May 6, 2026

BAF Vietnam posts record quarterly profit on strong hog prices and volume growth

Vietnam's vegetarian-fed pork producer rides a hog market recovery and rapid farm expansion to its best-ever quarterly result.

BAF Vietnam Agriculture JSC reported a record net profit of VND206 billion (US$7.82 million) for the first quarter of 2026, up 54% from a year earlier, as firmer hog prices and a 50% jump in slaughter volumes drove revenue to VND1.77 trillion (US$67.16 million).

The strong result was underpinned by an average hog price of around VND62,000 (US$2.35) per kilogramme and output of nearly 240,000 hogs in the quarter, with new farms coming online supporting the volume increase. Gross profit rose 55% to VND451 billion (US$17.12 million), and the company said its integrated feed-farm-food model helped cushion the impact of a 5–15% rise in key feed input costs, including corn and soybean meal.

Rising costs remain a concern heading into the rest of the year. Chief executive officer Bui Huong Giang said logistics costs are expected to climb from the second quarter as higher global freight rates feed through to import shipments, adding US$7–8 per tonne. Feed costs, which account for around 60% of production costs, are forecast to rise further, with corn up 5–9%, soybean meal 10–15%, and wheat 2–5% against 2025 levels.

Bui said current hog prices remain high enough to absorb the additional cost burden. "Our target for 2026 is to sell 1.3 million hogs. The first quarter can be considered on track, and the second quarter remains very positive," she said.

After one quarter, BAF has achieved 21% of its full-year revenue target and 26% of its profit goal.

- The Investor