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Unlocking Acceleration for Private Enterprises

Livestock farming is one of the three main pillars of Vietnam’s agricultural sector, with an increasing contribution to the country’s overall agriculture GDP. In 2024, livestock accounted for approximately 26% of total agricultural GDP. Vietnamese consumers are estimated to consume around 8.1 million tons of pork annually, ranking fourth in the world in pork consumption, while the industry also employs millions. The development of this sector drives growth across a wide range of supporting industries, including animal feed, veterinary services, food processing, and logistics—helping to complete the agricultural value chain.

However, data from 2022–2023 show that FDI enterprises dominate approximately 43% of the pork supply, while domestic businesses hold only 19%. In the industrial animal feed segment, FDI enterprises account for over 60% of the total output.

In this context, Resolution 68/NQ-CP—which aims to reform mechanisms and policies to support private sector growth—acts as a “regulatory breakthrough”, focusing on core challenges faced by domestic businesses: simplifying investment procedures, removing administrative bottlenecks, improving access to resources, and creating a fair and competitive business environment.

Taking his own company as an example, Mr. Trương Sỹ Bá – Chairman of the Board of Directors at BAF Vietnam Agriculture JSC (HOSE: BAF) shared that in the past, it could take up to three years to build a new farm. Thanks to Resolution 68, this timeframe could now be reduced to just one year, greatly accelerating expansion and herd development.

This demonstrates that once barriers are removed, Vietnamese enterprises—equipped with strong foundations and ambition—can thrive and compete head-on with foreign-invested companies. The resolution not only paves the way for domestic businesses to “scale up,” but also plays a crucial role in rebalancing the market share in the livestock sector, driving fairer and more sustainable economic growth for Vietnam.

Laying the Groundwork for Major Goals

At this year’s Annual General Meeting, BAF announced its strategic shift: starting from 2025, the company will dedicate its entire revenue structure to livestock operations, targeting 450,000 sows and 10 million commercial pigs by 2030. In tandem, BAF has set priorities including strengthening biosecurity, tackling environmental challenges, optimizing production costs, and ensuring a stable supply of clean pork for consumers. With a more transparent regulatory environment and policies that encourage innovation — the key challenge for businesses now lies in turning these opportunities into concrete results.

According to the Chairman of BAF, one of the company’s most critical recent moves has been to closely collaborate with the International Finance Corporation (IFC) and Muyuan Group to adopt international livestock standards and apply advanced technologies aligned with environmental protection. Notably, BAF has implemented four-layer air filtration technology, capable of blocking viruses. Additionally, waste from pig farming is treated and collected so that no odor is released into the environment. For example, a farm with 5,000 sows and 60,000 pigs, totaling around VND 500 billion in investment, dedicates nearly VND 50 billion solely to wastewater treatment systems.

Sharing further about theВ multi-story pig farming project, Mr. Ba noted that onВ June 29, theВ Tay Ninh Provincial People’s Committee officially approved the investment policyВ for a High-Tech Multi-Story Livestock Complex consisting of four projects: two multi-story pig farms with air filtration and odor control technology (Tay Ninh 1 and 2), a livestock feed factory, and a slaughtering and pork processing plant. Following approval, BAF is continuing to work withВ provincial authorities, the Ministry of Agriculture, and the Ministry of EnvironmentВ to complete procedures related toВ Environmental Impact Assessments (EIA)В and land-use planning, in order to meet the construction conditions. Currently,В BAF has all the necessary resources ready to implement the project.

Perspective of BAF’s High-Tech Multi-Storey Pig Farming Complex Project Approved for Investment Policy by Tay Ninh Province

In addition, BAF’s entire Feed – Farm – Food livestock value chain adheres to international standards; it has been independently assessed and certified by globally recognized organizations. From day one, BAF has been steadfast in its investment in building a complete farming chain—an approach that enables the company to optimize long-term business costs. Currently, BAF is self-sufficient in animal feed supply (which accounts for about 60% of pig farming cost), and it protects its herds through stringent biosecurity solutions. At the same time, having a self-operated value chain allows the company to control the quality of both input materials and finished products before delivering meat to consumers.

Additional Information:В 

BAF is currently one of the leading livestock companies listed on the stock exchange (HOSE: BAF). In May alone, BAF reported sales of 74,000 pigs, generating VND 550 billion in revenue. Cumulatively for April and May 2025, the company sold 134,000 pigs, earning approximately VND 1 trillion—nearly equal to the total revenue for the entire year 2023.

Also in May, BAF Vietnam signed a strategic cooperation program with the Ministry of Agriculture and Environment to jointly implement scientific and technological applications aimed at promoting the circular economy in modern livestock farming. This activity was part of the Conference on the Implementation Plan of Resolution No. 57-NQ/TW by the Politburo regarding the development of science, technology, innovation, and national digital transformation.

Minh TГ i

FILI

– 09:45 18/07/2025

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The new project, featuring a capacity of 5,000 sows and 150,000 market pigs per year, is expected to generate annual revenue ranging from VND 850 billion to VND 950 billion.

Large-Scale, High-Tech Livestock Operation

Not only is BAF investing in scale, but according to Mr. Nguyen Van Minh – Deputy General Director of BAF – the company is also prioritizing the integration of advanced livestock technologies aimed at enhancing biosecurity and environmental protection, two of the most pressing concerns in the livestock industry.

“Specifically, BAF will implement a four-layer air filtration system and a five-level intelligent biosecurity system to effectively prevent the spread of dangerous pathogens such as PRRS and PED – infectious diseases caused by viruses that severely affect pigs’ reproductive and respiratory systems. A key focus is the prevention of African Swine Fever (ASF). These measures will help establish a safe living environment for the animals, improve disease control efforts, and protect the herd amid ongoing, complex disease outbreaks.

The farm’s high-tech livestock management processes will also be automated through the use of AI applications and tools. These will monitor the pigs’ condition and weight, enable intelligent disease detection and diagnostics, and automatically regulate microclimate factors such as temperature, humidity, lighting, and ventilation—ensuring optimal living conditions for growth and development” – Mr. Minh stated.

BAF is also making robust investments in environmental safety, with the implementation of a smart deodorization and disinfection system capable of eliminating over 95% of odors and thoroughly purifying exhaust air, thereby ensuring clean and safe emissions.

Additionally, a state-of-the-art wastewater and waste treatment system will support water conservation efforts and produce organic fertilizer for agricultural use—part of BAF’s commitment to a circular economy model. This approach reinforces the company’s broader mission to promote sustainable development in both livestock farming and agriculture.

The groundbreaking ceremony for the project took place on the morning of July 17, 2025.

Implementing Group Housing Model for Sows

BAF has adopted the Group Housing model for sows — a livestock farming approach that meets international animal welfare standards set by organizations like the World Organisation for Animal Health (OIE) and the European Union.

This model will continue to be expanded across BAF’s existing and future farms. Under the Group Housing model, sows are raised in spacious environments that allow them to move freely, interact socially, and exhibit natural behaviors. At the same time, nutritional and physical activity management is scientifically monitored to maintain biosecurity and farming efficiency.

Scientific research conducted by international animal welfare organizations has demonstrated that group housing can help reduce animal stress and enhance the overall health of the herd. As a result, sows have stronger immunity and are less prone to disease, while piglets born from group-housed sows tend to be healthier and of higher weight and quality.

BAF has implemented this model and plans to expand it to more farms in the future.

In 2025, BAF is actively accelerating the rollout of new farming projects based on a comprehensive application of advanced standards — from strict disease control and modern, eco-friendly pig farming practices to ensuring a stable pork supply, maintaining food safety, and protecting public health.

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Doubling Profit Target with Nearly 900,000 Pigs Sold

According to the business plan revealed exclusively at the AGM, BAF is aiming for the target revenue of over VND 5.6 trillion, with livestock operations contributing nearly VND 5.46 trillion – a 1.69x increase over the previous year.

The company projects VND 774 billion in pre-tax profit and VND 638 billion in net profit, of which approximately VND 636 billion will come from pig farming activities. The remaining contribution comes from the feed production segment. It’s worth noting that in 2024, BAF achieved an impressive net profit of VND 319 billion, a 10-fold increase year-on-year—marking the second-highest profit in its history after 2021.

Speaking at the AGM, CEO Bui Huong Giang emphasized that despite stable top-line revenue, the sharp increase in profit is driven by a strategic shift: in 2025, 100% of operations will focus on pig farming, compared to 60% in 2024 (the remaining 40% previously came from crop trading). “Our 2025 plan is fully centered on livestock, which marks significant growth. We aim to sell nearly 900,000 pigs this year, so in reality, our livestock revenue is increasing,” she added.

Output and Margin Expectations

In 2025, BAF plans to sell over 831,000 market hogs and more than 41,000 breeding pigs, totaling 872,000 pigs. This is expected to generate approximately VND 5.5 trillion in revenue and nearly VND 1.5 trillion in gross profit, with a gross margin of about 27%.

Navigating Challenges, Leveraging Market Trends

Despite market challenges in 2024 – such as Typhoon Yagi in Northern Vietnam and outbreaks of African Swine Fever (ASF), especially among smallholders – BAF delivered strong results. According to the Ministry of Agriculture and Rural Development, Vietnam’s pork output reached 5 million tons in 2024, up 3.7% YoY, while live hog prices rose from VND 50,000/kg to nearly VND 70,000/kg, a 31–35% increase nationwide. Simultaneously, lower feed costs improved overall profitability.

With the new Livestock Law effective from early 2025, a structural shift from households to industrial-scale farming is accelerating. BAF plans to leverage this transformation by expanding operations and strengthening biosecurity to maintain herd size while executing M&A strategies to acquire new farms.

In 2025, BAF will deploy 13 new farms/farm clusters, along with 2 new a feed mill in Binh Dinh and a meat processing plant in Binh Phuoc, both already under construction.

“BAF currently operates 40 farms, not including contract farms. We’re racing against time to reach our 2030 target of 10 million commercial pigs. We’ve also received approval to invest in multi-story pig farms with a capacity of 64,000 sows, a model capable of supporting millions of commercial pigs” said CEO Giang.

Q1 2025: Exceeding Expectations

In Q1/2025, BAF recorded over VND 1.1 trillion in revenue—slightly down YoY, but with improved livestock contribution. BAF sold 160,000 pigs, and pre-tax profit reach at VND 140 billion, slightly up from the same period last year.

The AGM approved the retention of all 2024 profits, with no dividend distribution until the end of 2026. BAF requires substantial capital to build new farms and scale operations.
Chairman Truong Sy Ba explained:

“To reach our 2030 goal of 10 million commercial pigs, we’ll need VND 54 trillion in total investment. We are committed to reinvesting all profits. International partners like IFC have agreed to this strategy and understand the long-term value. Our vision is to scale significantly by 2027, after which we aim to begin distributing dividends.”

The total herbs are excepted: 900,000 pigs in 2025; 165,000 sows & 1.8 million commercial pigs in 2026; 250,000 sows & 3.5–4 million commercial pigs in 2027

Sustainability is inevitable, almost unaffected by US tariffs

On the topic of U.S. tariff policies under Donald Trump, Chairman Ba reassured shareholders that BAF would not be significantly affected.

“We import corn, soybean meal, and wheat from South America, the U.S., and the Black Sea. If tariffs rise, China – the largest buyer – may retaliate, causing prices to fall, which actually benefits us.”

BAF sees sustainability as a long-term necessity:

“ESG is easy to talk about but costly to execute,” CEO Giang noted. “However, Vietnam is committed to carbon neutrality. If companies want to survive and thrive, sustainability is no longer optional.”

“BAF invests in green and sustainable practices, and we believe consumers will increasingly recognize and support these efforts—even if it means paying a bit more.”

The AGM also approved the registration of privately issued convertible bonds on the HNX, originally sold to IFC (Bond code: BAFH2330001). Issued in March 2023, the 7-year, non-collateralized bonds carry a fixed interest rate of 5.25%/year, with a supplementary rate for early redemption or non-conversion.

In governance updates, shareholders approved the resignation of Supervisory Board members Ms. Hoang Thi Thu Hien and Mr. Nguyen Quoc Van, and elected Ms. Duong Thi Hong Tan and Ms. Tran Thi Thanh Tra, both nominated by major shareholder Siba Holdings.

All proposals presented at the 2025 AGM were passed.

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