Thai food giant Charoen Pokphand earns $3.62 bln in Vietnam in 2024

Thailand’s largest meat producer, Charoen Pokphand Foods Plc (CPF), earned a revenue of THB122 billion ($3.62 billion) in Vietnam in 2024, up 5% year-on-year.

According to the firm’s performance review for 2024, the revenue in Vietnam accounted for 21% of CPF’s total revenue, or the second-biggest portion.

Thailand, its domestic market, made up 37% of the total, or the biggest portion. The third rank belonged to China with 6%.

In terms of products, the farming business, including animal breeding, live animals, and processed meat and eggs, was the biggest cash earner with THB83,379 million ($2.47 billion), up 12% year-on-year and accounting for 68% of the total.

It was followed by animal feed with THB30,187 million ($894.7 million), down 10%, accounting for 25% of the total.

Food recorded a growth rate of 8%, reaching THB8,467 million ($251 million) and making up 7% of the total.

CPF attributed the growth in Vietnam to improvements in meat prices, especially in swine prices.

Regarding business lines, livestock accounted for the biggest portion with THB106,747 million ($3.16 billion), up 8% year-on-year; followed by aquaculture with THB15,286 million, down 11%.

CPF started investing in Vietnam in 1993 with its first factory in the southern province of Dong Nai. In Vietnam, the firm now operates 21 factories, including eight animal feed plants, four fisheries feed plants, two fisheries processing plants, and seven meat processing plants.

Earlier this month, CPF said it is preparing to speed up the initial public offering (IPO) and listing of its biggest offshore unit in Vietnam to fund expansion.

CPF CEO Prasit Boondoungprasert said the company will begin the IPO process as soon as it receives Vietnamese authorities’ approval.