Vietnam's pig farming in 2025: C.P. leads the value chain, Masan expands retail, BaF accelerates high-rise farms, Hoa Phat grows sow herd
- duyenthu.vietdata
- 4 hours ago
- 7 min read
In 2024, pork consumption in Vietnam reached approximately 8.1 million tons, up 3.5% year-on-year, with an average of 37 kg per capita, ranking fourth globally. Live hog production reached 5.16 million tons, accounting for over 62% of the country’s total meat output. The total pig herd hit a record high of 32 million heads, up 3.6%, the highest level in the past five years.
Live hog prices repeatedly hit new highs, fluctuating between VND 70,000–80,000/kg in Q1/2025, an increase of nearly 40% compared to the same period last year.
A structural shift toward large-scale industrial farming
Vietnam’s swine industry is undergoing a major transformation — from traditional small-scale farming to large-scale, industrialized operations. Household farming is declining at a rate of 5–7% annually, and many local governments are relocating small farms out of residential areas. Dong Nai province alone has moved over 1,600 facilities.
This structural shift creates substantial opportunities for well-capitalized, technologically advanced firms to deepen their participation across the pork value chain.
Leading producers in Vietnam's pig farming sector
Foreign direct investment (FDI) dominance: C.P. Vietnam
Despite recent controversies related to food safety violations, it is undeniable that C.P. Vietnam holds a leading position and exerts overwhelming influence in the market. C.P. Vietnam’s strategy goes beyond farming—it is pushing for product diversification, covering pork, chicken, eggs, fish, and shrimp, while preparing for an IPO on the Vietnamese stock exchange to raise capital for expansion projects. At the same time, the company is also focusing on retail development, with its Fresh Shop chain present across many provinces and cities.
As a member of Thailand’s C.P. Group, C.P. Vietnam is not only the largest foreign-invested enterprise in Vietnam’s livestock sector but also a market leader. With over 30 years of operation, C.P. has built a massive ecosystem.
The company has launched and broken ground on a series of modern farms such as the 100-hectare Lac Thuy farm and two farms in Loc Ninh. In addition, C.P. cooperates with local farmers in contract farming models. Currently, the company operates 21 factories across Vietnam, supplying 6.8 million pigs per year along with a wide range of processed meat products including pork, chicken, shrimp, and fish.
According to parent company C.P. Foods (Thailand), C.P. Vietnam’s revenue last year reached about VND 93 trillion—the highest ever. In previous years, revenue hovered around VND 80 trillion/year. Notably, in 2020, the company recorded a sudden spike in net profit to VND 18.9 trillion.
Domestic players making strong breakthroughs
Dabaco (DBC)
In 2024, Dabaco Vietnam Group (DBC) recorded net revenue of VND 13.739 trillion, up 22% year-on-year, and net profit of VND 769 billion—30.8 times higher than the previous year. This success was driven by effective disease control, high pork prices, and strong performance from high-tech livestock projects such as the Dabaco Thanh Hoa farm with high reproductive efficiency.
For 2025, Dabaco targets consolidated revenue of VND 28.759 trillion (+19%) and net profit of VND 1.007 trillion (+31%). In Q1/2025 alone, net revenue reached VND 3.609 trillion (+11%), and net profit hit VND 508 billion—nearly 7 times year-on-year—achieving over 50% of its full-year profit target.
To achieve these goals, Dabaco continues investing in key projects, such as the Dacovet vaccine plant with a capacity of 200 million doses/year, which has been licensed for commercial use of African Swine Fever (ASF) vaccines. The company is also expanding high-tech farming projects across multiple provinces and developing value-added food products like green-shell eggs and premium COBA soybean oil.
Masan MEATLife (MML): Profit milestone and sustainable growth strategy
A subsidiary of Masan Group, Masan MEATLife entered the meat supply chain by merging two leading animal feed companies—ANCO and Proconco—in 2015.
Beyond expanding its retail footprint, MML is investing across the rest of the supply chain, including farms and processing plants. It currently owns a high-tech pig farm in Nghe An, spanning over 223 hectares with a total investment of VND 1.4 trillion, capable of supplying 250,000 pigs annually.
2024 marked a major turning point, with MML reporting positive net profit (VND 25 billion) for the first time after years of losses. Full-year net revenue reached about VND 7.65 trillion, up 9.5% year-on-year.
Growth momentum came mainly from processed and chilled meat, with revenue up 15.4% year-on-year. The processed meat segment accounted for 34.6% of total revenue, exceeding VND 200 billion per month.
In contrast, farm revenue declined 7.3%, reflecting MML’s restructuring strategy to focus more on direct-to-consumer businesses. For 2025, MML targets revenue of VND 8.25–8.75 trillion (+8–14%) and net profit of VND 25–205 billion, depending on the business scenario. To achieve this, MML will continue investing in processed meat, aiming to increase its revenue share to 36–37%. The “Meat Corner” concept at WinCommerce stores is expected to raise processed meat’s share of system-wide sales from 16.6% to 20% in 2025 and toward 40% in the long term.
Hoa Phat Livestock (HPG)
Founded in 2015, Hoa Phat Livestock Development JSC—a subsidiary of Hoa Phat Group—has established a network of six large-scale farms from north to south, located in provinces such as Yen Bai, Hoa Binh, Bac Giang, Thai Binh, and Binh Phuoc.
In 2024, Hoa Phat’s livestock segment achieved a gross profit margin of 23%, far outperforming other major players in the agricultural sector such as Dabaco Group (14.2%) and BAF Vietnam Agriculture JSC (12.7%). This reflects Hoa Phat’s operational efficiency across a closed-loop value chain encompassing feed production, animal farming, and distribution.
Hoa Phat Group’s agricultural business recorded VND 6.909 trillion in revenue in 2024 (+12% YoY), with net profit of VND 1.031 trillion—more than five times higher than the previous year. Pig farming alone contributed around 70% of total agricultural profit, with commercial pig sales exceeding 565,000 heads, 8% above plan—thanks to a well-structured model spanning fattening pigs, breeding sows, and replacement gilts.
Beyond pig farming, Hoa Phat is also a leading egg producer in northern Vietnam, with a sow herd of nearly 25,000. At the 2025 annual general meeting, Chairman Tran Dinh Long announced that agriculture had become the group’s highest-margin segment in 2024, with the sow herd alone generating VND 125 billion in Q1/2025 profit.
BAF Agriculture (BAF)
Established in 2017, BAF Vietnam Agriculture JSC focuses primarily on pig farming, pursuing a vertically integrated 3F (Feed – Farm – Food) business model.
By the end of 2024, BAF operated 36 high-tech farms nationwide, doubling its total herd size to nearly 800,000 pigs compared to the previous year. Notably, the Hai Ha farm cluster in Quang Ninh spans nearly 50 hectares, with a capacity of 5,000 sows and 60,000 commercial pigs, making it one of the most modern facilities in northern Vietnam.
BAF is also pioneering Vietnam’s first high-rise pig farming project in Tay Ninh, designed to house 64,000 sows and 1.6 million pigs for slaughter. This facility is expected to be completed by 2030.
In 2024, BAF posted net revenue of VND 5.641 trillion (+7% YoY) and net profit of VND 318 billion—nearly 11 times higher than in 2023. The company has decided to exit the crop trading business starting in 2025 to focus exclusively on pig farming, aiming to maximize profitability and realize its target of producing 10 million slaughter pigs annually by 2030.
THACO Agri
As of 2024, THACO Agri operates 15 pig farming clusters across Binh Dinh, An Giang, and Dak Lak provinces, maintaining a total herd of over 190,000 pigs. The company aims to increase its sow herd to 137,000 by the end of 2024 while simultaneously developing integrated agricultural complexes in the Central Highlands, Laos, and Cambodia to improve production efficiency and product quality.
After two consecutive years of losses (2021–2022), THACO Agri returned to profitability in 2023, reporting net profit of VND 41.5 billion. In the first half of 2024, the company remained in the black with net profit of VND 6.1 billion—up approximately 25% year-on-year.
New Hope
One of China’s leading agribusiness groups, New Hope entered Vietnam early and has since become a major player in animal feed and pig farming.
The company has built 8 feed mills and 3 modern pig farms in provinces including Ho Chi Minh City, Hanoi, Hai Phong, Dong Thap, Binh Dinh, Bac Giang, Thanh Hoa, and Vinh Long. Of particular note are three major farm projects in Binh Phuoc, Thanh Hoa, and Binh Dinh, covering over 200 hectares with total investment of around USD 200 million and housing 27,000 sows.
Although revenue has continued to grow steadily, New Hope’s profitability has remained volatile over the past 3–4 years.
Linkfarm
Linkfarm is a subsidiary of GreenFeed Vietnam Corporation. Building on GreenFeed’s strengths in livestock, poultry, and aquaculture feed, Linkfarm was established to develop and expand a network of industrial pig farms.
One of its key facilities is the Lang Viet Nam farm in Binh Thuan province, with a capacity of 5,000 sows and 60,000 commercial pigs.
Hoang Anh Gia Lai (HAG)
HAG began investing in pig farming in 2020, quickly developing 10 modern pig farm clusters with an annual capacity of about 500,000 slaughter pigs. In 2022, this segment contributed VND 1.698 trillion in revenue—33.2% of HAG’s total—and was three times higher than in 2021, marking a significant shift in the company’s revenue structure.
However, by 2024, while competitors like Dabaco and BAF Vietnam accelerated expansion on the back of rising hog prices and favorable market conditions, HAG faced a major setback. Revenue from pig farming dropped nearly 50% to VND 1.004 trillion, while gross profit shrank to VND 92 billion, with a gross margin of just 8%—a level that underscores the competitive and market pressures confronting the company.
Thai Viet Corporation
Recognizing the potential of Vietnam’s livestock feed market, Thai Foods Group established Thai Viet Agri Group Co., Ltd. in July 2011 to serve central provinces. In April 2013, the group expanded into pig farming by founding Thai Viet Swine Line Co., Ltd.—later renamed Thai Viet Corporation—specializing in breeding and lean meat pigs.
As of 2025, Thai Viet Corporation’s total pig herd includes 27,000 breeding sows and 130,000 commercial pigs, placing it among the top pig farming enterprises in Vietnam.
Anova Farm
Anova Farm is a member brand of Nova Consumer under the Novaland Group, established in November 2023. The company has built a vertically integrated, closed-loop pig farming system with full traceability.
Each year, the company supplies the market with 28,000 feeder piglets and 18,400 slaughter pigs.
With a population nearing 100 million and rising incomes, Vietnam’s demand for clean, traceable food is growing rapidly. However, the country’s pork market—worth an estimated USD 10 billion—remains largely unstandardized, with over 60% of products unbranded. This reality presents significant opportunities for livestock corporations willing to invest in modern, food-safe production models.
Source: Vietnamese pig farming market report in 2025 - Vietdata