The growth strategy of the Vietnamese dairy giant

That is the new strategy of Nutifood on the way to the world that Tran Bao Minh is implementing. Tran Bao Minh said, he went to the US, France, EU, Japan, Australia... and discovered many companies, small farms with hundreds of years of history, beautiful brands, good stories, unique products but were "swallowed" by "big guys", mass-producing at cheap prices. The remaining ones also have their own customer base but it is very difficult to develop.

Báo Thanh niên•15/10/2025

"That's what Nutifood is aiming for," Tran Bao Minh said. He wants to "borrow" good stories from these businesses, combined with Nutifood's advantages to conquer the Southeast Asian market of a billion people with rapidly increasing purchasing power. Because he knows very well that in this dynamic economic region, products associated with inspirational stories are extremely important. Tran Bao Minh witnessed a Singaporean business buy a small brand with a unique story in Morocco and successfully build a high-end coffee chain in the lion island. That further strengthens Tran Bao Minh's strategy of "borrowing stories, joining forces" with small businesses in Western countries that still retain their own, long-standing secrets that the "big guys" do not have. And if it is possible to use those secrets but industrialize them to make them bigger and faster, then...

Linking with Western businesses to conquer the Southeast Asian market is Nutifood's goal.

Photo: NT

"I want those companies to be Nutifood's satellites. Of course, it's not simple because even though they are small, they have pride that has been passed down through many generations. So I have to build a big enough story, along with an attractive enough opportunity to convince them," Tran Bao Minh said.

Tran Bao Minh's "big enough story" is that Nutifood has the potential to reach out to the rapidly growing Southeast Asian market and is the leading nutritionist in the domestic market of 100 million people.

"I told them, Vietnam is the future, like the US market 50 years ago, we have something for them to develop. You know, the Indonesian, Thai markets... still prefer American and European products. So we will "borrow" stories from the West to conquer Southeast Asian consumers. If you ask me to expand, I will expand in that way. I will have British, French, American brands... all complete, but serve the rapidly growing rich Asian people to bring money back to Vietnam", Tran Bao Minh laughed heartily, satisfied with his plan. He is dreaming of a day when with such a combination, Nutifood will have more high-quality products, with inspirational stories to reach out to the world .

The quality, stories and experiences of many Western businesses have been recognized by the market.

Photo: NT

Tran Bao Minh has clearly determined that he is not racing after the things that have "identified" the No. 1 position in the market, but Nutifood will have to be No. 1 in some things. "They have been producing that product for decades, they are more effective than us, cheaper than us, better than us, how can we beat them? We have to be more different, more unique and more trendy. That is difficult, not simple, but we absolutely cannot be like them, being like them means losing, my friend," Minh emphasized.

The same evening we met, Tran Bao Minh had a phone appointment with the owner of a "small" company in the US. During his previous trip to the land of the stars and stripes, he saw this company's products "sitting proudly" on the shelves with prices twice as high as popular products of the same type. "Because of quality and difference. That is also the strategy that Nutifood has shaped for itself in the new era," Minh asserted.

When saying "Vietnam is the future" to convince his partner, Tran Bao Minh said what he really thought. The topic we first mentioned in the story was about the changes in the country in 2025 to prepare for the era of wealth and prosperity. From a business perspective, he affirmed: Vietnam is now too attractive for investment.

"If we look ahead to the next 10 years, Southeast Asia is emerging as a dynamic economic region, with a rapidly growing middle class and large consumer demand. An investor who sees opportunities in this region will choose a country with stable telecommunications infrastructure, roads, currency, economy, politics ..., build a few factories and then "hit" the entire Southeast Asian market of nearly 1 billion people with a growth rate of 6-8%/year. In that picture, if you put a ranking, Vietnam could be in the leading position," Tran Bao Minh analyzed. Vietnam is targeting 8.5% economic growth this year and double digits in the coming years. The investment environment is improving rapidly, especially with stable politics and society.

But also in the position of an investor, Tran Bao Minh raised the question: We have many points to attract eagles, so we also have to set up a set of criteria to see what is needed for the "eagles" to land? We need to promote what we are good at, and improve what we are weak at. For example, an American enterprise wants to build a technology factory. In addition to the basic factors of infrastructure and macroeconomic stability, the issue they will care about is highly qualified workers who can do the job. If Vietnam wants to attract investment in this field, it must have vocational training schools and prepare human resources. But skills and qualifications alone are not enough. An issue Tran Bao Minh repeatedly mentioned in our conversation is the discipline, compliance and industry of the workers.

"Many of our people, the more skilled they are, the less they comply. The 5-step operating process, but after a while, they automatically cut 1-2 steps. They just click their tongues, 'Oh my gosh, why does that need so many steps?' No, my dear. To get to that 5-step process is a combination of science, experience, and hundreds of years of research. It's okay to skip 1 step today, but if only 1% of things go wrong, everything will be ruined. So in foreign countries, they are very compliant, day after day, year after year, so proficient that they can do it with their eyes closed, but they never automatically cut down on the process. That's the industrial nature that we have to learn if we want to industrialize the country," Tran Bao Minh said in one breath, and I was suddenly startled. It's true that somewhere in each of us there is still that mentality...

I have actually heard many businessmen share this issue. Developed countries like Vietnam are fortunate to have the latest and best technology. But having the most modern factory and the most advanced machinery and equipment does not mean we can produce the best quality products. That is only the necessary and sufficient condition: people and the mindset to operate safely and effectively. So along with modernizing machines, we must modernize people.

"We want to escape from the tight shirt so we have to break through the mindset. We have the potential and have the right policies to mobilize all resources in society, so where we go is up to us to decide. But don't be impatient and do it piecemeal. We do it now, 5-7 years later we will have the first sprouts. From those first sprouts, we plant them so that we can have a beautiful, solid and sustainable forest," Tran Bao Minh noted.

Having the opportunity to talk with Tran Bao Minh, who has been dubbed "Vietnam's marketing wizard" for many years in a row, I began to notice his "maturity". Still full of confidence, Tran Bao Minh now has the composure of a battle-hardened veteran. He controls the journey to the goal, optimizes opportunities, and consolidates a solid foundation while traveling, not being noisy and all-in like before. Tran Bao Minh said that a company, like a country, must have its own growth theory. That theory must take advantage of the opportunities of the times but also optimize its own advantages, not rushing after "trends" like a moth to a flame. "So what is your growth theory and that of Nutifood in the new era?", I asked. Tran Bao Minh replied: The growth theory of Nutifood in particular and sustainable businesses in general is not measured by sales scale but by net profit/capital.

"If we do it big but use up all natural resources, destroy the environment, and disregard ethics... if we do it big, many big guys will die. So Nutifood Company has a clear vision that if we do it, we will immediately make a profit of several hundred billion VND, but we do not do it. It takes away resources that should be put elsewhere to create better, more sustainable growth. It is always a choice, the problem is what you choose," he shared.

The cows raised at Mang Yang are highly productive and give very good quality milk.

Photo: NT

Having said that, Tran Bao Minh also understands that overcoming himself when facing such stories is not simple. Sometimes, looking at the "small" guy next to him growing rapidly, even though he knows it is not sustainable, there are still some hesitations in the team. On the contrary, there are periods of complacency that make people "fall asleep", and competition in the market does not allow us to be negligent even for a minute. All of those things always appear in the development journey of any business.

"It could be when you are winning some new products, you look around absentmindedly but think that others are not as good as you. It's like when you go to some airports in the US, Europe..., you see that they are not as beautiful, modern, or luxurious as many airports in Asia. But don't think that new airports operate more efficiently and safely. They may be very beautiful because they were built later, everything is the newest and most modern, but it is not necessarily the best. Because to be the best, it also depends on the people operating it. The key is still the people," Tran Bao Minh emphasized.

"The key is people" by Tran Bao Minh always has a very broad meaning. It also means that each person must overcome themselves, know how to look down to learn good things, know how to look far to ignore unsustainable things, know how to look deep to not underestimate opponents...

That was also the moment I saw a "very mature" Tran Bao Minh.