Vietnam remained the second-largest market for Thailand’s Charoen Pokphand Foods (CPF) in the first quarter of 2026, contributing 18% of the group’s global revenue despite a double-digit plunge in sales.

CPF reported revenue from Vietnam of THB24.71 billion ($742.19 million) in Q1, down 11% from a year earlier. Thailand remains its largest market with THB47.28 billion ($1.42 billion), down 5% year-on-year.

The decline was primarily driven by weaker performance in the farming business, which accounts for nearly two-thirds of the company’s revenue in Vietnam.

Revenue from the farm segment fell 17% year-on-year to THB15.77 billion ($473.74 million) in January-March. By contrast, the feed business posted growth of 6%, generating around THB6.72 billion ($201.93 million).

Earnings from the food segment, including processed products, declined 7% to THB2.21 billion ($66.51 million).

CPF’s data showed that average hog prices in Vietnam increased 5% year-on-year to VND68,815 ($2.62) per kilogram in Q1, from VND65,409 ($2.49) a year earlier. Meanwhile, broiler chicken prices fell 5% to VND32,612 ($1.24) per kilogram.

The company said it expects hog prices to gradually recover in the second half of 2026, which could improve profitability in its farming business.

Over the longer term, CPF continues to view Vietnam as one of its key growth markets, particularly in the ready-to-eat food segment, supported by rising consumer demand for convenience and higher-quality food products.

Despite the slowdown, CPF remains one of Vietnam’s largest agrifood players. Its subsidiary C.P. Vietnam currently operates 21 factories, including eight animal feed plants, four fisheries feed plants, two fisheries processing plants, and seven meat processing plants.

It supplies more than 6.8 million pigs, 750 million eggs, and over 66 million broiler chickens annually, and exports more than 20,000 tons of processed seafood to markets including Australia, Japan, China, and Europe.

In retail, C.P. Vietnam runs three chains, C.P Fresh Shop, C.P Fresh Mart, and Five Star. Fresh Shop and Fresh Mart operate around 100 outlets selling fresh meat and processed foods, while the Five Star fried-chicken brand has roughly 1,000 locations nationwide.

In related news, Vietnamese Deputy Prime Minister Ho Quoc Dung received Soopakij Chearavanont, chairman of Thailand’s CP Group in Hanoi on Friday.

At the meeting, Soopakij said CP Group wants to continue supporting Vietnam’s development of a modern, smart, and sustainable agricultural sector, while expanding cooperation in digital transformation, AI applications, high technology, and green production solutions.

Dung said welcomed the group’s strategic direction and expressed hope that CP Group would further expand its investment and cooperation in sectors that align with Vietnam’s development priorities.