Despite the country’s tighter regulatory regime, Vietnam’s leading brewer grew its profit by 5.6% in 2024

The Saigon Beer – Alcohol – Beverage Corporation (Sabeco), a Ho Chi Minh City-based brewer controlled by Thai Beverage plc, has posted a net profit of VND4.49 trillion (US$179.2 million) in 2024, up 5.6% year-on-year. The increase in profits comes despite Vietnam’s introduction of a strict zero-alcohol drink-driving law, anticipated to dampen consumption.

Sabeco recorded a net revenue of VND31.78 trillion (US$1.27 billion) for the same period, up 4.6% from the previous year, achieving 92.4% of its target, according to its 2024 earnings report. Sabeco’s general director, Tan Teck Chuan Lester, attributed the growth to stronger consumer demand despite the strict enforcement of the local zero-alcohol driving law.

Of the total revenue, beer sales were the biggest contributor accounting for VND28.08 trillion (US$1.12 billion), a 4.3% increase from 2023, while revenue from alcohol declined to VND42.1 billion ($1.67 million), down from VND51.6 billion ($2.06 million) in 2023.

As of the end of 2024, Sabeco’s total assets stood at VND33.4 trillion (US$1.33 billion), a 2% decrease from early 2024. In December 2024, Sabeco completed its acquisition of a 43.2% stake, in local brewer Sabibeco Group, boosting its holding of Sabibeco to 59.6%.

Sabeco’s largest shareholder remains the Vietnam Beverage Company Limited, owned by ThaiBev, which holds a 53.6% stake in Sabeco.