IFC investment head joins agri-producer Mavin’s board of directors

By Tuong Minh
Wed, October 5, 2022 | 2:57 pm GMT+7

Adam Sack, chief investment officer at International Finance Corporation (IFC), has become a nominee director on the board of directors of agri-business group Mavin, which received a $52 million investment from the World Bank unit this September.

“This is an important milestone in the cooperation between Mavin Group and IFC after signing our strategic partnership agreement on May 12, 2022, opening a new chapter for the development of Mavin,” the Australian-invested company announced from Hanoi, where it is headquartered.

“Adam Sack has worked in Vietnam and has a deep understanding of the Vietnamese investment and business environment, especially in agriculture and animal husbandry,” added the Monday announcement on Mavin’s website.

Prior to becoming the IFC chief investment officer, Sack had served as the IFC country manager in Vietnam, Laos, Cambodia, Indonesia, Sri Lanka, and the Maldives.

Adam Sack (right) attends Mavin's Q3/2022 board of directors meeting in Hanoi. Photo courtesy of the company.

Adam Sack (right) attends Mavin's Q3/2022 board of directors meeting in Hanoi. Photo courtesy of the company.

Mavin has four business units - pork production, meat processing, feed mill operation and veterinary health products manufacturing - located across the country. The three pig breeding farms of Mavin supported by the IFC's $52 million investment include a 62-hectare farm in K'Bang district, Gia Lai province; a 100-hectare farm in Anh Son district, Nghe An province; and a farm of 45 hectares in Dong Thap province’s Cao Lanh district.

At present, IFC is considering a $39 million investment in BaF, a Vietnamese pork producer and feed mill operator. In July 2021, the global investment firm put $43 million into GreenFeed Vietnam Corporation to help the domestic firm expand its pork production activities.

Comments (0)
  • Read More
Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spends $1.8 bln on coal imports in Q1, mainly for power plants

Vietnam spent more than $1.8 billion importing 17.27 million tons of coal in Q1, primarily to fuel thermal power plants, according to the General Department of Customs.

Economy - Mon, May 5, 2025 | 10:24 pm GMT+7

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Vietnam’s utility major REE records 27% net profit growth in Q1 on power segment surge

Private utility firm REE Corporation posted strong profit growth in Q1, primarily driven by a significant improvement in its power segment compared to the same period last year.

Companies - Mon, May 5, 2025 | 10:00 pm GMT+7

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam to hold first round of trade talks with US on Wednesday

Vietnam will hold its first round of negotiations with the U.S. on bilateral trade Wednesday, Prime Minister Pham Minh Chinh said at the ongoing session of the country's parliament.

Economy - Mon, May 5, 2025 | 4:40 pm GMT+7

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé Vietnam announces new investment in flagship coffee plant

Nestlé will make an additional investment of $75 million to expand its Nestlé Tri An plant in the southern Vietnam province of Dong Nai, bringing its total investment in the facility over 2024-2025 to $175 million.

Companies - Mon, May 5, 2025 | 4:35 pm GMT+7

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

Vietnam legislature’s ongoing session to mark 'historic breakthrough in institutional reform'

The National Assembly's session which opened on Monday morning will make a critical step forward in institutional reform, paving the way for a new era of modernization, digital transformation, green growth, and sustainable development, said the parliament's Chairman Tran Thanh Man.

Politics - Mon, May 5, 2025 | 3:53 pm GMT+7

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam drops to 44-month low over US tariff concerns: S&P Global

Business confidence in Vietnam dropped sharply in April to the lowest since August 2021, as manufacturers were concerned about the impact of U.S. tariffs on production in the months ahead, according to S&P Global.

Economy - Mon, May 5, 2025 | 3:24 pm GMT+7

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ford distributor City Auto chairman’s wife plans $5 mln buy to become major shareholder

Ngo Thi Hanh, wife of Ford distributor City Auto (HoSE: CTF) chairman Tran Ngoc Dan, has registered to buy 6 million CTF shares to increase her ownership to 6.4%, according to the Ho Chi Minh Stock Exchange (HoSE).

Companies - Mon, May 5, 2025 | 11:41 am GMT+7

HCMC street retail spaces vacant despite rent cuts

HCMC street retail spaces vacant despite rent cuts

Street retail spaces in Ho Chi Minh City, Vietnam's economic hub, continue to face persistent vacancies, as they struggle to compete with modern retail spaces that offer a wider array of goods and services.

Real Estate - Mon, May 5, 2025 | 11:14 am GMT+7

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

State-controlled giant Vietnam Rubber Group reports strong Q1 profit on high latex prices

Vietnam Rubber Group-JSC reported a net profit of VND1,184 billion ($45.5 million) in Q1/2025, 2.5 times higher than Q1/2024, which was largely driven by sustained high rubber latex prices amid rising global demand and tight supply.

Companies - Mon, May 5, 2025 | 8:22 am GMT+7

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

KRX trading system to go live on Monday: A 'pivotal milestone' for Vietnam's market status upgrade

The official launch of the new KRX trading system on May 5, after more than a decade of preparations, will mark a pivotal turning point for Vietnam’s stock market status upgrade, said Nguyen Duy Hung, chairman of leading broker Saigon Securities Inc. (SSI).

Finance - Sun, May 4, 2025 | 10:02 pm GMT+7

Vietnam distributor of Chinese EVs reports big profit growth in Q1

Vietnam distributor of Chinese EVs reports big profit growth in Q1

Vietnam’s TMT Motors Corporation (HoSE: TMT), the distributor of Chinese electric vehicle brand Wuling, reported VND33.76 billion ($1.3 million) in Q1 after-tax profit, about 125 times higher than Q1/2024.

Companies - Sun, May 4, 2025 | 7:38 pm GMT+7

Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant

Vietnamese EV maker VinFast signs loans worth $190 mln for Indonesia plant

VinFast, the electric vehicle arm of Vietnam's leading private conglomerate Vingroup, has secured a long-term syndicated loan agreement worth IDR1.85 trillion ($110 million) and an $80 million accordion facility from two Indonesian banks to finance the construction of its plant in Indonesia.

Companies - Sun, May 4, 2025 | 12:55 pm GMT+7

Vietnam's logistics major Transimex targets 20% profit growth in 2025

Vietnam's logistics major Transimex targets 20% profit growth in 2025

Transimex, a top logistics firm in Vietnam, targets net profit of over VND204 billion ($7.8 million) for 2025, up 20% year-on-year, on revenue of over VND3.36 trillion ($129.2 million), up 1%.

Companies - Sun, May 4, 2025 | 12:23 pm GMT+7

Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies

Vietnam's retail giant Petrolimex seeks foreign partnership in green energy technologies

Vietnam's biggest gasoline retailer Petrolimex has started selling biofuels and is actively seeking opportunities to partner with international players to invest in green energy technologies. Chau Anh reports.

Companies - Sun, May 4, 2025 | 9:37 am GMT+7

Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast

Vietnam's major tire maker Danang Rubber to be supplier of EV maker VinFast

Danang Rubber JSC (DRC), a subsidiary of Vietnam’s state-owned chemical giant Vinachem, will develop a dedicated line of electric vehicle (EV) tires while rolling out products to support its new partnership with the country's leading EV manufacturer VinFast.

Companies - Sun, May 4, 2025 | 8:00 am GMT+7

Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil

Vietnam’s VN-Index world’s second-worst performer in Apr amid US tariff turmoil

Vietnam’s benchmark VN-Index dropped by more than 80 points, or 6.2%, in April, ranking as the second-worst performing stock index globally, according to data compiled by IndexQ.

Finance - Sat, May 3, 2025 | 6:48 pm GMT+7