Vietnam PM urges world's food industry leader JBS S.A to invest in livestock farming, meat processing

Brazil’s JBS S.A, the world’s largest meat processing enterprise, should consider investing in livestock farming, meat processing, industrial crops, and coffee processing in Vietnam, said Prime Minister Pham Minh Chinh.

At a reception for Renato Costa, CEO of Friboi under JBS S.A, in Hanoi on Thursday, Chinh asked the Brazilian group to expand its cooperation and investment in Vietnam in the areas where it holds strengths.

“JBS S.A can form joint ventures or partnerships with Vietnamese enterprises, or make direct investments; collaborate to diversify markets, products, and supply chains; while also connecting other businesses to invest in Vietnam,” he said.

Vietnam will create favorable conditions for the group’s operations based on the principle of “harmonizing benefits, sharing risks”, the PM stated, adding he will instruct the Ministry of Planning and Investment to provide more specific guidance and other agencies to support JBS S.A in exploring and investing.

The Ministry of Agriculture and Rural Development will be tasked with considering proposals for cooperation in the trade of beef as well as livestock and poultry products, he added.

For his part, Costa noted that his visit aimed to explore investment and business opportunities in Vietnam, given the country’s strong economic growth and potential. He also highlighted the opportunity to leverage Vietnam to penetrate the Southeast Asian market in particular and the Asian market in general.

Costa expressed his hope that the Vietnamese government would continue to facilitate JBS S.A's business activities and investment expansion. He committed to further strengthening connections between Brazilian and Vietnamese businesses and promoting cooperation in the areas suggested by the Prime Minister.

JBS S.A, established in 1953, is the world's largest meat processing company, with a revenue of $74 billion in 2023 and a total workforce of around 273,000 employees across 24 countries.

In Vietnam, the group has invested $5 million in a leather processing project since 2014, with an annual output of approximately 7.5 million square meters of leather.

During his visit to Brazil for the G20 Summit in Rio de Janeiro in November 2024, Prime Minister Pham Minh Chinh met with JBS S.A. leaders to promote the group’s cooperation and investment in Vietnam.