Vinamilk

Consumer Staples

VNM

Asset Class: Public Equity

Dates Invested: 2003 – 2021

Entry Method: Private Equity (Privitisation)

Vinamilk is the largest dairy company in Vietnam. We invested during its transition from a state-owned enterprise to a privatized entity. Over the course of our 17-year investment, Vinamilk evolved into a market leader, with its products reaching consumers in 63 countries. Today, it is recognized as one of the Top 10 Most Valuable Dairy Brands globally. We exited the company following the successful maturation of the business.

Investment Rationale:

With a youthful population of 100 million and rapidly rising incomes, Vietnam is increasingly hungry for both staple and discretionary goods. Its middle class is the fastest-growing in the region, making domestic consumption a central pillar of the investment thesis. Today, domestic consumption accounts for roughly two-thirds of Vietnam’s GDP.

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