IFC invests US$43 million in GREENFEED Vietnam
The investment will help address the severe pork supply shortage and price volatility triggered by the African Swine Fever.
The International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of VND1 trillion (US$43 million) through a seven-year bond into GREENFEED Vietnam to help the latter expand its pork production activities.
|Pig production at GREENFEED Vietnam. Source: GREENFEED VIetnam|
The company’s production capacity of fattening pigs is expected to increase by 750,000 pigs by 2023. This translates to a supply of over 125,000 metric tons of pork every year, which IFC estimates will benefit around 385,000 additional pork consumers.
“The move will help ensure a reliable supply of safe and quality pork while enhancing livestock production practices in Vietnam,” noted the IFC in a statement.
Pork is a staple and a vital source of protein for Vietnamese consumers, accounting for up to 70% of the total meat consumption in the country. About half of the nation’s pork is currently supplied by small-scale pig farms with low biosecurity standards.
Over the past two years, the spread of African Swine Fever (ASF)—a fatal and highly contagious viral disease affecting pigs globally—in Vietnam has dramatically reduced supply, causing a sharp rise in pork prices. Live hog prices are now about 50% higher than pre-ASF prices, after having doubled during 2019–2020.
IFC’s investment, in alignment with the government’s target of producing 70% of the nation’s pork in modern and more bio-secure industrial farms, will help address the severe pork supply shortage and price volatility triggered by the ASF, it added.
“IFC’s financing will help GREENFEED scale up its pig farming capacity, providing traceable and safe pork to meet the rising demand for animal-based food in Vietnam,” said Ly Anh Dung, GREENFEED Vietnam Corporation’s Chairman. “IFC’s support will also help us continue working toward becoming a leading player in the pork-based food value chain in Vietnam and globally while adhering to Vietnam and global industry best practices.”
Established in 2003, GREENFEED gradually expanded from animal feed production to pig breeding and is now focusing on growing its commercial pig farming operations.
“Adopting bio-secure and sustainable production practices will help improve the resilience of Vietnam’s livestock sector, ensuring a stable supply of vital animal protein products in the country,” said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia, and Lao PDR.
“By supporting companies like GREENFEED, we are promoting the development of more efficient and sustainable local private enterprises along the agribusiness supply chain. This will help boost competition and improve farming standards, supporting the sector’s continued modernization and implementation of international best practices,” he added.
- Actual FDI to Vietnam rises over 16% to US$15.4 billion in 9-month
- Construction of road connecting Northwest region kicked off
- Vietnam may face increased pressure on inflation control: Experts
- Moody’s sovereign rating upgrade raises Vietnam’s appeal to foreign investors
- Vietnam remains attractive for high-quality FDI
- Over 600 deals signed at Vietnam Startup Day
- FPT Software and Singapore’s NCS jointly develop technology center
- Actual FDI to Vietnam raises by 10% to US$12 billion in seven months
- Vietnamese Gov’t eyes construction of Tan Son Nhat Airport’s new terminal in Q3
- Economic cooperation - a highlight of Vietnam-Oman relationship
Joint efforts needed to end norms depreciating female values: UNFPA
Vietnam demands removal of “Little Women” from Netflix
Cultural activities celebrate 68th anniversary of Capital Liberation Day
Vietnam’s economy stands firm in rapid recovery path: AMRO
Macro stability considered key for Vietnam’s growth in remaining months: Gov’t
Local firms urged to stay proactive in intellectual property protection
Vietnam needs to expand airport network to relieve pressure on infrastructure
Vietnamese, foreign firms must store data in cyberspace from October
Trade cooperation: Highlight of Vietnam-EU relations