Thai food giant Charoen Pokphand’s Vietnam revenue grows 9% in H1
Thailand’s Charoen Pokphand Foods Public Company Limited (CPF) recorded revenue of THB63,581 million ($1.85 billion) from its Vietnam operation in the first half of this year, up 9% year-on-year.
CPF's factory in Binh Phuoc province, southern Vietnam. Photo courtesy of the company.
In terms of products, the farming business, including animal breeding, live animals, and processed meat and eggs, was the biggest cash earner with THB43,058 million ($1.26 billion), up 19% year-on-year and accounting for 68% of the total.
It was followed by animal feed with THB16,308 million ($475.5 million), down 10%, accounting for 26% of the total. Food recorded a growth rate of 9%, reaching THB4,215 million ($122.9 million) and making up 6% of the total.
Vietnam was CPF’s second-biggest market in the period in terms of revenue, with 22% of the total. The country was only behind Thailand, CPF’s home market, with THB106,901 million ($3.12 billion), down 5% year-on-year and making up 36.9% of the total.
CPF attributed its strong performance to the improvement in meat prices, especially swine prices in Vietnam.
CPF's records of farm produce prices in Vietnam from Q1/2022. Photo courtesy of CPF.
CPF started investing in Vietnam in 1993 with its first factory in the southern province of Dong Nai. In Vietnam, the firm now operates nine animal feed factories and three others for food processing.
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