BaF Vietnam Agriculture JSC (BaF Vietnam) will start construction of two pig farms with a total investment of VND1,240 billion ($50 million) in Nghe An province next month.
Ho Le Duc, a BaF Vietnam representative, said the provincial People’s Committee approved investment plans for the two projects in June 2021.
Accordingly, the VND800 billion ($32.24 million) Giai Xuan farm covering an area of 52.07 hectares in Giai Xuan commune, Tan Ky district will have a designed capacity of 5,000 sows and 60,000 pigs per batch.
The VND440 billion ($17.7 million) Tan Hop farm covering 32.56 hectares in the eponymous commune, also in Tan Ky district, will have a capacity of 60,000 pigs per batch.
Construction of both farms, which will have a lifetime of 50 years, are scheduled to be completed in the first quarter of 2023. Duc said his company was currently applying for adjustments to detailed plans and obtain construction permits.
The Giai Xuan project has completed payment of compensation and site clearance, while 50% of this work is done for the farm in Tan Hop.
BaF Vietnam, a subsidiary of the Tan Long Group established in 2017, is listed on the Ho Chi Minh Stock Exchange (HoSE) as BAF. Its strategy is to develop a closed pig farming model called 3F (feed-farm-food). The company targets producing 45,300 sows and over 1.1 million pigs by 2024.
In the first nine months of the year, BAF Vietnam recorded revenues of nearly VND4,890 billion ($197 million), down 46% year-on-year and after-tax profits of more than VND286 billion ($11.53 million), up 17%.
The company’s revenue for the whole year is estimated at VND5,950 billion ($239.8 million), a drop of 43% compared to 2021, while its after-tax profit is expected to hit VND402 billion ($16.2 million), an increase of nearly 25%.
Earlier, the BaF Meat brand launched “vegetarian pork,” made with pigs that are given bran wholly made from plant-based materials and plant-based protein.
The company aims to raise 200,000 “vegetarian pigs” and offer 1.6 million BaF Meat branded products to the market by 2030. Its products are expected to be put on sale at 1,500 Siba Food stores and 15,000 BaF Meat shops across the country.