BAF Vietnam Agriculture aims for record net profit in 2026, with 20% dividend and stock bonus payout

BAF Vietnam Agriculture Joint Stock Company (BAF) has announced that it will hold its 2026 Annual General Meeting (AGM) in the afternoon of 23 April 2026 at the White Palace Conference Center, 588 Pham Van Dong, Hiep Binh ward, Ho Chi Minh City.

2026 business targets

In its disclosed documents, BAF set 2026 revenue at 8,431 billion VND, up about 70% from the previous year. The company also targets after-tax profit of 793 billion VND, described as a record level and nearly eight times the 2025 result.

Production expansion plan

BAF plans to expand production in 2026 by developing 16 new farms, with a focus on the Central Highlands and the central region. The company expects the sow herd to rise to 145,000 head, nearly doubling from 2025.

Meat production is projected at about 1.247 million hogs, up about 64% from 760,000 hogs in 2025.

Animal feed capacity and new plants

BAF plans to inaugurate its third animal feed plant in Binh Dinh, with capacity of 300,000 tons per year. It will also break ground on the fourth and fifth plants in Tay Ninh and Hai Phong.

High-tech vertical hog farming project

The company will implement a high-tech vertical farming project for hogs in Tay Ninh in partnership with Muyuan Group. The project has total investment of about 12,000 billion VND, with a scale of 64,000 sows and 1.6 million hogs per year. BAF expects to break ground in Q3 2026 and start operations from Q3 2027.

Profit distribution and share issuance

For profit distribution, BAF plans to pay stock dividends at 10% and issue bonus shares at 10% from retained earnings. The two issuances are stated to have no transfer restrictions.

Stock dividends

BAF plans to issue 30.4 million shares as stock dividends, funded from undistributed after-tax profits in the audited 2025 financial statements. The rights ratio is 1-for-0.1, meaning shareholders holding 10 shares will receive 1 additional share.

Bonus shares

For the bonus issue, BAF also plans to issue 30.4 million shares. Funds will come from contributed surplus recorded in the audited 2025 financial statements.

ESOP issuance

BAF also plans to issue up to 8 million ESOP shares, equivalent to 2.63% of outstanding shares, to recognize employee contributions and strengthen long-term engagement. The issue price is 10,000 VND per share, and the issued shares will be non-transferable for 1 year. Implementation is planned for Q2–Q4 2026.

Funding plan via convertible bonds

BAF plans to issue convertible bonds to the public, up to 12 million bonds, with no warrants, no collateral, and not senior debt. Each bond has a par value of 100,000 VND and a 36-month maturity. The bonds carry a fixed interest rate of 10% per year, with semiannual interest payments.

The bonds will be convertible into common shares and are stated to be freely transferable. The proceeds will be used to add 700 billion VND to working capital for production and hog farming, and 500 billion VND to restructure debt.

Governance items at the AGM

At the meeting, BAF will approve the dismissal of two Board members, Bui Huong Giang and Le Xuan Tho, as their terms end. The company will reappoint Bui Huong Giang and appoint Nguyen Van Phu to the Board for the next term.