After taking control of the market leader in Tho Phat dumplings, the CEO of KIDO said he will make braised pork and eggs, meatballs, beef stew, and processed vegetables.
After a year of research, in April, KIDO Group Corporation (KDC) acquired 25% of shares of Tho Phat International Joint Stock Company (Tho Phat dumplings) - the unit with the largest market share of dumplings in Vietnam. To date, the company has increased its ownership of Tho Phat dumplings to 68% of shares - controlling the brand.
Having taken control of Tho Phat since September, the CEO of KIDO believes that, because he respects the name "Tho Phat", there will not be many changes to the brand. The company also does not participate much in the executive board but only focuses on the stages that this brand does not know how to utilize to increase its value.
Accordingly, all employees at Tho Phat's company will remain the same. Tho Phat's management board will be responsible for production management. KIDO will participate in distribution, research and product development activities, in which Mr. Tran Quoc Nguyen - Deputy General Director of KIDO will be the CEO of Tho Phat International.
On the morning of October 10, not long after the two sides officially became one, KIDO CEO Tran Le Nguyen and Tho Phat founder Vu Phuoc Tho shared the fate between the two businessmen and the company. They also said that they wanted to bring Vietnamese cuisine to the world, so they joined hands to make the dream come true.
Mr. Tran Le Nguyen (left) and Mr. Vu Phuoc Tho share about the opportunity to cooperate together. Photo: Thi Ha
According to Mr. Tran Le Nguyen, 450,000 points of sale of essential food products, 120,000 points of sale of cold products, a wide logistics system... of KIDO will easily integrate advantages into Tho Phat to make this brand become a national kitchen and export to the world.
In addition to expanding the distribution of dumplings to the Northern and Central markets, in 2024, Tho Phat will launch processed products such as braised pork with eggs, meatballs, beef stew, processed vegetables... These products focus on the young customer segment who prefer convenience but still ensure a nutritious and delicious meal.
This year, Tho Phat aims for revenue of 1,100 billion VND and profit of 150 billion VND. According to KIDO's expectations, after being under one roof, Tho Phat's revenue will triple next year.
Tho Phat was established in 1987, operating in the food processing sector with a variety of product lines, with more than 6,000 points of sale on many channels. This brand owns a factory in Hiep Phuoc Industrial Park (HCMC) with an area of over 22,000 m2, with a capacity of 10,000 tons of products supplied to the market each year. The company specializes in dumplings, rice cakes, sticky rice, baked cakes, fried cakes...
KIDO leads the market in the ice cream industry with a market share of 44.5%; margarine industry 74.9%, cooking oil accounts for about 30% market share. In 2021, this unit also officially returned to the bakery industry.
Thi Ha
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