certificate in Advanced Director Certification Program (DCP) conferred by Vietnam Institute of Directors (VIOD).

Experience

He is currently an independent member of the BOD and Audit Committee of the following companies listed on HOSE:

• Vietnam Dairy Products JSC (VNM).

• Hau Giang Pharmaceutical JSC (DHG).

• An Gia Real Estate Investment and Development JSC - An Gia Group (AGG).

• South Logistics JSC - Sotrans Group (STG).

• REE Corp (REE).

• He has been a BOD member of VIOD since April 2018.

• He had more than 8 years of working experience as Director of Auditing and Internal Control of Big C Vietnam.

• He had nearly 6 years of working experience as Deputy Head of Accounting - State Treasury of Vietnam - Ministry of Finance.

• Previously, he had more than 11 years of working at Accounting - State Treasury of Vietnam at Specialist and Executive level.

• He received merit certificates from Prime Minister and many from the Ministry of Finance from 1997 to 2006.

Ms.

Dang Thi Thu Ha

Non-Executive BOD member
Member of Strategy Committee
Member of Nomination Committee

Born in 1973, she has been a non-Executive BOD member since April 2017.

Professional qualifications

• Master of Business Administrations (MBA), Institute of Business Administration

• Bachelor of Business Administrations, National Economics University.

• Bachelor of English Linguistics, Vietnam National University, Hanoi.

• Certificate of Corporate Finance Consulting, Securities Research and Training Center.

Experience

• She has served as a BOD member in companies since 2013. She is currently a Chairwoman at Hau Giang Pharmaceutical JSC.

• She has been working in the Investment Department of SCIC for 15 years at different positions. She is currently Head of Investment Department No.3.

• Previously, she had 8 years of working experience in the field of Financial Consulting and Compliance Accounting at Trang An Securities JSC (2007 - 2008) and Mizuho Bank Hanoi (2000 - 2007).

• She was awarded a Merit Certificate from the Minister of Finance in 2015 and a Merit Award in Finance industry for her achievements in 2016.

Position at other entities

• Chairwoman, Hau Giang Pharmaceutical JSC.

• Head of Investment Department No.3, SCIC.

Ms.

Mai Kieu Lien

Executive BOD member
Head of Strategy Committee
Member of Nomination Committee
Chief Executive Officer (“CEO”)

Born in 1953, she held the position of Chairwoman from November 2003 to 2015 and has been an Executive BOD member from 2015 to present. She has been the CEO since December 1992.

Professional qualifications

• Certificate of Economics Management, Leningrad Institute of Engineering and Economics, Russia.

• Certificate of Government Management, National Academy of Politics, Vietnam.

• Engineer of Milk Dairy Processing technology.

• Moscow University of Meat and Dairy Processing (currently known as Moscow State University of Applied Biotechnology).

• Certificate of Corporate Governance.

Experience

• She has more than 30 years of experience in the role of CEO (from 1992 to present) leading Vinamilk through many tenures. She has been honorably awarded many local and international prizes, such as First-class Labour Medal (2006); Asia's Top 50 Most Powerful Businesswomen awarded by Forbes for 4 consecutive times (2012 - 2015); The Excellent Businesswomen (2014) by Corporate Governance Asia; Nikkei and New Zealand prizes for all her brilliant contributions; and Lifetime Achievement award honored by Forbes for the first time (2018).

• Previously, she had more than 8 years (1984 - 1992) in the role of Deputy CEO - Economics at Vinamilk.

• From 1976 to 1983, she had experienced many positions in many different departments and then became Deputy Technical Director at Thong Nhat dairy factory in 1982.

Position at other entities

• Chairwoman, Vietnam Dairy Cow One Member Co., Ltd.

• Chairwoman, Thong Nhat -Thanh Hoa Dairy Cow One Member Co., Ltd.

• BOD member, Driftwood Dairy Holding Corporation.

• Chairwoman, Lao-Jagro Development XiengKhouang Co., Ltd.

• BOD member, Miraka Holdings Limited.

• Chairwoman, Vietnam Livestock Corporation JSC.

• Chairwoman, Moc Chau Dairy Cattle Breeding JSC.

• Chairwoman, Del Monte - Vinamilk Dairy Philippines, Inc.

Ms.

Tieu Yen Trinh

Non-executive BOD member
Head of Remuneration Committee

Born in 1974, she has been a non-executive BOD member since April 2021.

Professional qualifications

• Bachelor.

Experience

• Since November 2007: Founder & CEO of Connecting Human Resources JSC (Talentnet Corp).

• From January 1996 to September 2007: Senior Manager of Human Resources Consultancy Department at PricewaterhouseCoopers Vietnam (PwC).

Position at other entities

• Independent BOD member at Phu Nhuan Jewelry JSC.

Ms.

Bui Thi Huong

Executive Director - Human Resources,
Administration and Public Relations

Born in 1962, she joined Vinamilk in 2005.

Professional qualifications

• Bachelor of Russian language, major in interpretation, Orion Linguistics University, former Soviet Union (1985).

• Bachelor of Economics - Business Administration and Trade Union, Trade Union University (2000).

Experience

• She has been Executive Director - Human Resources, Administration and Public Relations since 2015.

• During over 10 years working at Vinamilk (2005 - 2014), she had held such positions as Public Relations Manager, Public Relations Director.

• Prior to joining Vinamilk, she had been working more than 17 years at Dien Quang Lamp Joint Stock Company, holding different executive positions such as Deputy Head of Material Planning Department, Head of Sales Department, Executive Director - Sales, Vice President of Sales, and a BOD member.

Mr.

Nguyen Quoc Khanh

Executive Director - Production

Born in 1964, he joined Vinamilk in 1988.

Professional qualifications

• Engineer of Food and Chemistry, Ho Chi Minh city University of Technology, Vietnam (1987).

• Bachelor of Business Administration, University of Economics, Ho Chi Minh city, Vietnam (1997).

• Bachelor of English Linguistics and Literature, University of Social Science and Humanity, Ho Chi Minh city, Vietnam (2001).

Experience

• Since 2015, he has been Executive Director - Research and Development.

• Over 10 years (2009 - present), he has held many senior management positions at Vinamilk, such as Executive Director - Supply Chain, Executive Director - Production and Research and Development, and Executive Director - Research and Development.

• Previously, in 22 years of working (1988 - 2009), he experienced different positions at Vinamilk's factories, for instance: Thong Nhat Dairy Factory, Can Tho Dairy Factory and became Director of Can Tho Dairy Factory in 2004.

Positions at other entities

• BOD member, Asia Coconut Processing JSC.

• BOD member, Driftwood Dairy Holding Corporation.

• Independent BOD member, Binh Thanh Import Export Production & Trade JSC (GILIMEX).

• Independent BOD member, Bamboo Capital JSC.

Mr.

Nguyen Quang Tri

Executive Director - Marketing

Born in 1971, he had joined Vinamilk for the period of 2009-2014 before he made a comeback as a Marketing executive director in July, 2021.

Professional qualifications

• Doctor of Business Administration at Asian Institute of Technology.

• Master of Business Administration at the University of Queensland, Australia.

• Chemical & Food Engineer at Ho Chi Minh City University of Technology, Vietnam.

Experience

• He has been appointed as Marketing Executive Director since July 2021.

• From 2019 to June 2021, he worked as Marketing Director of Masan MEATLife Corporation.

• From 2014 to 2016, he worked as Marketing Director at Masan Nutri-Science JSC.

• From 2009 to 2014, he worked as the Marketing Director at Vinamilk.

• Before 2009, he held the positions of Marketing Manager at Masan Food Corporation, Head of Marketing Department at Dutch Lady Vietnam and Assistant Brand Manager at P&G.

Position at other entities

• BOD member, Moc Chau Dairy Cattle Breeding JSC.

Mr.

Le Hoang Minh

Executive Director - Production

Born in 1964, he joined Vinamilk in 1992.

Professional qualifications

• Mechatronics Engineering - Control and Automation, Ha Noi University of Science and Technology.

Experience

• He has been appointed as Executive Director of Production since February 2022.

• During 13 years (2009-2022), he has experienced in management positions at Vinamilk such as: Technical Director of Factory, Asset Management Director, Technical and Construction Director of Production Department, Technical Director of Project Department, Production Planning Director and Director of Factory.

• From 1992 to 2009, he had held many different positions in the Production Department and Project Department such as: Technical Engineer, Production Assistant Manager, Project Manager of Tien Son Dairy Factory expansion project.

Position at other entities

• BOD member, Moc Chau Dairy Cattle Breeding JSC.

Mr.

Doan Quoc Khanh

Acting Executive Director - Dairy Farm Development

Born in 1974, he joined Vinamilk in 1999.

Professional qualifications

• Engineer in Automation, Moscow State University of Applied Biotechnology (1998).

• He belonged to the first batch of international students sent by Vinamilk to study under the training program and prepare the leadership team.

Experience

• He has been appointed to the position of Executive Director - Dairy Farm Development since September 2023.

• From 2016 to 2023, he is the CEO of Angkormilk, a subsidiary 100% owned by Vinamilk in Cambodia, and has helped Angkormilk achieve impressive growth for many consecutive years.

• Previously, from 1999 to 2016, he held various positions at factories and projects including: Project leader of Angkor Dairy Factory in Cambodia; Head of Technical Department, Head of Electrical Team - M&E Department and coordinate the project of installing powdered milk filling line at Dielac Dairy Factory; in charge of engineering, procurement, installation, putting into operation equipment of Saigon Coffee Factory project.

Positions at other entities

• CEO, Vietnam Livestock Corporation - JSC.

• BOD member, Angkor Dairy Products Co., Ltd.

General Information

Vinamilk In A Brief

Vinamilk's business model

What we depend on

The value created in 2023

Value chain

Financial Performance in 2019-2023