BAF Vietnam Appoints Deputy CEO, Establishes Gia Lai Food Processing Unit

Overview

BAF Vietnam (HOSE: BAF) appointed Nguyen Quoc Toan as Deputy General Director effective September 15, 2026, and approved the establishment of a wholly-owned food processing subsidiary in Gia Lai with charter capital of VND 100 billion. The personnel and corporate actions were disclosed in a notice sent to the Vietnam Exchange, the Ho Chi Minh City Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX).

Key Facts

• Board Resolution No. 23/NQ-HDQT dated September 14, 2026 appointed Nguyen Quoc Toan as Deputy General Director from September 15, 2026, until further board decision.
• The new subsidiary, BAF Binh Dinh Food Processing Company Limited, carries charter capital of VND 100 billion, 100% owned by BAF Vietnam.
• Its registered head office is in Tay Xuan Hamlet, Tay Son Commune, Gia Lai Province.
• Primary business lines are the processing and preservation of meat and meat products.
• General Director Bui Huong Giang is authorised to complete incorporation and will serve as the subsidiary’s Chairwoman, Director and legal representative.
• H1 2026 audited revenue reached VND 3,888.7 billion, up 54.9% year on year, while after-tax profit fell 9.6% to VND 309.9 billion.
• Full-year 2026 targets are VND 8,431.8 billion in net revenue and VND 793.1 billion in after-tax profit; the first half met 46.1% and 39.1% of those goals respectively.

What Happened

According to the company’s notice to the exchanges, the appointment rests on Board Resolution No. 23/NQ-HDQT dated September 14, 2026. The board assigned Bui Huong Giang, BAF’s General Director, to define Nguyen Quoc Toan’s duties, authority and responsibilities. The filing does not disclose the transaction value or any compensation terms associated with the appointment.

Separately, the board approved the creation of BAF Binh Dinh Food Processing Company Limited, a wholly-owned unit with VND 100 billion in charter capital, headquartered in Tay Xuan Hamlet, Tay Son Commune, Gia Lai Province. Its core activity is meat processing and preservation. Bui Huong Giang was given full authority over the incorporation and named as the representative for BAF’s entire capital contribution, as well as Chairwoman, Director and legal representative of the new company.

Market Context

BAF closed at VND 32,050 on September 17, 2026. The stock sits in the consumer staples sector, where BAF operates as an integrated agricultural producer spanning animal feed, farming and, increasingly, processed food. The company’s H1 2026 results showed revenue growth of 54.9% but a 9.6% decline in after-tax profit, with total assets up 25.3% from the start of the year to VND 13,512 billion and total liabilities up 36.1% to VND 9,138.3 billion. The Gia Lai subsidiary fits a broader pattern among Vietnamese livestock and food groups of moving downstream into higher-margin processing.

Strategic Significance

The subsidiary formalises BAF’s push into meat processing, a segment that typically carries better margins and more stable pricing than raw livestock sales. Locating the plant in Gia Lai places it near the Central Highlands farming belt and the company’s existing Binh Dinh operations, which could shorten supply chains and reduce logistics costs. For long-term investors, the key question is whether processing capacity lifts profitability enough to offset the earnings pressure visible in H1 2026, when profit fell despite strong revenue growth. The appointment of a deputy general director alongside the incorporation suggests the board is adding management bandwidth for a larger, more complex operating footprint.

What to Watch

• Q3 2026 earnings release, which will show whether the H1 profit decline reverses.
• Completion of the BAF Binh Dinh subsidiary’s business registration and any disclosed investment timeline.
• Progress against the 2026 targets of VND 8,431.8 billion revenue and VND 793.1 billion after-tax profit.
• Further board resolutions detailing Nguyen Quoc Toan’s assigned portfolio and any additional management changes.
• Updates on leverage, given total liabilities rose 36.1% in the first half.