Dominance of C.P. in Vietnam’s Pork Market
According to AgroMonitor’s June 2025 statistics, large livestock companies continue to show a trend of increasing their sow herds in 2025, especially in the southern region in the second half of the year, following a prolonged period of disease outbreaks.
Based on field surveys and consultations, this research entity estimates that Vietnam had over 2 million sows in 2024 (with businesses accounting for 44%) and forecasts a further increase to 2.15 million in 2025.
Sows, female pigs used for breeding, are often likened to the core strength and money-making machine of the pig farming industry. C.P. Vietnam, a livestock company from Thailand operating in Vietnam, has built its dominant position in the industry by leveraging this very resource.
C.P. Vietnam boasts the largest sow herd in both the northern and southern regions of the country. As of June 2025, the company, which operates through a linked household farmer model, owned nearly 350,000 sows, equivalent to more than 16% of the country’s total sow population (according to AgroMonitor data).
Thanks to its linked farming model with household farmers, according to an older figure released in the media a few years ago, C.P. Vietnam had 200,000 sows (contract farming), corresponding to a pork production of 6.8 million pigs supplied to the market.
With nearly 350,000 sows currently, C.P. Vietnam could potentially supply over 11 million pigs to the market. There is currently no official statistic from the company regarding the number of pigs supplied.
Meanwhile, according to estimates from the General Statistics Office and a synthesis of reports from the Ministry of Agriculture and Rural Development, as of the end of December 2024, the country’s pig herd, excluding piglets that have not yet been weaned, reached approximately 26.59 million, an increase of 4% compared to the previous year.
Whether it’s 6.8 million or 11 million, it’s clear that C.P. Vietnam’s market share of pork is dominant compared to other businesses.
Another major pig farming company from South Korea, CJ, has 80 concentrated pig farms and 800 contract farms, supplying 1.1 million pigs/year, making it the second-largest in the market after C.P. However, this figure has not been updated for a long time.
According to AgroMonitor, CJ is the second-largest company in terms of sow numbers, with 103,000 in the south and 34,000 in the north, totaling nearly 140,000.
The Rise of Vietnamese Pig Farming Giants
GreenFeed has emerged as a prominent player in the sow market, announcing ownership of 116,000 sows as of the end of 2024. Meanwhile, according to AgroMonitor’s statistics for the North and South regions, GreenFeed has 64,000 sows.
Four years ago, in 2021, when GreenFeed raised 1,000 billion in bonds from the International Finance Corporation (IFC), the company set a target to increase its pork production by 750,000 by 2023.
In 2024, GreenFeed Vietnam unexpectedly recorded after-tax profits of more than VND 2,106 billion, an increase of 382% compared to 2023 (4.8 times higher) and the highest profit in the company’s history, surpassing a series of giants in the industry such as Dabaco (VND 769 billion), Hoa Phat Agriculture (VND 1,031 billion), and BaF Vietnam (VND 319 billion).
Among the listed pig farming giants on the stock exchange, according to corporate statistics, Hoa Phat (HPG) sold 565,000 commercial pigs to the market in 2024, despite having only 25,000 sows. Meanwhile, BAF, with 55,000 sows, supplied 557,000 commercial pigs to the market. These are the only two companies that have clearly disclosed their figures.
BAF is emerging with great ambition, having acquired 13 livestock companies in the past year, targeting 90,000 sows and 1 million commercial pigs by 2025. They also plan to build Vietnam’s first six-story pig apartment in cooperation with the Chinese Muyan Group.
Hoang Anh Gia Lai (HAG), facing challenges with capital and an unfavorable pig market, managed to sell only 181,400 pigs despite having a pig farming system with a capacity of 500,000 pigs.
Dabaco (DBC) does not disclose specific figures about its pig production, but according to data from Vietcap Securities, the company has 52,000 sows and supplies 1.5 million pigs to the market. In the period of 2025-2030, Dabaco plans to invest in a series of projects in Quang Ninh, Thanh Hoa, Lao Cai, Quang Tri, and Thai Nguyen.
The structure of the livestock industry is increasingly shifting towards businesses. While in 2024, the market share of enterprises was 49% – lower than the 51% of household farms, according to statistics from VCBS at the end of Q1/2025, enterprises accounted for up to 65%, pushing the market share of household farms down to 35%.
The Livestock Law, which took effect on 01/01/2025, means that most households cannot meet the standards for livestock production. Enterprises have also reduced the number of linked farms with farmers, while diseases have not been thoroughly dealt with, leading to high pig culling costs – these are the reasons VCBS gives for predicting that the farming structure of households will continue to narrow to 25% by 2030.
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