Is Vietnam losing its taste for beer? Thaibev’s revenue says it all.
Once a thriving market for beer consumption, Vietnam is now showing signs of a slowdown. Thaibev, the Thai beverage giant owned by billionaire Charoen Sirivadhanabhakdi, has reported its lowest revenue in two years from the country.
The revenue from Vietnam for Thaibev, the conglomerate led by Thai billionaire Charoen Sirivadhanabhakdi, dropped to $1.76 billion (approximately 60 billion baht or 45.8 trillion VND) in the 2024 fiscal year, marking its lowest level in two years.
Despite the decline in revenue, the net profit from the beer segment in Vietnam grew by 3.9%. Across the entire group, Thaibev reported consolidated revenue of 340 billion baht ($9.96 billion or 258.8 trillion VND) and a net profit of 35 billion baht ($1.03 billion or 26.62 trillion VND), showing slight increases from the previous year.
Sabeco, a Thaibev subsidiary, recorded revenue of 22.94 trillion VND ($913 million or 31.122 billion baht) in the first nine months of the year, a 5% increase, but faces challenges such as high input costs, intense market competition, and new tax policies. Thaibev is expected to receive 1.375 trillion VND ($54.8 million or 1.87 billion baht) in dividends from Sabeco in January 2025, raising the total dividends received to over 12.03 trillion VND ($479.4 million or 16.31 billion baht).
