In its report, CPF said its wholly owned subsidiary C.P. Vietnam agreed to acquire a 76.57% stake in Les Vergers Du Mekong Joint Stock Company (LVDM) for about THB336 million ($10.08 million).

The deal, signed on August 12, involves the purchase of 768,793 ordinary shares from two shareholder groups - France’s Folliet Group, represented by Bernard Marie Folliet and Alize, and the Voisin Group, comprising Jean-Luc Voisin and family members.

The transaction is expected to close by mid-October, subject to customary regulatory approvals and conditions. The Folliet and Voisin groups will retain minority stakes after the transaction, alongside existing shareholder Le Van Dong.

CPF said the acquisition is part of its strategy to diversify its food business into Vietnam’s growing beverage market. Given the relatively small size of the transaction, however, it expects the deal to have no material impact on consolidated earnings in the near term.

Founded in 2000, LVDM operates a production facility in the Mekong Delta city of Can Tho. The company supplies the hotel, restaurant and catering (HORECA) sector with premium fruit juices, fruit purées, jams, and coffee under brands including Le Fruit and Folliet.

LVDM has recorded steady growth in recent years. Revenue increased from VND127 billion ($4.87 million) in 2023 to VND199.3 billion ($7.64 million) in 2025, while net profit nearly doubled to VND20.4 billion ($782,430) over the same period.

The acquisition gives CPF an entry point into Vietnam’s premium beverage segment, complementing its existing livestock, animal feed, and food operations in the country.

Q2/2026 earnings rise nearly 8%

Vietnam is CPF’s largest overseas market, accounting for about 18% of group revenue in the second quarter of 2026. CPF’s Vietnam revenue rose 14.2% quarter-on-quarter and 7.8% year-on-year to THB28.21 billion ($846.64 million).

The increase was driven mainly by higher sales volumes and favorable currency translation from the weaker Vietnamese dong, which helped offset lower average selling prices.

The stronger Vietnam performance came despite weaker pork prices during the quarter. Average swine prices in Vietnam fell to VND65,660 ($2.52) per kg in Q2, down 7.6% from Q1 and 2.7% from a year earlier.

For the first six months of 2026, CPF’s Vietnam revenue reached THB52.91 billion ($1.59 billion), down 1.7% year-on-year.

Financial services firm FSSIA forecasts Vietnam revenue to reach THB107.52 billion ($3.2 billion) for 2026, up 6.1% from 2025.

Vietnam’s growth also helped cushion weaker results in CPF’s domestic Thai market, where revenue fell 3.2% year-on-year to THB48.29 billion ($1.44 billion) in the second quarter, mainly due to a sharp decline in local swine prices.

Meanwhile, CPF plans to spin off and launch initial public offering of C.P. Vietnam by the end of 2026 or during the first half of 2027. The listing process is awaiting final regulatory approval from Vietnam’s State Securities Commission.