A pig farm of GreenFeed Vietnam. — Photo courtesy of the company

The International Finance Corporation (IFC) has invested VND1 trillion (US$43 million) into GreedFeed Vietnam Corporation to help it expand its pork production activities.

The investment, made through a seven-year bond, will allow the company to increase its pig breeding and farming capacity by 750,000 pigs by 2023. This translates to supply of more than 125,000 tonnes of pork every year, which will benefit around 385,000 additional pork consumers, IFC says in a statement.

Pork is a staple and a vital source of protein for Vietnamese customers, accounting for up to 70 per cent 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 — has dramatically reduced supply, causing a sharp rise in pork prices in Viet Nam.

Live hog prices are now about 50 per cent higher than pre-ASF prices, after having doubled during 2019–20.

“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 Viet Nam,” said GreenFeed Vietnam Corporation’s Chairman Ly Anh Dung.

Established in 2003, GreenFeed gradually expanded from animal feed production to pig breeding, and is now focusing on growing its commercial pig farming operations. The company has demonstrated its strong biosecurity capabilities throughout the ASF pandemic, with none of its pig farms being affected by ASF. With IFC’s support, the company would also be pioneering improved animal welfare conditions in Viet Nam in line with European animal welfare standards, he said. — VNS