IFC to invest $39 mln in Vietnam agri major BaF as strategic partner
The World Bank’s investment arm IFC has become a strategic partner in Vietnam-based BaF following Vietnamese regulatory approval of an IFC proposal to invest $39 million investment in the leading agri firm.
BaF chairman Truong Sy Ba and Samuel Dzotefe, IFC senior manager for manufacturing, agribusiness and services in Asia, announced the partnership in Ho Chi Minh City on Thursday. They also signed two investment agreements for this $39 million amount.

IFC Asia senior manager Samuel Dzotefefor (left) and BaF chairman Truong Sy Ba at their partnership announcement event in Ho Chi Minh City on February 23, 2023. Photo courtesy of BaF.
This investment is part of IFC Agribusiness’ African Swine Fever (ASF) Regional Recovery Program. The financing, equal to VND900 billion, is for a convertible bond and a VND300 billion senior bond, both for IFC.
Vietnam’s State Securities Commission approved BaF’s private placements for IFC on February 20.
“By supporting companies like BaF, we are promoting the development of more efficient and sustainable private enterprises along the agribusiness supply chain. This will help boost competition and improve farming standards, supporting the food sector’s continued modernization and implementation of international best practices,” said Dzotefe.
This IFC funding aims at supporting BaF in growing its genetic breeding stock and breeding farms.
According to the World Bank’s private-sector arm, the sites for this financing project include two feed mills, one in the planning stage while the other is under construction; one slaughterhouse and meat processing facility in the planning stage; and expansion of pig farm production capacity with 13 sow farms and 18 hog farms.
Of these 31 farms, one is in operation, four are under construction, four are bidding for contractors, and five are in the planning stage. The remaining 17 farms were not yet identified at the time of the appraisal, according to IFC.
IFC says BaF’s farm expansion model serves to identify suitable locations for pig farms, through either acquiring the land use right directly via self-build, own-and-operate, or engage partners to conduct construction under a lease back and/or rental arrangement.
IFC is the largest global development institution focused on the private sector in emerging markets. Supporting the livestock sector is a key focus of the investor’s engagement in Vietnam.
Bui Huong Giang, CEO of BaF, said: “With the guidance and support of IFC, we will shift from individual animal breeding to group breeding… Other tasks in the complete livestock supply chain, such as feed production, transportation, slaughtering, and distribution will comply with the highest global standards of IFC.”
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