Japan beverage firm Suntory posts organic Jan-Sep revenue of $727 mln in Vietnam
Japan-based multinational brewing and distilling firm Suntory recorded organic revenue of JPY107.8 billion ($727.4 million) in the first three quarters of this year, according to the firm’s report for the period in Vietnam.
The figure was up 4.6% year-on-year on a neutral currency basis, but up 10.1% upon the inclusion of currency effects, amid the depreciation of the JPY against many currencies, including the VND.
Some popular brands under Suntory Pepsico's joint venture in Vietnam. Photo courtesy of Vietnam News Agency.
The figure made Vietnam the biggest Asia-Pacific market for Suntory. Overall, Suntory earned a revenue of JPY273.7 billion ($1.85 billion) in the nine-month period, up 1.9% year-on-year on the neutral basis of currency. However, the profit from the region fell 10.4% to JPY32.3 billion ($218 million).
Reviewing the performance in Vietnam, Suntory stressed that the economic recovery in the country is taking longer than expected, leading to a sluggish beverage market. In particular, the revenue growth rate in Vietnam was 23% in the first quarter of this year, then 1% in Q2, and negative 6% in Q3.
Despite the downtrend, some Suntory products still trended well, namely TEA+ Oolong bottled tea and Sting energy drinks.
Previewing Q4/2023, Suntory said it would continue to increase promotional activities in Vietnam for core brands to boost demand.
In Vietnam, Suntory and PepsiCo established a strategic alliance in 2013, known as Suntory PepsiCo Vietnam Beverage. Together, the joint venture’s portfolio in Vietnam features popular brands including Pepsi, 7 Up, Mirinda, Mountain Dew, Gatorade, Sting, Lipton, TEA+ tea; Aquafina, Revive, Good Mood, Tropicana Twister, and All-Free.
Vietnam and Japan have just lifted their relations to a "comprehensive strategic partnership for peace and prosperity in Asia and the world." Japan has become the sixth nation with which Vietnam has a comprehensive strategic partnership, besides China, Russia, India, South Korea, and the U.S.
Registered foreign direct investment in Vietnam reached $28.85 billion in the year through November 20, up 14.8% year-on-year, according to the Ministry of Planning and Investment. Japan was the fifth-biggest investor with $3.11 billion in the period, down 32.5%.
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