Nafoods Southern Joint Stock Company (FMO-65792)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 15, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NaFoods Group Joint Stock Company (NAF)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS May 12, 2026

Disclosed by Bank Dec 22, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of a USD 15mln senior secured loan, with USD 10mln capex (USD 7.5mln Building Prospects and USD 2.5mln FMO-A) and USD 5mln WC (FMO-A) to NaFoods Southern Joint Stock Company (Borrower) - a subsidiary of NAF, to finance the group's new capex expansions between FY25 and FY27, which includes expansion of its freezing and cold storage systems.

NAF fits well into FMO's strategy through its focus on local value creation, local employment creation and supporting economic growth. Currently NAF employs over 850 FTEs. An additional 50-100 FTEs are expected to be added with the expansion of new processing lines. NAF supports local value creation by exporting processed goods to food manufacturers and retailers, creating employment, generating local tax revenue and hard currency income for Vietnam.

The transaction has a 100% Reducing Inequalities label. NAF's inclusive business model involves close collaboration with farmers in some supply chains, improving livelihoods of participants. NAF directly sources from 1100 passion fruit farmers and 120 dragon fruit farmers, providing seedlings, technical support, quality control and guaranteeing offtake. In addition, the transaction has a 67% Green label. USD 10mln will be used to upgrade and/or retrofit the R22 and R404 gas technology equipment, which directly contributes to Climate Action. In addition, all the new capex financed by FMO will use Ammonia coolant technology which is both more environmentally friendly and efficient.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

NAF's E&S risk category is B+. The Company buys and processes (i.e., sorting, cleaning, grading, cooling, chopping, packing) fruits and nuts to transform into edible food products and trade them using labor, energy, and water resources, and generating waste. The company also has passion fruit seedling production. Such activities have potential adverse environmental or social risks and/or impacts that are within and beyond the site boundaries, largely irreversible, and can be addressed through FMO's proposed Environmental and Social Action Plan.

No land acquisition is in relation to the investment; in the operational areas of NAF, there are ethnic minorities that fit the definition of IPs, but no impacts are expected due to NAF operations and no cultural heritage sites were identified. Based on that PS 5 (Land Acquisition and Involuntary Resettlement), PS 7 (Indigenous Peoples), and PS 8 (Cultural heritage) are regarded as not relevant.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A USD 15mln senior secured loan, with USD 10mln capex (USD 7.5mln Building Prospects and USD 2.5mln FMO-A) and USD 5mln WC (FMO-A) to the client.
Funding: FMO NV

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NaFoods Group Joint Stock Company (NAF), listed on Ho Chi Minh Stock Exchange, is the leading processor and exporter of tropical fruit products in Vietnam. It is the #1 exporter of passion fruit products in Asia, exporting to more than 70 countries. NAF offers a diversified product portfolio which includes fruit juice, concentrate, puree, Individual Quick Freezing (IQF) products, fresh fruits, dried fruits and nuts from various tropical fruits produced in the region.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NAFOODS GROUP JOINT STOCK COMPANY Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

https://www.nafoods.com/

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

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How it works