BAF Vietnam Agriculture Joint Stock Company (FMO-65927)

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
A
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
May 19, 2026
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
BAF Vietnam Agriculture JSC
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)
$ 20.00 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.
Loan Amount (USD)
$ 20.00 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.
Project Cost (USD)
$ 30.00 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 Jun 6, 2026

Disclosed by Bank Feb 2, 2026

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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.

As stated by the FMO, the project consists of a syndicated facility which includes a USD 30mln senior secured facility to BAF: USD 20mln from FMO-A and USD 10mln from Building Prospects. Additionally, a syndication of up to USD 20mln, as B-loan participant, will be arranged on a best-effort basis with a commercial party. The financing will be used towards the development of two new swine farms from 2026. As pork is a staple protein source in Vietnamese households, improving the supply of pork is a priority for the Vietnamese government. This financing will:

(i) address the pork deficit in Vietnam,
(ii) support the country's professionalization of livestock industry,
(iii) improve animal welfare standards,
(iv) increase food safety and
(v) promote price stability that benefits the low-income population.

According to the FMO, this transaction addresses Vietnam's structural pork supply gap, a critical food security issue, by supporting the transition from smallholder farms to modern, regulated production.
Secondly, it advances animal welfare standards through IFC-aligned commitments to phase out individual sow stalls and adopt group housing by 2030.
Finally, it improves food safety and environmental performance: while concentrated farming poses waste challenges, BAF's integrated model offers better biosecurity, efficient feed use (lower emissions), and Global SLP-certified practices for hygiene, traceability, and waste management.

The transaction is expected to be 100% Green due to GLOBAL SLP-certification for FMO-financed facilities.

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.

As a large, rapidly expanding integrated pork producer covering feed production, breeding, rearing, slaughtering, processing to retail, BAF's operations involve significant E&S risks, including Occupational Health and Safety hazards, biosecurity issues, wastewater and waste management, odor and traffic impacts, and greenhouse gas emissions. Some of these risks can extend beyond site boundaries and require strengthened mitigation measures, governance and monitoring.

The following IFC Performance Standards are applicable: PS 1 (organization, risk assessment, stakeholder engagement and grievance redress, contractor and supply chain management), PS 2 (working conditions and health & safety), PS 3 (Resource Efficiency, Pollution Prevention), PS 4 (Community Health Safety and Security), PS 6 (Biodiversity conservation and sustainable management of living natural resources including supply chain and climate impact), and PS 7 (Indigenous Peoples). Relevant Environmental, Health, and Safety Guidelines include Mammalian Livestock Production, Meat Processing, and Food and Beverage Production. All financed facilities will obtain Global SLP certification. FMO's Position on Animal Welfare is applicable to this transaction.

Land was acquired through willing buyer-willing seller transactions without displacement; therefore, PS 5 does not apply. No cultural heritage was identified in the area where the projects will be located, so PS 8 does not apply, and a Chance Finds Procedure will be implemented.

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

As stated by the FMO, BAF Agricultural Joint Stock Company (BAF) is a publicly listed, reputable swine husbandry, feed producer, and meat processing company in Vietnam. Established in 2017, BAF operates under the Feed-Farm-Food model, with an integrated value chain approach, which gives control over feed production, breeding, hi-tech farming, meat processing, and distribution.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - BAF Vietnam Agriculture Joint Stock Company (BAF) Client Agriculture and Forestry

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.

Client - BAF Vietnam Agriculture JSC:

Address: 9th Floor, Vista Tower, 628C Vo Nguyen Giap Street, An Khanh Ward, Ho Chi Minh City, Viet Nam
Email: info@baf.vn 
Phone:+84 766 07 47 87
Website: https://baf.vn/en/homepage/ 

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

How it works

How it works