Thai Huong

Founder — TH Group (TH True Milk)

About Thai Huong

Key facts Role: Founder and chair of the strategic council, TH Group; general director, Bac A Bank Organisation: TH Group (TH True Milk) Country: Vietnam Sector: Dairy and food Headline figures: Reported talks to sell about 30% of TH for up to $1bn; 2023 revenue of about $700m (Vanguard data cited by VietNamNet) Thai Huong spent this year trying to bring some of the world's largest private equity firms into Vietnam's premium dairy market. In June DealStreetAsia reported that TH Group, which she founded, was in talks to sell about 30% of the company for up to $1bn. The report, carried by Znews and VietNamNet, named KKR, Warburg Pincus and CVC Capital Partners among the firms approached, with EY hired as adviser. VietNamNet said a deal on those terms would value TH at about $3.3bn, which would place it among Vietnam's most valuable private consumer businesses. None of the named firms, nor TH, commented officially, and the process was described as being at an early stage. The role Thai Huong is founder and chair of the strategic council of TH Group. She is also general director of Bac A Bank, a commercial lender founded in 1994, and she took shareholder questions in that role at its annual meeting in April. The two jobs give her unusual reach across Vietnamese agriculture: one business produces food and the other finances it. TH was set up in 2009 around the TH true Milk brand. It has since expanded into food processing, pharmaceuticals under the Trust Pharma brand and schools under TH School, and it owns farms in Vietnam, Australia and Russia, Znews reported. Vanguard Business Information data cited by VietNamNet put TH's 2023 revenue at about $700m and net profit at nearly $100m. The company recently began building a $230m food processing plant in southern Vietnam. The fundraising The fundraising tests how global investors value her model. VietNamNet noted that the implied valuation would equal roughly 70% of the market value of Vinamilk, the listed market leader, at a time when Vietnam's dairy sector has matured and foreign funds have been net sellers of Vietnamese equities since 2023. The newspaper said investors would look for sustained growth, transparent governance and international expansion potential. Thai Huong told Bac A Bank shareholders in April that TH had been working with consultants and exploring interest from international investors, but did not give details, Znews reported. Expansion She continues to expand. On 28 September she presented plans to provincial leaders of Dak Lak in Hanoi for a 960-hectare coastal eco-tourism project, with proposed investment of 28tn dong (about $1.1bn), CafeF reported, citing Bao Dak Lak. The project aims for international six-star standards, less than 12% building density and 100% clean energy. TH also reported progress on a 20,000-hectare high-tech agro-forestry complex in the same province, with planned investment of 3.9tn dong. Bac A Bank, meanwhile, set a 2026 pre-tax profit target of 1.5tn–1.65tn dong at its April meeting, which would be a record for the bank. The model Her argument, made at the Bac A Bank meeting, is that the bank and TH work under separate legal frameworks but share a development direction. The bank provides capital and strategic advice while TH runs high-tech farming. She said the aim was to make farmers "a link in the value chain", using technology for traceability and food safety, DFF reported. The model also extends to Russia, where TH runs large farming operations, VietNamNet said, giving a Vietnamese consumer brand an unusual footprint abroad. What to watch: whether a minority stake sale closes, at what valuation and with which investor, and whether it leads to an eventual listing. Watch also whether the Dak Lak projects win land approvals, and whether the Bac A Bank profit target is met. She ranks 44th for building one of Vietnam's most prominent private consumer brands and running a bank alongside it. Her company is private, and its fundraising is still unconfirmed, so her position rests on less public financial data than her peers'. Sources VietNamNet, TH Group seeks $1 billion funding as global investors circle , 15 Jun 2026 Vietnam.vn (republishing Znews, citing DealStreetAsia), Thai Huong's TH Group wants to sell 30% of its shares for $1 billion? , 9 Jun 2026 DFF.vn, AGM 2026 Bac A Bank: Chốt mục tiêu lãi 1.650 tỷ đồng... , 18 Apr 2026 CafeF (citing Bao Dak Lak), TH của bà Thái Hương đề xuất dự án du lịch sinh thái biển quy mô 960ha... , 29 Sep 2026

Why this entry is on the list

She ranks 44th for building one of Vietnam's most prominent private consumer brands and running a bank alongside it. Her company is private, and its fundraising is still unconfirmed, so her position rests on less public financial data than her peers'. TH, which was set up in 2009 around the TH true Milk brand, owns farms in Vietnam, Australia and Russia, and she is also general director of Bac A Bank.