Vietnam's agri major BAF reports record livestock profit since listing
BAF Vietnam Agriculture JSC in Q1 posted its highest livestock profit since listing in late 2021, thanks to a surge in pig output and revenue that nearly doubled year-over-year.
Net revenue of BAF, listed on the Ho Chi Minh Stock Exchange (HoSE) as BAF, came in at VND1.1 trillion ($42.36 million), down 10% year-over-year. However, the cost of goods sold dropped by 26% to just over VND833 billion ($32 million).
As a result, gross profit surged to VND290 billion ($11.16 million), 2.27 times higher than the same period last year. The gross margin jumped from just over 10% to nearly 26%, according to BAF’s newly-released Q1 financial statement.
The company attributed the revenue decline to a deliberate scale-back of low-margin agricultural trading activities, allowing a stronger focus on its core livestock business.
Rapid expansion has boosted BAF’s total herd to nearly 800,000 pigs, twice the size of its herd in all of 2023. In addition, a self-sufficient feed supply from two vegetarian feed mills, along with slightly lower raw material prices, helped drive down costs significantly.

BAF sold over 160,000 pigs in Q1/2025. Photo courtesy of the company.
In Q1, BAF sold over 160,000 pigs, mainly pork, up nearly 50% growth over the same period. Revenue from pig sales doubled year-over-year and nearly matched the company’s full-year sales in 2023.
Expenses rose significantly such as financial costs up 56% and management expenses more than doubling due to rising scale. But the strong increase of gross profit led to net profit reaching VND138 billion ($5.3 million), 3.4 times higher than Q1/2024.
In Q1/2024, BAF posted a profit of more than VND100 billion ($3.85 million) from a land sale in Mai Chi Tho street, Thu Duc city, Ho Chi Minh City, leading to "other profit" of VND98 billion.
In contrast, "other profit" in Q1/2025 was just VND2.7 billion. As a result, overall net profit increased by 11% to VND132 billion ($3.77 million). Notably, this profit was almost entirely from core livestock operations, marking the company's best livestock performance since its listing in December 2021.
Balance sheet highlights
As of end-March, BAF’s total assets reached nearly VND8.6 trillion ($331.2 million), up 15% from the beginning of the year. Short-term assets exceeded VND4 trillion ($154 million), up 30%, while cash and deposits surged to more than VND1.1 trillion ($42.36 million), 2.6 times higher than at year-start.
Inventory stood at over VND2.2 trillion ($84.73 million), up 4%, including pigs scheduled for sale in upcoming quarters. Fixed assets were slightly higher at over VND2.4 trillion ($92.4 million). Construction-in-progress reached VND989 billion ($38 million), up 11%, comprising several farms set to come online in Q2/2025.
Total liabilities rose 22% to VND5.5 trillion ($211.84 million). Short-term debt held steady at nearly VND3.07 trillion ($118.24 million).
Expansion in 2025
In Q1, BAF launched six new high-tech livestock farms, five in the Central Highlands and one in the central province of Thanh Hoa. The company also began construction on a new animal feed plant in the south-central province of Binh Dinh with a capacity of 300,000 tons per year to supply its expanding farming operations in the region.
Following its strategic partnership with China’s Muyuan Group, BAF has aggressively pursued acquisition activity. From late 2024 through early 2025, the company completed the acquisition of 13 livestock businesses. These farms are expected to begin operations between 2025 and 2026, with a projected capacity of 63,000 sows and 500,000 pigs.
Currently, BAF operates 42 high-tech pig farms, two animal feed mills, and a network of SibaFood and Meats retail stores as part of its closed-loop 3F (farm-feed-food) model.
In 2025, the company plans to bring at least eight new farms online using Muyuan’s technology, with a combined capacity of 17,500 sows and 156,000 pigs.
Looking ahead, BAF has set an ambitious goal of raising 10 million commercial pigs annually by 2030. Toward that goal, the company is seeking approval to construct a multi-story pig farm in Tay Ninh province, capable of producing approximately 1.6 million pigs per year - equivalent to several smaller farms combined.
BAF closed Tuesday at VND34,950 ($1.35) per share.
- Read More
Vietnam Airlines secures $1.5 bln funding from ING Bank for strategic expansion
Vietnam Airlines and ING Bank have signed an MoU for bilateral financial cooperation, securing capital funding of up to $1.5 billion.
Companies - Fri, June 13, 2025 | 10:56 pm GMT+7
Lawmakers scrutinize dual-city international financial center plan
Discussing a draft resolution on establishing an international financial center in Vietnam, some parliament members have proposed careful consideration of a dual-city model based on regional development strategies and investment efficiency.
Finance - Fri, June 13, 2025 | 10:49 pm GMT+7
Vietnam among world’s most food-self-sufficient nations: study
As concerns mount over the potential for disruptions to global trade, a new study published in the journal Nature Food has identified Vietnam as one of the few countries with a high level of food self-sufficiency, capable of withstanding major interruptions to food imports and exports worldwide.
Southeast Asia - Fri, June 13, 2025 | 10:41 pm GMT+7
Bad debts at Vietnamese commercial banks remain a concern
While the most challenging period for bad debts in Vietnam appears to have passed, potentially irrecoverable debts have reached a record high, accounting for 1.25% of total outstanding customer loans, or more than VND176 trillion ($6.74 billion), according to a new report by research firm Vietnam Report JSC.
Banking - Fri, June 13, 2025 | 7:58 pm GMT+7
Vietnam's galvanized steel major Ton Dong A to focus on domestic sales amid export market woes
Ton Dong A, a leading galvanized steel manufacturer in Vietnam, will focus more on the domestic market due to export difficulties, raising the ratio of domestic sales to 75%.
Companies - Fri, June 13, 2025 | 4:56 pm GMT+7
Vietnam's leading construction materials maker Viglacera appoints new chairman
The board of directors of Viglacera, Vietnam's leading construction materials maker, has appointed Tran Manh Huu as new chairman, succeeding Nguyen Van Tuan.
Companies - Fri, June 13, 2025 | 3:08 pm GMT+7
Vietnam urges Exxon Mobil to accelerate long-delayed Blue Whale gas field project
Vietnam expects the U.S.'s Exxon Mobil to speed up the long-delayed Blue Whale gas field project in line with the contract.
Energy - Fri, June 13, 2025 | 2:06 pm GMT+7
Prime Minister invites Swedish firms to invest in Vietnam's technology infrastructure, renewable energy
Prime Minister Pham Minh Chinh says he hopes Swedish companies will continue to expand their investment in Vietnam's information technology infrastructure, especially in remote areas.
Economy - Fri, June 13, 2025 | 11:28 am GMT+7
Singapore’s Keppel earns $76 mln from partial sale of property complex in southern Vietnam
Singapore-based Keppel Corporation brought in SGD98 million ($76.54 million) from selling a 22.6% stake in a property complex in Vietnam’s southern metropolis of Ho Chi Minh City.
Real Estate - Fri, June 13, 2025 | 8:28 am GMT+7
Thailand tightens e-commerce rules
Thailand is preparing to increase oversight of digital marketplaces, adding rules for certain types of platforms to strengthen consumer protection and ensure responsible e-commerce, Bangkok Post quoted the Electronic Transactions Development Agency (ETDA) as saying.
Southeast Asia - Thu, June 12, 2025 | 10:56 pm GMT+7
Malaysia attracts nearly $21 bln investment in Q1
Malaysia has secured MYR89.8 billion (nearly $21 billion) in approved investments for Q1, a 3.7% year-on-year increase amid a challenging global economic backdrop, according to the Malaysian Investment Development Authority (MIDA).
Southeast Asia - Thu, June 12, 2025 | 10:53 pm GMT+7
Thailand targets faster EV growth
Thailand’s Board of Investment (BoI) is stepping up efforts to promote the electric vehicle (EV) industry by offering more investment incentive packages aimed at supporting the emerging sector and creating additional EV-related jobs.
Southeast Asia - Thu, June 12, 2025 | 10:46 pm GMT+7
Malaysia to hold second round of trade talks with US
Malaysia’s Ministry of Investment, Trade and Industry (MITI) said Minister Tengku Zafrul Aziz is scheduled to travel to Washington D.C. on June 18 for a new round of discussions focused on tariffs.
Southeast Asia - Thu, June 12, 2025 | 10:40 pm GMT+7
Vietnamese banks' bond issuance sees three-fold rise in first 5 months
Vietnamese banks have significantly increased their bond issuance in 2025, with a reported total issuance of VND81 trillion ($3.1 billion) in the first five months of the year.
Finance - Thu, June 12, 2025 | 10:17 pm GMT+7
PVFCCo - Phu My, PVOIL sign strategic cooperation agreement in services, trade, and chemicals
Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo - Phu My) and Petrovietnam Oil Corporation (PVOIL) on Wednesday signed a strategic cooperation agreement, marking the beginning of a comprehensive, multi-sector collaboration between the two members of state-owned Petrovietnam.
Companies - Thu, June 12, 2025 | 7:56 pm GMT+7
Vietnam's Minister of Trade suggests Walmart build 'strategic purchasing center'
Vietnam's Minister of Industry and Trade Nguyen Hong Dien has suggested the world's biggest retailer Walmart "research and build a strategic purchasing center" in the Southeast Asian country.
Economy - Thu, June 12, 2025 | 5:48 pm GMT+7