Baf Vietnam Agriculture Joint Stock Company (Stock Code: BAF, HoSE) has announced a resolution by its Board of Directors approving a public bond issuance plan.
Accordingly, Baf Vietnam plans to issue 10,000 BAF12502 bonds with a face value of VND 100 million per bond, totaling VND 1,000 billion. These are non-convertible, unsecured, and non-subordinated bonds.
The bonds have a 36-month term from the issuance date, with a fixed interest rate of 10% per annum, paid semi-annually.
The issuance is scheduled for Q4/2025 or Q1/2026, pending approval from the State Securities Commission (SSC) with a Public Offering Registration Certificate.
The proceeds will be used to supplement capital for business operations, pig farming production, and partial repayment of principal on existing loans, as detailed below:


Source: Baf Vietnam
In other developments, Baf Vietnam recently announced a resolution to acquire a 49.99% stake in Khoi Duong Livestock Company Limited.
Following the acquisition, Baf Vietnam’s total capital contribution will exceed VND 29.99 billion, representing a 99.99% ownership in Khoi Duong Livestock.
Ms. Bui Huong Giang, CEO, has been appointed to manage the company’s entire capital contribution.
Khoi Duong Livestock, established on May 14, 2021, is a limited liability company with two members and a charter capital of VND 30 billion.
Financially, Baf Vietnam’s Q2 2025 consolidated financial report shows net revenue of VND 2,510.4 billion, a 3.9% decrease from Q2 2024, with after-tax profit reaching nearly VND 342.9 billion, 2.2 times higher year-over-year.
As of June 30, 2025, total assets increased by 14.1% to nearly VND 8,501.8 billion. Inventory stands at VND 2,235 billion (26.3% of total assets), with long-term work in progress at VND 731.6 billion.
Liabilities total VND 4,222.2 billion, down 6.4% from the beginning of the year. Loans and finance leases account for VND 2,583.4 billion (61.2% of total liabilities).
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