Japan beverage maker Suntory sees Jan-Sept Vietnam revenue rise to $749 mln

Japan-based brewing and distilling firm Suntory, a partner in Vietnam-based Suntory PepsiCo Vietnam Beverage Co. Ltd., earned in-country revenues of JPY116 billion ($749.2 million) in the first nine months of this year.

The figure was based on an organic basis, Suntory clarified. The figure was up 3.7% year-on-year per “currency neutral” calculation and up 7.6% with currency effect accounted, the firm added. The Vietnamese dong appreciated against the Japanese yen in the period, Suntory data showed.

Vietnam’s revenue was the firm’s highest in the Asia-Pacific market, not including Japan, Suntory’s domestic market. Other major earners in the period were Thailand with JPY79.2 billion ($511.4 million) and Oceania with JPY54.2 billion.

Suntory attributed the revenue growth in Vietnam to the strong performance of core brands, including carbonated drink Pepsi and bottled drink Aquafina, despite “unfavorable” weather in September.

Suntory PepsiCo Vietnam Beverage Co. Ltd. was established as a strategic alliance by Suntory and PepsiCo in 2013. Together, the joint venture’s portfolio in Vietnam features many popular brands including Pepsi, 7 Up, Mirinda, Mountain Dew, Gatorade, Sting, Lipton, TEA+, Aquafina, Revive, Good Mood, Tropicana, and Twister.

In April 2024, Suntory PepsiCo Vietnam Beverage, a joint venture between Japan-based Suntory and U.S.-based PepsiCo, began constructing a $300-million factory in the southern province of Long An. This is Suntory Pepsico’s sixth project in the country and is set to become its biggest and most modern project in the Asia-Pacific region.

In a recent report on the project, Suntory PepsiCo Vietnam Beverage said the project, located at the Huu Thanh Industrial Park, would have an initial annual output of 796.1 million liters. The firm plans to increase this to 1.24 billion liters, up 56%, by 2028.