As a leading integrated Feed-Farm-Food enterprise, BAF has proactively built large-scale farms away from residential areas, with a strong focus on epidemiological control to ensure biosecurity. The company has also made significant investments and adopted international farming standards, from genetics and feed to farm conditions and waste treatment, to protect the environment.
By comprehensively assessing both opportunities and challenges and making strategic adjustments to adapt to the dynamic business environment, BAF has achieved remarkable successes in 2024, surpassing the targets set by the General Meeting of Shareholders:
Project Implementation Results: In 2024, BAF officially operated new farms and farm clusters with a capacity of 17,000 sows and 240,000 market hogs per batch, equivalent to 570,000 market hogs per year.
International Cooperation: BAF successfully signed a strategic cooperation agreement with Muyuan Group, a leading agriculture and food company, to receive the transfer of equipment and intelligent farming processes. This also laid the important groundwork for BAF to establish three subsidiaries in Tay Ninh to prepare for the development of the first multi-story farm project in Vietnam.
Awards and Certifications: BAF’s feed mill in Nghe An province obtained two prestigious certifications: GlobalG.A.P. and FSSC 22000. Additionally, nine of their farms were certified with GLOBAG.A.P. The company was also honored by the Livestock Department as an “Exemplary Enterprise in Management Technology and Waste Treatment” and “Exemplary Enterprise in Biosecurity Farming.”
Financial Performance: In 2024, BAF achieved a gross revenue of VND 5,640 billion. The gross profit for the year increased by 36.3%, with the farming segment playing a pivotal role, witnessing a remarkable growth of 161.7% compared to the same period in 2023. Both pre-tax and post-tax profits exceeded expectations, increasing by 108% and 105%, respectively, compared to the plan.
Looking ahead to 2025, BAF aims to develop the company based on the foundation of “Digital Transformation, Green and Sustainable Development,” ensuring a balance between production efficiency and sustainable development goals. Specifically, they plan to optimize the integrated farming model, expand production to enhance self-sufficiency and cost control, strengthen strategic collaborations with domestic and international partners for technology transfer and market expansion, and vigorously develop product brands from the Food segment while expanding distribution channels to reach a wider consumer base. Simultaneously, BAF will implement corporate governance consolidation, team development, and community engagement activities.
In the Feed segment: Construction will begin on an additional feed mill in Binh Dinh province, with a designed capacity of 300,000 tons/year, bringing the total number to three mills and a system capacity of 760,000 tons/year.
In the Farm segment: BAF plans to operate new farms and farm clusters, continue expanding previously purchased land projects, and initiate new projects to serve their expansion plans for the following years. This includes preparing legal procedures for the development of a multi-story farm project spanning 1,550 hectares, comprising four integrated buildings for farming and feed production. This initiative is crucial for BAF to achieve its goal of reaching 10,000,000 commercial hogs by 2030.
In the Food segment: BAF will undertake a meat processing plant project in Binh Phuoc province, with a capacity to process 240 pigs/hour and produce 100,000 industrial meals/day.
During the Q&A session at the conference, Ms. Bui Huong Giang, CEO of the company, shared that BAF’s financial performance for Q1/20205 exceeded VND 1,100 billion in revenue, with a sales volume of approximately 160,000 pigs and a pre-tax profit of VND 140 billion (110% of the quarterly plan within the overall plan for 2025).
Regarding financial plans, the company aims to achieve a gross revenue of approximately VND 5,602 billion and a pre-tax profit of VND 774 billion in 2025. Compared to 2024, revenue remains unchanged, while profits have increased by 91%. The revenue structure will also shift from a focus on farming, contributing about 60% (with the remaining 40% from the agricultural segment) in 2024, to a sole concentration on the farming segment in 2025. The total sales volume of pigs for the year is expected to reach 900,000.
Commenting on BAF’s competitiveness in the pig farming industry, Mr. Truong Sy Ba, Chairman of the Board of Directors, identified the most significant challenge as the complex nature of the African Swine Fever (ASF). Prior to the outbreak, small-scale farming accounted for over 70% compared to industrial-scale operations. However, this ratio has now reversed, with small-scale farming contributing less than 50% and projected to further decrease to approximately 30% by 2030.
BAF has set an incredibly ambitious goal, with a vision to sell approximately 1.8 million commercial hogs in 2026, 3.5-4 million in 2027, and an impressive 10 million by 2030. As intense competition is inevitable, BAF is determined to “race” to fill the market share gap left by the decline in small-scale farming. They are particularly focused on international cooperation to enhance biosecurity governance, epidemiological control, and effective disease prevention.
The Board of Directors also shared that BAF’s long-term goals extend beyond pork products. The company aims to diversify its offerings by establishing large-scale slaughterhouses and deep-processing facilities. BAF envisions itself as a food company post-2030, committed to providing a diverse range of value-added products.
