Vietnam agribusiness TTC AgriS invests $1.5 mln in Australia firm

Vietnam's leading agribusiness Thanh Thanh Cong-Bien Hoa JSC (TTC AgriS) has invested $1.5 million in East Forged, an Australian food & beverage (F&B) firm.

In a Thursday announcement, TTC AgriS, listed on the Ho Chi Minh Stock Exchange (HoSE) as SBT, said its member company Global Mind Australia has completed the investment.

The move aims to promote natural cold brew nitro ready-to-drink tea products and expand the products into the Australian and ASEAN markets.

Founded in 2020, East Forged specializes in producing naturally cold-brewed tea without added sugar, artificial colors, or flavors. With the new capital from Global Mind Australia, East Forged will focus on product innovation and expanding its market to Asia, where tea-based beverages are highly popular.

"The partnership between Global Mind Australia and East Forged brings a new ready-to-drink tea product line, proudly made in Australia, to the ASEAN region, aligning with the approach to provide nutritional value that is beneficial for consumers' health," said Global Mind Australia CEO Duyen Doan.

Dang Huynh Uc My, chairwoman of TTC AgriS, highlighted the firm's growth strategy in Australia is deeply rooted in the agriculture and food industries, integrating cutting-edge technology with sustainable practices.

"To promote this, we collaborate with local businesses through joint investments and strategic agreements with small and medium-sized enterprises (SMEs) in the food and beverage sector," she added.

Dang Huynh Uc My was promoted to chairwoman of the company in July, succeeding her mother Huynh Bich Ngoc. The company is a subsidiary of TTC Group, a major multi-sector conglomerate in Vietnam. My is the daughter of Ngoc and TTC Group chairman Dang Van Thanh. Thanh was a founder and chairman of Sacombank (HoSE: STB) for years until 2012.

TTC AgriS said the appointment represents a transfer of power between the two generations that will strengthen the company's internal strength towards meeting the revenue target of VND60 trillion ($2.36 billion) by 2030.