BaF Vietnam Agriculture JSC’s BOND – BAF123020
Company Information
BaF Vietnam Agriculture Joint Stock Company builds and continuously improves a closed Feed-Farm-Food model to achieve comprehensive control over all aspects, from raw materials for animal feed, breeds, and high-tech livestock farms to meat production, processing, and distribution to consumers.
BaF owns the first factory in Vietnam to achieve both GLOBAL G.A.P CFM 3.0 and FSSC 22000 V5.1 certifications simultaneously—recognized globally as the highest standards in animal feed production management. BaF strategically partners with reputable global breed suppliers to select healthy, disease-free breeds that are specially adapted to the Vietnamese climate. Additionally, BaF operates a closed meat production system with modern processing technology.
Company development strategy:
FEED
Exclusive vegetarian bran formula, developed by a team of talented experts
Ingredients meet international quality standards, 100% plant origin
Autonomous production capacity to serve the 3F ecosystem with a modern factory system
FARM
Good quality breeds
Smart, modern, self-operating farm
Closed barn model, ensuring biosecurity, maximum animal health protection
FOOD
Closed meat slaughter system
Vegetarian pork, fresh meat quality, ensuring food hygiene and safety
3F standard ecosystem with closed model, quality control of the value chain from input sources to finished products
Financial Situation
| Subject (Bil VND) | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 12,845 | 10,434 | 7,085 | 5,255 |
| Profit | 46 | 322 | 287 | 19 |
| Asset | 5,246 | 5,457 | 4,729 | 6,574 |
| Equity | 566 | 1,455 | 1,743 | 1,907 |
Bond information
| Issuance Scale | VND 300.000.000.000 (300 Bil VND) |
| Issue Date | 04/07/2023 |
| Maturity Date | 04/07/2026 |
| Term | 3 years |
| Payment term | Every 6 months |
| Coupon Rate | 10.5%/year |
| Put option | Investors have the right to request the issuer to buy back up to 50% of the bonds held in last day of the 24th month (04/07/2025) |
| Call option | The bond issuer has the right to repurchase 50% of the bond quantity at any time after 18 months from the issuing date, and 100% at any time after 24 months from the issuing date. |
* Pinetree only offers liquidity support for the bonds distributed by Pinetree.
** Pinetree’s liquidity support service will be offered at an appropriate call price based on market conditions and the company’s policies throughout the maturity of the bonds.
