For every 100 dong of assets, Hòa Phát Agriculture collects 34 dong in profit, an unmatched efficiency making Dabaco and BAF trail behind

In 2025, the livestock industry experienced significant fluctuations, with pig prices dropping deeply, negatively impacting businesses. However, in January 2026, the market rebounded, with pig prices increasing by 7,000 – 13,000 dong/kg. Hòa Phát Agriculture (HPA) reported a net profit of 1,600 billion dong, surpassing Dabaco (1,507 billion dong) despite HPA’s revenue being only 56% of Dabaco’s. HPA’s ROA reached 34%, while Dabaco’s was 9.4% and BAF’s below 1%. Hòa Phát maintained a debt of only 612 billion dong, while Dabaco and BAF faced high debts, with BAF’s reaching 4,457 billion dong. BAF’s interest expenses were also significant, hindering its profitability.