BAF Vietnam Agricultural Joint Stock Company

What BAF Vietnam Agricultural Joint Stock Company does

BAF Vietnam Agricultural Joint Stock Company (HOSE: BAF) is a Vietnamese integrated agri-food company operating a fully closed 3F chain — Feed (in-house vegetarian feed production), Farm (large-scale pig breeding and fattening operations), and Food (direct retail distribution of chilled pork under the BAF Meat brand). Founded in 2017 and IPO'd on HOSE in December 2021, the company operates 14 farms across 14 provinces with a total herd approaching 900,000 pigs and 75,000 sows, targeting 450,000 sows and 10 million commercial pigs annually by 2030. The retail distribution arm comprises nearly 50 Siba Food modern minimart stores and over 150 BAF Meat Shop counters in traditional markets, supported by an e-commerce partnership with Sendo.

The company's production technology is largely transferred from its strategic partner Muyuan, the world's largest pig farming group, and includes AI-powered acoustic analysis for early respiratory disease detection (5-7 days before clinical symptoms), 5-layer biosafety with 4-layer air filtration, automated robotic feeding and barn monitoring, and circular-economy waste management with solar energy. The company holds VietGAP, GLOBALG.A.P, FSSC 22000, and ILAC-MRA certifications.

BAF generates revenue across four primary streams: animal feed (internal and commercial sales), pig breeding stock (linked to Genesus supply), commercial pig sales, and BAF Meat retail through Siba Food, Meat Shop counters, and Sendo. The company is expanding aggressively via DFI-backed debt (USD 50M FMO facility, 2026), development finance equity (IFC VND 600 billion, 2023), and a roll-up of 13+ livestock companies within two years. GTM motion is sales-led across B2B (linked farms, commercial buyers) and B2C (own retail footprint) channels, with consumer-facing marketing concentrated through investor relations and earned media due to limited direct-to-consumer advertising.

Name

BAF Vietnam Agricultural Joint Stock Company

Legal name

Công ty Cổ phần Nông nghiệp BAF Việt Nam

Website

https://baf.vn

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

BAF Vietnam Agricultural Joint Stock Company (HOSE: BAF) operates a fully integrated 3F (Feed-Farm-Food) pig farming and pork distribution chain in Vietnam, serving individual consumers and partner farms through 14 farms, nearly 50 Siba Food stores, and 150+ Meat Shop counters under the BAF Meat brand.

Ownership category

akta.pro rank

Product category

Integrated Livestock and Pork Production

NAICS

Hog and Pig Farming (1122), Animal Slaughtering and Processing (31161)

SIC

Meat Packing Plants (2011), Agricultural Prod-Livestock & Animal Specialties (200)

akta.pro primary industry

High-Health/Biosecure Hog Production (SPF/Pedigree Nucleus) (AFAEAEAL)

akta.pro secondary industries

Finishing Hog Production (Grow-Finish) (AFAEAEAE), Pork Further Processing (Cured, Smoked, Ham, Bacon) (AFANABAE), Pork Wholesale (Primal/Subprimal, Boxed Pork) (AFAIADAB), Frozen Meat, Poultry & Seafood Manufacturing (AFAKACAG)

Keywords

• Integrated pig farming
• Animal feed production
• Pork meat distribution
• Closed chain livestock
• Pig breeding stock

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Feed Production and Sales: Production and sale of animal feed (cám chay - vegetarian feed) for internal use in company farms and external commercial sales to linked farms and partner farms. Also sells commercial feed alongside pig breeding to leverage cross-selling.
2. Pig Breeding and Sales: Sale of piglets (con giống) including parent pigs to the market and partner chains. Strategic partnership with world-leading breeding pig suppliers for healthy, disease-free breeding pigs adapted to Vietnam climate.
3. Commercial Pig Sales: Sale of fattened pigs (heo thịt thương phẩm) to market. Q4/2025 sales volume grew 73% despite industry challenges.
4. BAF Meat Retail Distribution: Direct retail distribution of BAF Meat products through Siba Food stores and BAF Meat Shop counters. Products include fresh pork, processed pork products (pork belly with BBQ sauce, soft meat rolls, pork bones).

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

BAF Vietnam operates an integrated 3F (Feed-Farm-Food) closed chain model producing animal feed, breeding and raising pigs on European-standard technology farms, and distributing branded pork products (BAF Meat) through Siba Food stores and BAF Meat Shop counters. The company produces its own vegetarian feed, raises pigs under strict biosafety protocols with AI-driven health monitoring, and sells chilled, frozen, and processed pork directly to Vietnamese consumers and enterprise buyers.

Product overview

BAF Vietnam Agricultural Joint Stock Company operates a fully integrated 3F (Feed-Farm-Food) closed chain model. The company produces animal feed (Thức ăn chăn nuôi) at its factories, operates pig breeding farms (Con giống and Trang trại) using European technology, and distributes pork products through its Siba Food stores and Meat Shop counters under the BAF Meat brand. The portfolio also includes ANFARM brand agricultural products and processed pork products. The company emphasizes its 'vegetarian-fed pig' (heo ăn chay) approach, where pigs are fed exclusively vegetarian feed produced in-house, enhancing meat quality and safety.

Differentiator

Problem solved

Functional benefit

Brands

• BAF Meat: Clean pork products from vegetarian-fed pigs raised in the closed 3F chain (Feed-Farm-Food), marketed as BAF Meat Heo Ăn Chay (Vegetarian-fed Pork)
• ANFARM

Products and services

• BAF Meat Pork Products Chilled, frozen, and processed pork products from BAF's closed 3F chain (Feed-Farm-Food); pigs are fed vegetarian feed for improved meat quality and safety. Sold to end consumers via Siba Food, BAF Meat Shop counters, and Sendo online.
• Animal Feed (BAF Vegetarian Feed) Vegetarian animal feed produced at BAF factories; used internally for BAF pig herds and commercially sold to linked and partner farms.
• Breeding Pigs (Con giống) GGP and GP parent breeding pigs sourced from world-leading suppliers (e.g., Genesus and Muyuan), selected for health, disease-free status, high fertility, and adaptation to Vietnamese climate. Sold to partner farms and the market.
• Siba Food Stores Modern minimarket chain (nearly 50 stores) distributing BAF Meat products directly to consumers; each store acts as a distribution center for nearby Meat Shop counters within a 3km radius.
• BAF Meat Shop Counters Specialized chilled pork retail counters with glass covers and 0-4°C cooling systems, located in traditional markets and residential areas (over 150 counters operating, each supervised by Siba Food staff).
• BAF Agricultural Products (Nông sản) Agricultural products with large, uniform production volumes and strict preservation processes, delivering high-quality, nutritious products to consumers.
• Processed Pork Products Processed pork items including pork belly with BBQ sauce (350g), soft flavorful pork balls (350g), pork bones, and pork thighs, sold under the BAF Meat brand.
• Commercial Pigs (Heo thịt thương phẩm) Fattened commercial pigs sold directly to slaughterhouses, processors, and major buyers; Q4/2025 sales volume grew 73% despite industry challenges.
• ANFARM Agricultural Products Brand Sub-brand for agricultural products within BAF Vietnam's closed-loop 3F (Feed-Farm-Food) value chain.

Quantifiable outcome

• Q4/2025 pig sales volume increased 73% despite industry challenges
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Muyuan (Mu-Yuan Pig Farming Group)coreStrategic or Co-development Partner · 16 September 2024Strategic partnership with the world's largest pig farming group for technology transfer, breeding stock, and operational expertise. Muyuan transferred advanced technology including AI health monitoring, automated feeding systems, and biosafety protocols. Muyuan also provides capital contribution for tier farm development.
• CiteksupportingTechnology or Integration · 12 March 2024SAP S/4HANA Cloud-based corporate digital transformation project initiated with Citek for comprehensive management system modernization.
• SendosupportingChannel Partner/ Reseller/ Distributor · 1 June 2022E-commerce partnership for online sales of BAF pork products through Sendo platform.
• GenesussupportingStrategic or Co-development Partner · 24 November 2019Strategic pig breeding partner providing high-quality breeding pigs (over 1,200 grandparent pigs imported) adapted to Vietnam conditions.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Dabaco Group: Vietnamese listed agribusiness combining animal feed, pig breeding, and pork processing; directly comparable integrated chain model and similar capital intensity.
• Vissan: Long-standing Vietnamese meat processor and distributor with branded chilled meat retail; competes with BAF Meat in modern-trade and traditional wet-market channels.
• Masan MEATLife: Vietnamese branded meat and integrated pork processor; competes directly with BAF Meat in chilled/pork retail and slaughtering/processing, with similar traceability and modern-trade positioning.
• CP Vietnam (Charoen Pokphand): Thailand-based CP Group's Vietnamese livestock arm operates integrated feed-to-pork operations; directly comparable 3F-style model and is one of BAF's largest competitors in commercial pig and feed sales.
• GreenFeed Vietnam: Vietnamese animal feed and integrated livestock producer with pig farming operations; overlaps with BAF on commercial feed sales and farm-level pig production.
• Japfa Comfeed Vietnam: Listed animal feed and livestock producer with significant Vietnamese pig and poultry operations; competes with BAF on commercial feed cross-selling and commercial pig volumes.

Others

• Muyuan Foods: World's largest pig farming group and BAF's core technology/breeding partner; not a competitor in Vietnam but a strategic enabler whose technology and genetics underpin BAF's differentiation.

Emerging players

• De Heus Vietnam: Dutch animal nutrition group's Vietnam operations focused on feed manufacturing and farm support; competes with BAF's commercial feed business and supplies integrated pig producers.
• Emivest: Vietnamese feed and livestock company; partial overlap with BAF on commercial feed and pig farming, though smaller in scale and brand recognition.

Regional players

• Hoang Anh Gia Lai Agricultural JSC: Large Vietnamese agribusiness with livestock and feed exposure; broader crop and real-estate portfolio but competing for feed and pork market share in the same geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/congtynongnghiepbafvietnam

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BAF Vietnam Agricultural Joint Stock Company